10 steps to build a successful startup

With so many young entrepreneurs on the rise, it is of utmost importance to equip them with the right tools to build their dream startups. To come up with an idea to solve an existing problem can be easy but the road to execute and sustain a well thought out plan can be rather strenuous. One must focus on the initial lift-off to hold the attention of their desired market. Here are 10 steps provided by Francine Hardaway, Ph.D. He is an entrepreneur and a communication strategist to a successful startup. 

1. Understanding the target market. Although the product itself has to be of value, for it to work and make a lasting impression one must also consider the timing of the launch and the need within the market that they are trying to fulfil. For instance, Groupon launched during a recession. Businesses needed customers and the customers needed finding solutions that would help them save as much as possible. In came Groupon; the perfect solution at the right time.  Had it been launched during any other time, it may not have been as successful. 

2. Sorting out the legalities. Attorney charges are extremely high, especially when millions are involved. To avoid getting into legal battles after the startup has been launched successfully, it is important to narrow in on the details and read through all the legalities thoroughly.   The last thing your booming business needs is to lose money in a legal fight between conflicting co-founders and partners. 

   Keep updated, follow The Business Standard's Google news channel

3. Delayed involvement with the market. To test your product, you must face the market. The knowledge you will gain from entering it will help you formulate an even stronger plan for your business. The sooner you dip your toes into the water, the faster you'll be able to ride the wave. 

4. Know your worth. Unlike large companies like Twitter, smaller startups have to start selling right away to be able to support themselves. Putting the right prices on the products and finding the balance between a good profit but not too high to steer customers away is fundamental for growing any small business. 

5. Make calculated moves. Every small expense counts. Rents and bills need to be considered as well as travel expenses and lunch meetings regarding your startup. Whatever the cost is to cover all those within that list will be your monthly goal; your break-even point.                                                                                         

6. Expansion of the team. Cut costs everywhere you can. This includes hiring employees you do not need. More employees do not mean they will bring in more revenue. Therefore, only hire when needed. This however does not mean you should refrain from hiring employees you require to carry out your projects. Being understaffed can lead to different problems altogether. Cutting unnecessary costs also include signing a lease for an office until it is necessary.

7. A clear mission and vision. Your end goal should be as clear as day. As the founder, it will be your job to dissect the why, where and how and construct a well-designed map for your team to follow. The potential that will shine through the plan itself will attract individuals who believe in a similar vision as yours and enthusiastically join the journey.  

8. Don't rely on quick money. Unless you are already a notable millionaire in Silicon Valley with existing successful businesses, raising funds organically may take longer for you. If you find yourself in a situation where it is taking longer to raise the necessary funds than initially planned, do not be discouraged. Instead, keep going and keep selling. That is the only way forward. 

9. Understand cash flow. Working with large companies is always exciting. It shows that you are capable and they trust your plan enough to invest time and money into it. That being said, it is also important to understand that these companies have certain policies regarding payments. It usually takes larger companies 60 days to pay. Therefore, when signing that deal, it is important to keep this in mind and collect money upfront whenever you can or at the time of the sale. 

10. A price you will have to pay. Launching a startup and the initial period following it can lead to a lot of stress for the founders and their team. More often than not, the lack of time and constant focus on work can start affecting the personal relationships of those involved. Although unavoidable, a fair warning and transparency are appreciated on the receiving end. Not all relationships can bear the weight of the absence of a loved one but the ones who can come as a sense of comfort for those chasing their dreams.