With the way more start ups are shutting down, I thought it wise to show founders how best to start up a company or build a start up company.

Wisdom is required to build any thing, whether it’s a model family, non governmental organization, friendship or relationship, physical structure.

There are foundational requirements needed before a start up is registered officially and below are seven of them.

1. Identify a need or problem.

Every Business does not exist to make an imaginary profit, every Business exists to solve a need, improve an existing product or service, or fill in a gap that a competition didn’t pay attention to.

There are different ways the need can be noticed, paying attention to the complaints of customers in that niche, personal experiences of disappointed customers, making a comprehensive market research etc

Until this need is found, then there is no need rushing to create a start up.

2. Unique selling proposition

It’s not enough to discover a need or gap that should be filled, but you must have what it takes to fill the gap, or improve the product and service

Here what the customer wants to know is how your product and service intends to solve the existing problem, and it has to be satisfactory enough for the customer to get their attention.

3. Have a business plan.

There are things that having a business plan would do for you, and it ranges from a feasibility study, financial projection, an exit plan or sell off plan, market research, Executive summary, Business description, Market analysis and strategy, Marketing and sales plan, Management and organization description, Products and services description, Competitive analysis, Operating plan

Because when you would require funding for the business, your investors or bank would love to see your business plan to vet your commitment and strategy of making profit with the money that would be given to you.

4. Team
When you have gotten the business plan, you would need to assemble a team that would make everything written on the business plan executed. And for a start up, you would really need to be envisioned and passionately convinced about the business that your team can see it too and believe in it.

Because a start up takes a while before becoming profitable, and only visionary leaders are patient enough to wait.

They should be passionate about the vision and competent enough to carry out their roles and responsibilities, sometimes it’s hard for a start up owner to find very competent staff that they can employ or pay, it’s all part of the process, you’ll grow with time.

5. Funding:

Here you would need funds to get some things moving for a while, because every start up would require money to keep operations going, funds to market the product or service strategically to the right target audience and the typical way is to get the funding from angel investors, venture capitalist but you can also get funds through crowdfunding and bootstrapping.

What’s bootstrapping?
Bootstrapping in the startup context refers to the process of launching and growing a business without external help or capital. It involves starting from the ground up, using personal savings and/or existing resources instead of relying on investors or loans

Yes it may seem like it’s not possible but people have achieved it, like Sam Watson, Bill Gates and Steve jobs

This was during their earlier stage before an investor came in, Alibaba never even made a profit until 2002, three years after its existence.

6. Test the MVP
Minimum Viable Product or MVP is the most basic version of the product which the company wants to launch in the market. It could be a car, website, TV, or a service. By introducing the basic version to the consumers, companies want to gauge the response from prospective consumers or buyers.

This doesn’t necessarily need to be like the entire city but a sub set of customers that would give you a feedback and with the feedback, you can improve your product better before it is finally released to the public for consumption or patronage.

Lastly Marketing strategy
This is meant to be covered if your business plan was done professionally but I would love to emphasize on how important this is, no Business or organization would survive if there isn’t effective marketing, the start founder should know who his target audience are, where they can be found and how to reach them.

These are the three pillars of marketing strategy. When you want to catch a shark, you look for a river body where they are located and find an appropriate bait for them

Hope you’ve learnt how to start up a company

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