The idea is the basic bone for any startup and any great startup would start with an idea too. We regularly see many people say that they have a best idea, but among them few only put it in to practice. Having a great idea is never enough and it is all about keeping it into practice. Let us see how step by step an idea can be transformed into a startup business.
- Market Research: Market research conducting should be your first step immediately after realizing that your idea can be a great business. This research results would give you whether your idea worth pushing further or not.
- Trademarking and Copyrights: Once after the market research confirmed that your idea got more scope for success, then it should be your responsibility to safeguard your idea from the copycats. You should start applying for patent, trademark and copyrights immediately.
- Brand Planning: The next step in the process is branding. You should start it with right and suitable name for your business and product. Also, make it sure to have a logo too. This should be carried out keeping in mind the branding.
- Business Registration: You need to incorporate your business through following the rules and regulations of the local authorities at where you planned to start this business. You will be having few choice s here about, how to incorporate it like a limited firm or LLC or some other.
- Partners: Now, it is time to decide whether you can run the business on own or wanted to have partners or co-founders. This is definitely a little tricky decision, but practicalities should be clearly taken into consideration here.
- Business Plan: It is time to have a perfect business plan. Here, your market research conducted in the first step will be useful. It is important to set real goals for your business through this business plan too.
- Workplace: It is time to select a best workplace for your business. There will be many factors you should consider here like employees’ easy reachability, budget, easy to deliver products to the market and some more.
- Mentor: It is always a good practice to have a mentor that is field expert. This mentor can guide you everything in advance about the involved pros and cons of each step. It will result into being more cautious with each step in running the startup.
- Raising Capital: Finances are important and mandatory requirement for your startup. Decide on how much it will require to start and run your business for six months. This will give you an idea about your required finances. Now, you can arrange this capital on own or try it through loan or funding.