Making the Startup Plan That Cannot Fail
Starting a business in the modern day seems hard, but easier than you may think. Many people come up with brilliant ideas every day. All of those keen people who desire to begin a startup are abundant. But very few startup companies stand above others to thrive and most of the startups die even before they are public.
As you may know, to start something you need the desire to do it. You must be inspired as well. It’s obvious that you should be able to take risks, study the market/competition and ready to manage with your passion. But these things are discussed in almost like in every blog post on the Internet. I wish to talk and focus about few must take steps as of human behavior to avoid failure.
Have a One Solid Plan
It’s obvious that without a plan you cannot proceed with your valuable business idea to success. It’s a must to have one solid plan that is understood by you, your team and your stakeholders. Don’t keep your ideas here and there. Get all your ideas together then evaluate, schedule, budget them and fool proof / filter them by discussing within the team. Better to keep your plans within the periphery of feasibility. Keep your plan well documented, simple and presentable.
Setting The Pitch
Setting the pitch is the most important thing when starting up a new business. After getting your ideas together the next move to be made is to convince the idea to your audience by setting the pitch correctly. Pitching is not that hard. In reality, most of the products out there are not well pitched. Collect all the information and set the pitch for the product or service that you are going to offer in an interesting but simple way where everyone understands it.
Have 2-3 Contingency Plans
Having a plan is great, but things always don’t go as they are initiated. It is best to use fail-safe methods by having several contingency plans. It is recommended to have at least 2-3 different approaches to achieve the goals in your plan before you continue. For an example, getting a bank loan sure is a good idea. But in case if that didn’t happen you need a way to fund your startup. A second option could be finding an investor or even be crowd funding like kick-starter. It is always better to have your plans backed up before you enter the startup battlefield.
Recruit Right People
Your startup is nothing without right people working towards a dream that you share in common with your employees. Anyone you involve in your startup should be dedicated, knowledgeable and should have their problem-solving skills at the best level that there is. It is better to recruit trust worthy people than just skilled human beings. Always choose the right people for your startup and it’s never better to get anything done for free. Every single task you should have a value. Doing something for free will not support your startup and you will regret it later. As an example, if you don’t pay for the amount of work done by your friend/cousin for the project. Later they can claim a percentage of your success in the future. Keep all the favors you get at a professional level where you will not be liable and probably will not end up in court.
Machines Are Better Than Humans
I think you know that machines are always reliable than human beings. Machines never get tired. But humans do! The best thing to do is to rely on more machines than humans. This doesn’t mean you can totally depend on machines as well. Use the latest technology to enhance the work you do in your startup. Google offers cloud-based storage, email for you to store all your documentations, bills, etc. There are many other packages and bunch of software to use to simplify your journey through the startup as well. Educate yourself about such technologies and introduce them to your startup.
Don’t Form a Company Right Away
As soon as you get an idea for a startup, don’t form a company right away. Think more about it follow the above steps and wait till it kicks off. By waiting for the right time could save you more time and money you pay to your local tax department. Paying tax is a good thing. But you should wait until you have a product in hand that can be sold and your business can sustain itself.
Have an Exit Plan
As your startup kicks off, you may want to change plans for the future. If you are currently doing “ok”, the next move would be to convert that “ok” to “great” by making the right decisions. It can mean expanding your business by keeping the authority or even selling it to a big company for a fortune. It doesn’t mean that you should abandon your business but the decisions should be made by looking at future opportunities and where you want to be. Make sure you make all the decisions related to your business in the best interest of you and your employees. Founder of Lenovo, Whatsapp and Skype did it at the correct time in the correct way.