Do you dream of launching your start-up someday but don’t know how to go about it? You’ve always had the mindset of becoming an entrepreneur but there are many questions dancing on your mind, which you’re yet to get answers for.
Now, you need to leave your worries behind because I’m going to answer the 4 most overwhelming questions of every aspiring entrepreneur.
How do I raise funds for my Start-up?
There are many ways to raise funds for your Start-up. It all depends on your scope of business, and your target audience.
For example, if you plan to launch a tech Start-up which requires substantial capital, you should consider applying for grants and Start-up loans.
According to Dave Kapen, more and more cities, regions and states have grant programs or loans for high growth businesses at low-interest rates. The beauty of these sources is that a Start-up may qualify for large sums of money, which are milestone driven, which is the way you ought to be thinking and operating anyway.
Apart from this, you can start with the little savings that you have. But don’t forget to seek financial support from friends and family members. They’ll be willing to help.
- What things do I need to kick-start my business?
Generally for any business, you should start with company formation or registration. This takes care of your company name, Certificate of Incorporation, Memorandum and Articles of Association. With this, you’ll be able to protect your brand, and add more authenticity to the products and services which you offer.
In addition to this, you need to have a business plan, establish a budget, identify your market, and secure the required permits and licences.
On the other hand, you need to have an office space too, even if it means sharing with other people. You’ll feel more comfortable meeting with your clients in an office rather than meeting up with them in a café.
But if you can’t afford to do that, why not start right from your home? Remember that famous brands such as Hewlett Packard, Apple, Disney, Google, Amazon, and Microsoft, all started from their garages.
- I have no money, how can I market my Start-up?
Marketing your Start-up without a budget has gotten so easy, thanks to recent advancement in technology. Gone are the days where you need to spend a lot of money doing PR in order to get your business in front of people.
With the marketing strategies highlighted here, you’ll build new frontiers for your Start-up and set it on the path of greatness:
- Be discoverable by having a great website
- Create valuable content such as blog posts, case studies, white papers, infographics, viral images/videos and Podcast/webinars.
- Leverage social media
- Build your mailing list
- Create a robust network
- Solicit traditional media by circulating press releases for your latest product launches, events and discounts.
And this brings us to the question of branding. Every serious business should have a unique business brand. It helps to build trust and helps you stand out of the pack.
- My biggest fear is failure. How can I beat the competition?
First, you need not fear failure. Rather, you should learn from your failure when it happens. In the words of Paulo Coelho, fear of failure is the only thing that makes a dream impossible to achieve. So do not allow this fear to thwart your dream.
Second, you must realize that businesses thrive when there’s competition. The earlier you start living by this reality, the better. But do you need to worry yourself over your competitors? No!
Beating your competition depends on your willpower and the amount of energy you’re willing to put into your business. It requires you to work smart by knowing what works and what doesn’t work in your industry. Lastly, if you will stay ahead of others, you must carve out a niche for yourself by doing things differently.