Venturing your idea into startupMany of you live in present or many entrepreneurs think to find flaws in other product and come out with a solution of that product. Many of the people don’t look after the solution of the existing product.
It needs to be thinking as per future perspective. Allow me to share an example with you. Recently a few years ago a company introduced a service of Exploring Moon on space shutter, but at that time people were not ready to go, but now they have you ever thought why that company revealed itself? The reason behind it is that they predicted the future and they were planning for the future foundation of the company. It’s a recommendation of the startup to come up with the new Idea of starting something unique services which will give you a chance to withstand in the future and can compete with your rivals.Getting an Idea Stage:Write down your Idea?How you are solving others problemsHow you are going to make money out of it (Revenue Model).
Valuate your Idea with others (Friends, family or consultant)Finding your Co-Founder:The one and foremost important decision is finding a correct cofounderYou might be thinking why co-founder? Because he is the guy who can help you out to help as well as clarify your doubts.Get maximum 2-3 cofounders, but don’t go for 4-6 founders, since it will exploit the team.Prototype Designing Stage:Give your idea a direction by making prototype by outsourcing the consultant of by finding the co-founder.Make a UML diagram.
Decide on which platform you want to launch.Make a UI/Ux for better color & interactiveness.Look at the functionality.Testing StageAfter your prototype gets ready, show it to your friends, colleagues, parents.Ask them about if the color perspectiveNote down some important point what they suggestLater on, fix the bug if it occurs.Marketing Stage:The biggest challenge is to sell your product because ultimately you have to make the profit from it.Strategies to product USPLaunch a product in one particular area.
Which channel you are going to use to market your product.If digital marketing, what would be its ROI (Return on Investments).Customer Traction Stage:Invest your money.
After releasing your product, make around 1000 customerMake money out of it.Prove yourself that the product really works and make strategy according to it.Customer reviews stage:After launching the product, what customer thinks about your productGive your services free to some extent or give the discount to lure your customers to use your product or services.Gather all the suggestion, complaints, and query of the customer.Follow up with the customer and Re-launch your product with upgrades.
Until that time you will get 1000 customers, later on when you see that your business is growing and you need more investments, then the stage comes where investors jump in. Before that, you have to pitch your product to the investors, who are really interested in backup your company and niche market.After making the baseline of around 1000 customer, at that time the investor will easily come to your board and he will be ready to invest with the stake in your company. Although, you have proved that your product is running successfully in the market and if he invests his money then the investor definitely makes the money out of it.As you are the startup company, the investor always tries to get more stake but as per market, you have to settle down not more than 15-20% if the investment is below Rs. 1 Crore. Later on, after investment, it will be in the hands of founder’s & cofounder’s, at what level they want to elevate their startup.