Ask any successful entrepreneur about how they came up with their business idea. They will likely be able to pinpoint the exact moment or setting.
Although not comprehensive, these four examples can be a great starting point for any freelancer or startup founder (and everyone between) who want to move beyond the idea phase to bring their vision to reality.
A structured and tiered approach is necessary to start a startup or raise capital from investors. It is always better to first research the market in order to determine the demand for your product and identify your target customers. Also, understand the competition (or lack thereof).
The next step after conducting a market study is to create a business plan. Investors and clients look for a concise and clear speech that clearly identifies the problem and presents the solution. You must convince potential investors that the solution you propose is the best to meet the identified need. Also, that the market is ready and willing to purchase the product to amortize your initial investment.
How can you test your proposal the best? Ask your friends, family members and network for constructive criticism. Concentrate on those who are honest and thoughtful. This is your chance for improvement.
The next step is the most difficult: raising capital. You can raise capital through family members, friends, banks, financial institutions, or most likely by targeting institutional investors like venture capitalists. Although it may seem overwhelming at first, keep in mind that you have already made your way to this point.
Begin with people you are most comfortable speaking to and then move on to strangers. This strategy will allow you to practice your speech and then refine your plan based upon the feedback you get. You can also prepare answers for questions as you go. Ask to be introduced to potential investors. This will allow you to connect with the best people for your idea.
While starting a business is quite different than the process of creating a side-business, it’s a great way for you to make extra money by doing something that you love. Although it might seem easy, making your trade a successful business requires you to set a scalable pricing structure, establish a consistent product for customers, and wear multiple hats, much like a single-man shop.
Marketplaces such as Etsy provide creatives and merchants with a simplified platform for marketing and selling products. They also charge a percentage of sales fee. For a small initial investment, these markets allow you to test your product and get exposure to millions of customers.
Shopify and Weebly are ecommerce leaders that offer flat monthly fees to help entrepreneurs start and grow their businesses.
It can be very difficult to build a business around your original artwork. These e-commerce marketplaces and platforms are great for those looking to start their own business.
We have seen the on-demand economy evolve from simple and objective services like food delivery to more complicated services that require expert knowledge (like smart home installations).
Marketplaces can be used by contractors to find companies that need highly skilled skills, such as consultants, creatives, and professional service providers. Independent contractors can use Fiverr or Upwork to find help for short-term, smaller projects.
Contract work allows you to be independent, choose the company you want to work for, and has the same flexibility as traditional employment. A service market is a good option for professionals looking to start their own business.
Crowdfunding is a popular way to raise funds for the development of specific products. Kickstarter reports that only 38.21% reached their funding goal by November 2020. These are the top strategies entrepreneurs can use to create a successful crowdfunding campaign that excites customers:
Make sure to include a detailed description of your product along with the budget and deadlines.
Describe fundraising levels and offer compelling incentives to clients.
Through existing customer lists and social networks, build a strong portfolio to attract potential sponsors.
Spend a lot of time answering questions from potential sponsors.
Crowdfunding is not like other fundraising methods for technology companies. It is a volume game. The goal is to raise as much money as possible from as many people in a short time. This means that you will need to be more attentive to the questions of potential investors and less sharp in your verbal speech.
There are many crowdfunding platforms out there, from Indiegogo and Kickstarter to Seed & Spark. It’s important that you do your research to determine which platform is the best for your campaign. As with all initiatives, it’s important to do your research and find out about successful crowdfunding campaigns, particularly those within your niche.
There are many models that can lead to success. The good news is that you don’t have to wait until the perfect time to start your own business. There are many ways to make your side job a way to make money, get funds from investors (and/or from mom and Dad), or work as a freelancer for one of the younger companies, or ask strangers to help you through a crowdfunding platform.
The biggest obstacle to business success, ultimately, is not taking the first step. Fear of failure shouldn’t hold you back. You can do it!
