A startup is a new, innovative company with high growth potential and speculation on its future value. Like any other business, a startup must first go through several phases before it is born.
Before taking any steps, you must make sure that your idea meets a market need. This is an essential prerequisite, you can't launch a project without being sure that prospects are ready to buy.
You've made sure you meet a need? Now you can start the more operational part!
Tip 1: Know and conduct market research
First of all, you need to know the market in which you want to set up. To do this, you must carry out a market study to detect the potential of your future company and thus validate your concept.
Tip 2: Draw up a business plan
Secondly, once you have validated your idea thanks to the market study, you must draw up a business plan that will help you identify your needs (financing, equipment, human resources, etc.), choose your company status and draw up a balance sheet forecast.
3rd tip: Look for financing
Thirdly, once the project is formalized, you must put together your file to convince investors and banks. You have several solutions available to you. You can bet on the participative financing called crowdfunding. This type of financing can be in the form of a loan, a donation or an equity investment. Fundraising can also be a possibility of financing. To attract business angels and encourage them to participate, former entrepreneurs invest their personal money. Startups can also respond to calls for innovative projects proposed by various agencies and organizations such as foundations of large companies, the ADEME or the EU with the H2020 program.
Tip 4: Find support
Fourth, you need to surround yourself with the right people throughout the project in order to stay motivated and never give up on your idea.
Tip 5: Be passionate
Fifth, passion is a determining factor in the success or failure of a project. Entrepreneurship usually involves countless hours of work. Thus, it is the passion that will allow you to keep up with this important volume. Moreover, passion is transmitted, it will allow you to motivate your teams. This passion will simply allow you to take full advantage of your startup experience.
Tip 6: Set goals for yourself
Sixth, you need to define clear and SMART (Specific, Measurable, Ambitious, Realistic, Timely) goals. You need to have a clear vision of your final goal in order to move forward properly in your project.
