Do you have a million-dollar business idea that has the potential to become the next Google or Facebook? If you think you have, you better get starting a startup! But pursuing this endeavor can be quite challenging, especially if you don’t know where to start. Below are the important pointers you need to keep in mind, from conceptualization to business loan.
The business idea for starting a startup
Yes, you might have already had the idea. But is it daring enough? Is it practical? Is it scalable? These are the questions that you need to answer first.
A brilliant idea is not enough; it also has to be feasible, and it must generate income. To guide you here, look at the gaps on the market that haven’t been filled yet. Look for a trivial problem that hasn’t been addressed by the existing businesses.
The competition
If your idea has similarities with the existing brands on the market, you need to find a way to set your start-up apart. Scope out the competition thoroughly. You can start by looking at your competitors’ weaknesses and determining the products and services that they’re not offering yet.
The business loan when starting a startup
Most start-ups go for a small business loan, especially if their big idea is just practical and not too daring. But if your ambitions are grand and they call for large funding, you need to prepare your sales pitch to venture capitalists and angel investors. The competition can be cutthroat, so make sure that your presentation stands out; it should be short, simple, and easy to understand.
The strategy for growth
To win the pitch, you need to show your investors that your start-up is scalable. This means that it has the potential to become big and far-reaching in the future. Show some concrete plans on how you can grow your idea. The strategy for growth should have different phases.
Starting a startup is not as easy as writing your business idea in a piece of napkin or turning your garage into an office (just like what Google did!). It comes with challenges, some of which may discourage you. With that, you must have a good blueprint and a set of backup plans.
