Every beginning is difficult and without a lot of diligence and hard work, the path from the idea to a successful start-up rarely succeeds. Despite the supposed risks, it is important to keep an eye on the opportunities and pursue your own vision. We explain what the path to a successful start-up can look like with the help of 10 steps.

#1 How to Startup: Do I have the founder gene?

In order to successfully start up, you have to bring a whole range of special features. Starting with a high willingness to perform, a healthy level of risk appetite, a high resilience and the ability to motivate people. In addition, you should also be sufficiently professionally equipped to survive in your market. Besides, factors such as your family situation, your current professional status and your financial situation also play an important role.

#2 The idea as the cornerstone of every development

Founders are passionate about their idea – that’s a good thing. After all, the idea forms the starting point of a hopefully successful trip. Thus, step 2 at How to Startup is the search for the right idea. Some start-ups have successfully discovered a market gap, others are on the road as copycats. At least the start-ups actually implement a completely new idea.

Thus, the search for a good idea begins with looking at successful business models already established on the market and then developing your own idea from them. For example, by improving an existing product or service or introducing it to new markets. As inspiration, we regularly present business ideas that have already established themselves on the market.

#3 Developing a valid business model

A proven method for structuring the concept and checking feasibility is the Business Model Canvas. Nine key factors that are important for your own business model are analyzed, linked, visualized and further developed until a viable model is available. Strengths and weaknesses of your own business idea are examined as well as the economic viability.

#4 Feedback, feedback, feedback: start with the minimum viable product

The Lean Startup Method and the so-called Minimum Viable Product are two major trends in startup stages. At its core, it is about developing an offer, whether product or service, very close to the market or the target customer. Instead of relying on a long product development cycle and only bringing the finally developed product to the market, a so-called Minimum Viable Product (MVP) is placed on the market at an early stage. 

#5 The right founding team determines success

The composition of the start-up team is thus a core component for the later success of the company and thus also one of the biggest challenges in the start-up phase. Because with the team, the success of a start-up stands and falls. Therefore, for many investors, the team is usually even more important than the business model.

#6 Know the market and competitors in detail

“Our offer is unique and there are no competitors” – investors’ alarm bells are ringing directly at this rate. And in most cases, rightly so. After all, this means that the founders have not done their homework. You should therefore know your own market like the back of your hand. Insufficient market analysis is one of the most common reasons for the failure of a start-up.

#7 And still write a business plan

Even if the business plan is sometimes described as antiquated, in our view there is no way around it. After all, a business plan serves several purposes. First of all, you prepare intensively for your start-up and deal with your business idea, opportunities and risks as well as their goals. So you check your business idea for the economic potential with the business plan.

#8 How to Startup: the right legal form

Basically, there are a whole range of different legal forms for starting a business. As an alternative to the start, the entrepreneurial society is also possible. Especially against the background of the search for investors, it is important to pay great attention to the articles of association right from the start. Legal support is recommended, as well as later with the participation contract.

Follow https://digitalsuits.co/blog/bigcommerce-vs-shopify-what-is-better-for-you/ for more.

#9 Plan the first financing steps & pitch it

Especially at the beginning, bootstrapping offers an alternative to financing by investors. This finances the growth from the operating business. This usually takes longer, but has the advantage that you only have to give up shares in your own company later. You are usually in a better negotiating position, since, for example, the proof of concept has already been achieved and initial successes have been achieved.

#10 Is It Working? Or do you have to pivot?

If you used the “lean start-up method” and thus tested the market acceptance of your product by an MVP, then you have probably already gone through several cycles up to this point. And regularly improves your product based on customer feedback. But what if, despite regular improvement, the final product is not accepted on the market in the end? Throw the shotgun into the grain and back to permanent employment?

You should never give up so early! Because right now it is important to stay tuned and analyze the previous results and possible errors. Because mistakes are part of everyday start-up life and the learning effects may be the starting signal for the actual success.