Getting your business idea out of the gates and building a business model upon it requires a lot of effort and resources. You always have to fight against the forces of failure and identify and take steps as and when required. But in order to succeed in building upon your dream idea, it's important for you to follow the startup process. You should know when is the right time for what as for every 1000 startups, only two get funding from a venture capitalist and out of every 10 startups, 9 fail because they lack the basic market research before launching their product in the market.
The startup journey isn't easy. The steps, however, if planned correctly can make this journey a lot easier and enjoyable. Here's the startup process to help you succeed in your venture.
Here are 10 steps to help you turn your dream startup into reality -
- Validate your idea - You need to ask yourself and your prospective customers varied questions in order to select and validate your idea.
- Find a co-founder - Startups with 2 or more co-founders are more likely to succeed.
- Create a prototype & an MVP - Prototype & MVP are important for external validation of your POC.
- Develop a business model - Business model is the ultimate structure of how your idea will work and make money in the real market.
- Work on your business plan - Business plan is lot more than just goal. It decides how every department and element of the business model work towards fulfilling that goal.
- Brand your idea - Branding is important as it gives an identity to your dream.
- Register your company - Registering a company is not a tedious task as it used to be. You should always register your company before launching your idea in the market.
- Develop a pitch deck - Pitch deck is really important to secure funding for your startup.
- Secure funding - The key to secure good funding is to know whom to contact at what time and with what proposal.
- Build-up Phase - The real startup journey starts after the funding is secured. Scale your startup only when it is needed. Premature scaling leads to most of the startup failures.
(Click on the phases to read the articles)