8 Tips to Build a Startup Business for Beginners
There are many tips to build a startup, but not everyone can do it right. For those of you who have a desire to build a startup, you need to pay attention to what is most essential to do.
Everyone will agree, that “idea” is one of the most essential things in building a startup. Big startups like Gojek or Tokopedia are the realization of the crazy ideas of the founders. The ideas they come up with providing solutions to problems that are so complex in society.
For beginners, brainstorming can be done anywhere. Even the idea of trivial matters might bring your startup into a unicorn in Indonesia later. But before that, we will help you understand some basic things you need to do before creating your own startup.
Do These Tips to Build a Startup
1. Take action
Say that you already have a brilliant idea to start your business. But that idea will not mean anything if you just keep quiet. Nothing other than you have to make it work. A change will not occur if you do not make it. You have to start thinking about what you are going to do with the idea and start moving.
2. Market Research
Make sure you understand the industry that you are going to enter well. No matter how unique and cool your business idea is, it doesn’t mean you don’t have competitors. Out there, there are plenty of other people with ideas that are no less brilliant than yours.
Do a market analysis of who your competitors are, how the quality their products or services are, and how they approach the market. After having this knowledge, you can compete at cheaper prices, better quality, or more memorable experiences.
You also have to consider the target consumer demographics. The wants and needs of consumers must be the basis in every decision made. Because you can’t make money without consumers, make them a priority.
3. Know the target before spending capital
Before you spend money on your business, it helps you find out who will buy your product or use your service. This is the point of market research mentioned earlier. You have to know, is there anyone else who will use your services besides family and friends?
You also need to understand whether the services you want to launch are relevant to current conditions. The product or service that you provide is also a good idea to be a solution to the problems that exist in the community. That way, people need the products or services that you provide.
This research you can do without consuming large ordinary. You can do this for free. The way is enough to read from various forums and news sources and articles related to the industry that you will enter.
4. Gather Initial Capital
As a startup founder, you are also an early investor of your company. Starting a business does require very large funds. But don’t break even though you’re not one of the rich. Not a few entrepreneurs who start businesses with a very limited amount of capital.
As a startup founder, you have to be your person. This is one of the first steps before you look for funds to investors out there. In addition, you can also look for investors who are willing to pour funds as your business capital.
The first and most common place to look for capital is from family and friends. If that isn’t enough, expand your search to angel investors and venture capitalists. You can also apply for business loans through banks and cooperatives.
5. Understand the challenges and risks
There will always be challenges and risks when starting any business. Because it is important to recognize each challenge and understand the risks. This is an important step in order to get ready to face whatever will happen in the future.
Recognize and map each challenge and risk, then find out each solution to overcome them. If you are unable to cope alone, do not hesitate to ask for help from others.
6. Have a solid team
It is almost impossible for one person to handle every aspect of the company. Therefore, you need partners who can patch up your deficiencies and jointly build a company. This coworker must be your soul-mate. The term is like someone who has the same vision and mission as you.
Besides having a solid partner, have a coach or mentor. A mentor will help determine your business vision, map out the business model, and also motivate you. This mentor can be from a successful businessman you know, your lecturer or teacher, or trainers at a training institute.
7. Establish a connection
When you are committed to your business, building connections is very important. This is to support the sustainability of the business that you run. When you believe in a business that you run, then other people will also believe. There are many ways you can connect with other business people.
You can join various business groups so you can expand your network. When meeting with other business people who are more senior, then study. You can get very useful knowledge by communicating with them. Maybe they will divulge a few tips for success in business.
Don’t forget to always be generous to help other business partners. By being generous, you will be the first person to appear in their minds when someone you have helped needs your services or heard other people who need your services.
8. Promote your Startup
Be willing to state who you are and what you do with confidence. Use social media such as Twitter, Facebook, YouTube, LinkedIn, etc., which are available to broadcast your business. Use social networking as a “bookmark” site; to show anything that you think appeals to your fans and followers.
Social media has become the most reliable media in this digital era. But you should not underestimate other media such as word of mouth, newspapers, articles, websites or emails. Some of these media can also promote your startup.
Actually, there are still many things you need to consider before starting your startup business. No less important than all of that is hard work and consistency. You cannot be a successful entrepreneur if you are halfway through doing it. Those tips to build a startup can help you understand what to do first as a beginner.
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