I had never posted about Entrepreneurship in Le Geeks, Well today we are going to start of with basics, yeah… Its a post which gives you the basic tips which will help you to start your own company with a solid base within 8 Days! Starting your own company like always, requires some planning, an wonderful idea and some friends to whom you can brainstorm your ideas!
Try observing the most popular firms, Social Networks and apps.You’ll see that they are originated with a simple idea which grew big. Lets start with Facebook, It all started when they wanted a network to connect the students of Harvard University, later it expanded and got into many universities, later it connected the whole world! Even the Whatsapp, it started as a Instant Messenger and it replaced SMS! Now its worth 19 billion! Amazing, isn’t it ?
As you can see, The “IDEA” is the most important part of a company or the business. Let me make it clear, continue reading this post,only if you have an idea in your mind, or just quit this page,right now!
Lets get started with, as I said you can make an wonderful company within 8 days! Here’s the schedule which you need to follow-
Day 1 – Check whether the idea really works out, run a quick research on it.
Day 2 – Brainstorm the idea with your friends to find partners and investors
Day 3- Calculate the Expenses,Try to make an estimation of profits and loss.
Day 4 – Make A prototype of your product (Website, App or whatever you are going to sell) and Test it out.
Day 5- Brand it, Decide whether its going to be Online of Offline, Write a Business plan.
Day 6 –Documentation,You need to write down some things!
Day 7- Make A marketing plan to reach out customers
Day 8 – Start Selling or achieving your motto!
Okay, now lets take a look at all these steps, in detail!
Day #1 – Run A Quick Research On Your Idea-
This is the main thing in this schedule, run a quick research on your idea or your product. Answering these questions would help you to research on your idea-
- Are there any existing brands selling similar products? If so, what is their strategy?
- Who are my main competitors in my locality ? ( Locality here refers to your town,city or even the country, depends on your idea and investments)
- Have any brands failed selling a similar kind of product? If so , why did they fail?
- Is the product really popular? If its not, what can be done to make it better?
Yes, you just have to answer these 4 questions. These will really help you to decide whether your idea is going to work or not. For researching on it, I would probably use the god of internet- Google
For example, if you are going to make a company that manufactures shoes, you can probably search for this- Top Shoe manufacturers in India. Just keep searching for it until you find the answers!
Day #2-Brainstorm the Idea With your friends and Partners-
Whenever i get an idea, The first thing i would do is call some of my techie friends and i would share it with them ,They give me their valuable suggestions…their opinion and some even volunteer to work with me! Most of the times, this is how people find Investors!
The best example would be of Facebook- Eduardo Saverin
Mark, first shared the idea of Facebook with his friend Eduardo Saverin , it was because he was the only one who could afford to invest 1000 USD on Mark’s idea!
If your friends aren’t interested, try narrating it to some the entrepreneurs you are in touch with, Facebook would be the best place to find new Entrepreneurs who would be interested in your ideas!
Day #3-Calculate The Expenses-
Try making a rough sketch of the money you are going to invest, The cost of your product, the profits you make. I would recommend you to write it down, saving it in a Computer won’t help you much, so try to write it down.
Estimate the profits you are going to make and if you suffer losses, what would be the amount you would loose? What would be the plan to make its profitable?
Try answering all these questions…keep writing…
Day #4-Make Prototype of Your Product, Go for a Test Drive-
Just craft a rough version of your product- it might be an app, website, or even a physical product. Try testing it and note the following things,answer them-
- Is it of the best quality?
- If it breaks, What would be the solution? ( Ex-If the Server Goes Down in a website, the solution is to shift to a new hosting)
- What improvements can be made?
- How can i make it unique and amazing?
As i said, write this down. Start answering them all!
Day #5-Brand your company, Write a Business plan-
Choose a name for your company, Let it be creative. Hire a professional Designer to make a logo for your company.
The next thing, you’ve to write a business plan. I would recommend you to read this amazing article on ShoutMeLoud- How to Write a Business Plan for a New Business?
As that post says, you have to know the purpose of your company, just make sure that are able to answer all these-
- Why am I creating this product?
- Who is going to buy it?
- How will reach out my customers?
- What’s special about my product?
- What will i do if it doesn’t work out?
Yeah, if you are able answer it….continue reading it….and be sure to check that post in ShoutMeLoud, its really informative!
And one more thing, Business plans are really fun to write. You never have to sit at home…and stay serious while you write your business plan. What i would do is, I would go to a restaurant with all my business partners who are mostly my friends, and there we would start discussing about things…we would start writing it down on the Napkins (Tissues) available in the restaurant! I hadn’t tried this style of making plans until i read the book – How I Braved Anu Aunty and Co Founded a million Dollar Company by Varun Agarwal. try to read it, its really inspiring!
Day #6- Documentation
No you are ready with all the plans and strategies to make a profitable business, the next step is to write down everything about your company.
Go get a file with some A4 sheets and start off with your company name, write everything down-
- Company Name
- Description, Aim
- Team members
- Business plans and Strategies.
Write all these and file it. This will help you in the coming future!
Day #7- Marketing Plans For Your Company
Hell yeah, you have launched your company and your product is ready to sell! This is really important, marketing needs to be done to reach out the potential customers. Create a Marketing strategy…Most of the times, people hire Social Media marketers for it..but trust me,try to do it yourself, you just have to think smart and promote your company.
Use the Social Media to its fullest! Facebook, twitter and Google + are the best places to find potential customers who’ll actually buy your products!
Recommended to Read- Marketing Science- Analyse the Market Before You Start Marketing
Day #8 Start Making Money…Chill!
So everything is done, now you have your own company. Its time to make some money. Stick to your plans, interact with customers and start making money. Make sure that you satisfy your clients, don’t let them have a bad impression on your firm. Hope you found it useful! Share it and stay tuned!