Starting up a company is a monumental task. It can be overwhelming, it is tough but it is always rewarding… when things turn out well.
Please allow me to share a few highlights of my short experience on this.
You came up with an idea. A great idea. Now you want your own company. Congratulations. I wish you the best.
First, be prepared. Starting up a company will demand all of your attention, and might take a heavy toll on your personal life. Organize your personal life before taking this chore. Make sure your personal finance is in order and that you have enough money to live on until a few months after you think you will start earning with your new company. Talk to your family and figure out how you will balance between work and family the start up may consume nights and days non-stop. Settling this will allow you to fully focus your energies on actually starting up the company.
Now you may start. The first step you want to take is to write a business plan. On the internet you will find many business plan guides and software. If you think you need one, by all means, you are free to choose. Anyway, there are some basic chapters you will need to cover.
Begin by finding out what's going on in the industry you plan to enter. Visualize yourself as an expert on that field and that you are the main speaker at their yearly conference. What would you say?
This means you need to do research. Use your network. Use the internet. There are sites that help you expand your network. Use them. Find out which are the government’s controlling agencies over that industry; visit them. Subscribe to the latest news reports from that industry.
Analyze the key drivers of that industry, the history, the players, how many are there, who are they, how many brands, the costs, who are the main providers of those players and what moves them. Always find out why things happen.
Understand the macroeconomic and social weave of the country or countries your company is going to play in, find out which role does that industry play in those countries.
Then dig deeper; do a Market Analysis. Understand the prices, how have they fluctuated and what have been the effects, how have products evolved, find out trends, figure out where is this market going, which are the leading brands and what have they done to be leaders, which brands have disappeared and why.
If it is a service you plan on launching, use your competitor’s and subscribe to them if possible. If it is a consumer product, go to the retail and purchase as many different products of that kind, use them and look at them every day. Experience what your competition has to offer. Reverse engineer them to learn how they work and how you can do it better.
The information you gather will help you build a SWOT analysis, which I will discuss in a future post.
If you have started to design your product, find a head legal counselor. Apply for any and all patents you might think you need them. Consult with your attorney.
The whole idea is that you must be confident enough to dive into that industry. Remember that as soon as you enter, your competitors will do their best to eliminate you.
This is part 1. Don’t miss my next post.
Oh, and try not to share your idea around too much, or you will see someone else launching it before you do.
1 comment:
Select your team. You will need other players and selection will depend on their skills and abilities, but most importantly on your relationship with them, which must indeed be based on trust and team-work. You must balance expertise and trustworthiness in your team mates.
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