How to develop your startup’s business ?
Having a good idea is not enough to create a startup. You have to have a strategy or a policy of action in order to complete the project. From project design to how to find your first customers, we take a look at the subject.
Defining a good business model
It is a prerequisite when you want to design your own business. It is the means that will allow your business to run as it should. A business model includes all the questions you need to ask yourself before launching your business project. Even if you already have a specific idea of what you want to propose to the consumer, it is essential to putting it on paper.
It’s a simple but effective way to make it really real.
Start with define the target type that you want to achieve. With this, you will already be able to perfect your offer in relation to what the target market is looking for. On top of that, you’ll also have to determine the sales channels that are within your means to adopt and those that are. Often, a startup always starts from scratch, with a small budget. All the points you’ll cover in your business model will allow you to balance your expectations with the means available at the moment.
In order for the results to be realistic, it is important to carry out in-depth studies. Do not neglect any element. Starting with the market trends to comparing your offer against them.
Drawing up a business plan
This step is also essential for a startup. If you are at the search for an investor for the launch of your business, you need an business plan. The content of the business plan will help you persuade them of the importance of your project and its scope.
The business plan also allows you to structure and materialize your project. It is the best way to communicate your financial goals to your audience. To know if it is feasible or not, you must establish a business plan.
The profitability that it will provide once launched, can also be seen through this analysis.
The content of a business plan is divided into two distinct parts. There is the part economic. Then there is the financial side. Its content must include the management summary or theexecutive summary.
This part summarizes the key points of the project (it is an operational summary). It helps investors to quickly get an idea of the potential of the business plan. It contains a presentation of products and services.
It also contains the legal, fiscal and financial arrangements to achieve your goal.
A good business plan must have a projected balance sheet, a financing plan, a cash flow table and important French indicators.
Build your team and find partners
Find one or more partners for your startup is almost like recruiting. The goal of the process is to find a rare pearl that will allow you to give life to your ideas and your business. The candidate does not have to have the same ideas as you.
On the other hand, he must have the same vision as you so that you can move in the same direction.
Therefore, your potential partners must above all have a creative spirit and be highly motivated. Some startups have close friends as partners. But this is not the case for all start-ups.
Some entrepreneurs will find their collaborators within their alumni club, with their close family or within the incubators and start-ups startup.
D’others have used job boards or even the Pôle Emploi. There is no miracle method to find the right collaborator. You can explore all the perspectives that are offered to you. The most important thing is that your collaborators and associates can help you to form a team professional and/or personal complementarity.
This is a situation that adds real value to the collaboration and development of a project business. Each collaborator must be able to bring a plus to the startup. As much by its competences as by its aptitudes and temperaments.
Search for possible financing for your startup business
There are several ways to to seek and obtain funding to get a startup off the ground, like competitions for example. It is one of the most used means by young entrepreneurs to reach their goals. By participating in this kind of competition, you have the possibility to win hundreds to thousands of euros.
What to finance your project according to the projected budget needed for the launch.
The ” love money The “others have called on job boards or even the Pôle de l’Emploi”, which is a start-up fund from your relatives, can also be a solution. The principle is based on their belief in your project. After that, they give you the money, which only they can determine.
The microcredits Also, they have been widely used for the last fifteen years to help young entrepreneurs to set up their business. It is a process that helps them to obtain capital in a relatively short time. This kind of approach has a rather high credit rate, but can help in case of real need.
Then, there is the traditional bank loan which often provides the exact amount of money needed to finance a project business innovative project leader. The interest rate percentage makes the amount borrowed much smaller than the amount repaid in some cases.
Finally, there are other means of financing very popular with startups such as angel investors or business angels, or the seed fund and venture capitalists. It’s up to you to choose the method that works best for you.