Start your own company the easy way. 

Step 1

Research your idea first. The biggest mistake many startup founders make is jumping into the deep end and spending money on things that will not help their idea take off. So invest in  understanding the space you intend to play in before you start playing. Know the things to avoid and focus on the things that matter for your startup.

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Step 2

Create a business plan. Though you might not follow it the letter, because things change quickly  in any startup as you will soon find out. Prepare your budget while you are at it too. For any new business things are rarely what we expect them to be, so its important to at least have an idea of what you intend to do. As a startup you will soon find that not having a plan is a very bad idea. Many startups fail because they recruited too many people too early for example.

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Step 3

Register your company with the registrar of companies early. While this is a bit daunting for someone starting out. If you intend to get to raise money from investors or partners its important to sort out the legal standing of your startup, well before you start engaging. If you are still trying out your idea and you can get away with operating in the background for a while. Well before you start registering success do a name search and reserve your company name. If you have a partner this is the best time to reduce your partnership into writing.

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Step 4

The real work starts now. All along you have been testing the waters and creating your product as you go. Now its time to ask the real questions. Is my product or service addressing a real problem that people are willing to pay for? Is the market large enough? Is my venture configured to take advantage of the opportunity to grow? What do I need to grow and scale? 

 

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