5 Main Steps to Get Your Startup off the Ground
Fall down 7 times, stand up 8. This is a quote that pretty much summarizes what it is like to create your own startup. Starting your own business is a lot of trial and error, and you should expect to see some failure before you see any success. That is just a part of being an entrepreneur, but when your idea finally comes to life, the sheer excitement will make it all worth it. A startup is like your child, and you want to see your child succeed.
However, getting your startup to reach that point of success can take longer than expected and it is important to stay persistent throughout the journey. If you feel like your business has reached a plateau, here are the 5 main steps to get your startup off the ground:
1. Believe in Yourself
If you do not believe in yourself and your idea, who will? I am sure there will be points throughout your startup journey that you start to lose momentum and confidence in your ability to succeed. Those moments of doubt are okay, as long as you do not let yourself sit in them for too long. The most important part of bringing an idea to life is believing in yourself.
2. Create a Business Plan
After you have thought of an idea and feel confident in it, you need to create a business plan. A business plan will lay out the foundation of your startup and help you stay on track throughout your journey. You will include the goal of your business, how you are going to attain that goal, and the time-frame in which you are aiming to launch. Before you bring anyone else on to your team or secure funding, you need to create a business plan. Your plan should also include the legalities of your idea, such as property and casualty business insurance. This insurance will protect you from the biggest risks for your startup, like with business assets and property damage.
3. Utilize Bootstrapping
Using the least amount of money possible is key when creating your startup. You are going to want to save your funds for later, so utilize the bootstrapping method whenever possible . Bootstrapping is the method of using existing sources to get the job done instead of hiring someone from the outside. For example, if you need to take photos of your product, ask a friend who has a high quality camera to take photos rather than hiring a professional.
4. Secure Funding
You will eventually need a source of funding to get your startup off the ground, regardless of what the idea is. There are a few ways you can go about securing funding for your startup. Most people will try to get a loan from the bank, however banks tend to be hesitant to give loans to startup businesses because of the likelihood of failure. If that happens, don’t fret, there are other alternatives. You will need to find someone to invest in your business, and that can be friends and family, venture capitalists, or angel investors. Just make sure you do your research before approaching an investor to make sure they are the right fit for your idea.
5. Surround Yourself with a Good Team and Stay Committed
It is unlikely you are going to achieve success with your startup alone, you are going to need a team of like minded, equally committed individuals. Surrounding yourself with a good team that will only make your business stronger and more likely for success. And above all else, it is imperative you stay committed throughout your journey, even when things are looking bleak.
Getting a startup off the ground is not an easy process. It takes years of hard work and dedication and you should expect to fail a couple of times before you succeed once. Just remember to always pick yourself right back up whenever you fall down.
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CEO and co-founder at Cloudsmallbusinessservice.com