Having your own company and doing what you love – who doesn’t want that? But unfortunately, building a business is anything but easy and there are quite a few hurdles waiting for the future entrepreneurs. According to statistics, about 90% of startups fail within the first year. But this does not have to be the case! You have a great business idea and wonder how to create a startup? In order to get off to a successful start, there are a few important tips and steps that every founder should know. We’ll explain what they are right now in our article!
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Founding a startup: Start with an idea and a solid business plan
If you want to found a startup, you first need a business idea, of course. And no – you don’t necessarily have to reinvent the wheel to do that. Most new businesses are the so-called “copycats” who take an existing idea and optimize it to stand out from the competition. To do this, look at successful business models that have already been established and ask yourself whether and how you can improve the service or product. To succeed, however, you must always do what you love most and what you do best. After you find your business idea, you need a business plan. With it, you will prepare for the startup, deal with your risks and set your goals. But the business plan is also important to convince banks and potential investors of your great idea. You don’t know how to create a business plan? Then you would be in the best place with a business plan tool. With it, all the important amounts and details will be calculated automatically and in the end, you will have a document in which all the information is broken down exactly.
The right team
Founding a startup is difficult and you need to make sure you have the right people around you. Assembling the right team is both one of the most important components of any startup and one of the biggest challenges founders face. Many people make the mistake of using recommendations from friends and families or hiring them directly. However, the staff doesn’t always have to come from within your own circle, and you need to learn how to recognize motivated and competent employees. And if you do become friends with someone on the team, make sure you separate business and personal from the start. So be diligent in your search and make sure that individuals complement each other in their skills and strengths. To ensure that the team doesn’t fall apart after a few weeks, it’s very important, especially in the startup phase, that people get along well with each other.
Founding a startup: Think about funding
To get off to a successful start and realize its goals, every company needs money. But getting capital for the startup is undoubtedly one of the most difficult tasks of any founder. If you want to found a startup, you can choose between different options. If you do not have your own capital, you can try to find an investor. Unfortunately, this is also easier said than done. Fortunately, more and more banks offer various development loans that you can apply for as a new entrepreneur. If you are currently unemployed and would like to found your startup, you can apply for a founder grant at the relevant employment agency. Regardless of whether you decide to apply for an investor or a loan – in order to convince financiers of your idea, you will undoubtedly need a solid business plan.
Marketing your business idea
You could have the most groundbreaking and innovative idea ever, but what good is it if no one knows about it? Especially if you are founding a startup, you definitely need a good marketing strategy to reach as many customers as possible and achieve long-term success. To do this, of course, you should first define your target group, because after all, customers are the linchpin of success. In addition to the classic press and advertising strategies, the Internet is nowadays the best possible option for marketing a business idea. Present yourself on the different platforms and social networks and create an attractive company website.
Especially Facebook, Twitter and blogs allow you to reach an incredible number of people. Which platforms are suitable for you and your company depends first and foremost on the type of product and the target group. To ensure that your website receives better rankings in search engines, you should also pay sufficient attention to the topic of “search engine optimization”. Personal contact is also enormously important for startups. To make contacts and present your product, regularly attend trade fairs and conventions for startups. This way, you can not only exchange ideas with others, but also check how well your idea is received by people at first glance.