There are a lot of bicycles and electric bikes. It would seem that to launch a new company in this area and to achieve success in our time is impossible. But, as you can see, quite unexpectedly, we managed to create a new start-up from scratch and bring it to the world level.
Develop a clear business plan
This element is obvious to many, but I cannot get past it. When the start-up tendency was born, many investors were less demanding on the sources of profit. They understood that this is a “new feature”, which means that the money will come.
Today, start-up requirements have grown both among investors and consumers. Therefore, it is not so easy to get rich quickly and in large quantities. A huge number of users no longer means the success of the project: you must have clear sources of profit.
Many companies have made a mistake, aiming only at attracting users. For example, Twitter has a huge audience, but the first net profit was recorded only in February 2018.
Other companies are narrowing their target audience too much. Because of this, they do not gain great popularity, which ultimately leads to low profitability, and therefore does not attract the attention of investors.
Develop a business model to the smallest detail. It will take you a few steps closer to success.
Come up with a catchy name
The name of the business should be concise and easy to remember. Your product or service will not be recognized and used for quality right away. The “cover” should make the consumer want to try your product. Title is one of the key components of the cover.
Many say that the name at least partially reflects the essence of the project. The same Delfast contains two words “Delivery” and “Fast”, which means “Fast Delivery”. But it's not always the case. For example, Uber (germ. "Above") - an application for ordering a taxi. No name and service connection, but the brand is world famous.
The name of the start-up
should be simple and easily associated with the target audience. For example, Slack from colloquial means "sluggish." But it was invented to organize work in some companies. In slang of managers and office workers, "slack" means a period for which you can postpone the execution of the task without special losses.
Work on your start-up name. Perhaps this should involve the relevant specialists. The name is the face of the company. Picking it up wrong can immediately fail.
Make the brand easy to remember
Best of all, our memory works in associative ranks. So, for example, history is easier to learn by associating several key events of a certain period. The colors of the rainbow or the first 11 digits of the number "Pi" can be remembered by mnemonic phrases. All these are associations.
Start-up should also have their own associations. In addition to the name among them are required elements such as:
- main colors;
Obviously, you will advertise your brand. Accordingly, the advertisement
should also be memorable. You can come up with a short tune like McDonald’s. The wider the associative series, the more likely that the consumer will remember the brand and tell others about it.
Create a sketch and get approval
Starting a big project without visual charts of the desired results is a big venture. I did not manage to stumble upon companies that were created on pure improvisation. Every successful businessman will say that drafts and prototypes are almost the first thing to start a start-up
It is important to understand that this will allow not only to understand what is worth striving for. A few sketches will make the work process consistent, which will significantly speed up the launch of the project.
Find people you trust and show off your work. Criticizing your own work is very difficult. Sooner or later, your own ideas will end. But even a 10-year-old child can advise to change some trifle, which in the future will lead to greater efficiency.
Listen to sound criticism and get approval. This will add confidence and help to make changes in the development of start-up.
Gather a competent team
I will not say that every employee should be an ace in his business. Often, when selecting a team, leaders forget to check their connections. But this element is no less important for a good employee.
The more useful connections he has, the faster and better he will be able to do his job. Moreover, he will be able to offer interesting ideas for improving the project. Again, an employee with more contact contributes to a more rapid start-up promotion. This is exactly what is needed for instant growth.
Try to solve this puzzle. Answer “E” is incorrect.
Riddle on attentiveness
"Sell the pen" is already a worn out method. Give another tangled puzzle. In the proposed task, many fall into a stupor after being told that "E" in this case is the wrong answer. If a person does not think in patterns, then after a few seconds he will understand that the answer is “F”, since the lower dash is already set.
Therefore, check your candidates for attentiveness and creativity. Forget about boring interviews. If you offer 5 interesting logic tasks, it will be easier for a potential employee, and you will be able to pick up a more competent team.
No less important element of the start-up. Business must be legal. First of all, there will be no questions for you from state bodies or international organizations. Secondly, the company will generate much more confidence among potential customers.
Many may find it difficult to obtain a license. Of course, it’s not so easy to draw up papers and get permits, because everything must be in accordance with the law. Most beginners hire lawyers to do this.
A legal specialist is needed by your company, but not from the very beginning. Obtain the necessary permits by consulting the secretaries in the relevant authorities. For example, on the website of the US Small Business Administration there is a portal that leads to all federal and state sites for obtaining licenses.
So you can arrange the documentation yourself. The main thing is not to postpone it indefinitely.
Look for investments
Without doubt, you need to have your start-up capital. But the more budget you have, the better the final product will be.
An investor is needed not only for material assistance. This is another way to raise the ratings of your future project. People used to trust authority. That’s why you need to look for well-known investment funds.
A bit trite, but imagine what publicity the fact that Ilon Mask has invested in your project will pick up. Of course, this is unlikely, but the essence is clear to you. The more famous the investor is, the more potential customers will be interested in your future business.
Make a viral advertising
Traditionally, we do not want to share our ideas. Someone fears that they will be stolen, others fear that they will be jinxed. In the case of the start-up this tactic is wrong. Success should not depend on superstition. It depends on the creator. Any fear only shows that you are not sure of the uniqueness of your ideas.