Step by step guideline for startup business

The world is full of so many entrepreneurs with plenty of business ideas. Some might be good, while some may not be very good. Either way, your idea may not successfully mature to a startup business. That is if you are not appropriately guided as par Houston Startup program.

Also, a good idea deserves a proper translation, while a bad idea needs reformulation. That’s before 'engineering' an implementation plan that's most appropriate. Failure to do the same costs many businesses in America. 

Just in case you didn't know, the trend of business collapse in the USA is alarming. More than 71% of businesses collapse only ten years after commencement. The graph below shows the complete trend in business collapse.

But you are not starting up to collapse. For that, you deserve guidance that will walk you through the process of starting your business. Here is a step-by-step guideline that you deserve.

Step 1. Make a business a plan

Turning your idea into reality deserves a business plan. It is then that ideas can be reshaped into a perfect business. Otherwise, an idea without a plan is just but a dream!

Before diving deep into business planning, here is the list of reasons for having the same. 

• Gives a clear picture of the whole business. One can view the connections between mission and vision. And also, links financial plans, management, operational units, product/ service, and marketing plan.
• This allows for any alterations. Which helps to maximize the functionality of the various groups of operations.
• It offers a strategic focus on all that matters in a particular business.  That is product/ service, distinctive identities, and marketing strategy.
• Helps in prioritization
• Securing funding for startups
• Informs stakeholders of the business and its progress.
• Increases accountability
• Helps in cash management
• Helps with the formulation of the role of staff and employees. Thus helps in the hiring of the right staff. But also with the performance of duties by the employees.
• Serves as a blueprint to limit operational activities to the main goals

Step 2. Secure appropriate funding 

Once a business plan is in place, translation of the plan to reality needs to start, and it requires capital. As a matter of fact, 82% of businesses that collapse cites capital inflow as the main challenge. 

Definitely, you do not wish to get your idea on the verge of collapse. Thus before any initialization, proceed with getting the capital. Capital is cited in your financial plan section of the business plan.

Thus before any initialization, proceed with getting the capital cited in your financial plan section of the business plan. Funds are also sourced from sources in the finical section.

The most common sources of finances are in the chart below.

Once you get enough funding, you are good to go with the business.

Step 3. Get the right people within your circle.

 Getting the right people around you will determine the success of your startup. By the right people, we imply the required human capital for your business. They may comprise of financial advisors and accountants.

Also, it would be best if you had legal advisory, finical advisor, accountant, and IT experts. An attorney will help establish your business within a legal framework, while IT experts help put everything into the modern state. Like they help in website creation and management.

Accountant and finical advisors will help in the financial management of the business.

Step 4. Establish the business physically and online

You have a plan, finances, human capital, and legal documents. Don't wait anymore! Get started immediately by putting an office and creating a website. The office serves as a physical address awhile the website puts your business on the world's map.

Step 5. Market your business

Create publicity of your startup business. Do not focus on making any profit now. For God’s sake, you have just begun!

If possible, stake more capital to ensure that you reach your target audience for the product.

Use either of the methods below recommend by Houston Startup program. They are in order of the most effective to least effective. But order may changes with the population parameters of target audience.  If you cannot use all of them, then at least the first two would serve better.

Methods of publicity 

Create publicity of your startup business. Do not focus on making any profit now. You have just begun!

If possible, stake more capital to ensure that you reach your target audience for the product.

Use either of the methods below recommend by Houston Startup program. They are in the order of the most effective to least effective. But the order may changes with the population parameters of target audience.  If you cannot use all of them, then at least the first two would serve better.

Methods of publicity

 1. Digital marketing

• Content marketing
• Affiliate marketing
• Email marketing
• Web marketing
• Social media marketing (SMM)
• Search engine marketing (SEM)
• Pay-per-click advertising (PPC)

  2. Print advertising

  3. Radio advertisements

  4. Television

   5. Billboards