4 Basic Things You Need to Know Before Building Startup
There is no limitation to be an entrepreneur. You do not need to go to the university or a bunch of money to be a great entrepreneur. Many successful entrepreneurs do not graduate from college. Let’s say Jack Ma, the owner of Alibaba who has an estimated worth of $38 billion. Mark Zuckerberg with his estimated net worth to be nearly $54 billion. All you need to be the next Jack Ma and Mark Zuckerberg is a strong plan. There is also a chance for you to have your own startup company. In this article, you will get to know four basic things to build your startup company.
Refine your idea
If you are thinking about your business, you likely already have an idea of what you want to sell. After you deliberate your idea, the next step is to do quick research for existing companies in your chosen industry. Learn what their strategy is and do. Some industries may have different treatments.
Besides, you can identify your target audience. In order to test whether your ideas are suitable with your target audience, you can do polling and survey to gain insight into your business ideas. This is done to get to know your customer behaviour and needs.
Discuss with your suppliers. If you are going to have wholesalers and retailers startup companies, convening with your suppliers is a must. It can help you to get what product that has a high demand from the market. In addition, to refine your idea, you can attend trade shows or conventions. There will be a good educational session from vendors that will give you insight into what products are good to sell and not.
Write a business plan
When you finish brainstorming what business you want to build, it is time to write down your business plan. Make sure to have long and short terms for your business plan. Short term planning consists of finding out the characteristics of the company in the present and exploring the strategy to improve in the future. You can put the issue of production tools and quality in the short term concerns.
“Dream big dreams, but never forget that really short terms goals are the keys to your success” Mac Anderson
In the long term, you need to identify and solve the problem permanently and spread out your target market. There are several things to plan in the long term such as the competitive situation of the company in its social, political, and economic aspects. It also examines the production and quality concerns.
Define a business model
A business model is a conceptual structure to support the capability of a product company, company operations, and company funding. Guru Peter Ducker said that a business model is supposed to answer who your customer is, what value you can create or add for the customer and how you can do that at reasonable costs.
Basically, there are three business model parts:
- relation to the designing and manufacturing the product
- relation to the selling the product, from getting a suitable customer to distributing product
- relation to the way of customer payment and way of the company’s funds
If you still figuring out what a business model type for your business, here are some references business model for you:
aggregator business model allows the company to develop various service providers of a niche and sell their services under its own brand. It uses a commission to earn the money. There are big startup companies that use the aggregator model; Uber, Airbnb, and Oyo.
2. Online marketplace
An online marketplace is happening recently. Many startup companies in South East Asia, especially in Indonesia, focus on online marketplace business models. This model builds a platform as a place for many online sellers to sell their product on the same website. The example of big online marketplaces as Amazon, Alibaba, and Lazada.
Blockchain business model allows peer to peer transactions and assists a reliable network. This business model uses a token to make a profit. People who have the blockchain reach consensus are rewarded with the token which holds value. There are also lists of blockchain business models that you can adapt; token economy, development platform, network free change, p2p blockchain business model, and others.
Emveep as a software solution company to help startup companies building software or applications has already established a blockchain business model for its client. Emveep develop a crypto exchange application to your transaction easier
Get know more about Emveep? Find us at Emveep.com
Build a website
Having a website is such an obligation. When you already decide your business model, business idea, and business plan, you can promote your business on a website. Website is the first gate communication between you and your customers. A website style can be adjusted with your business model. You can do a consultation with a website builder agency to build your business website.
For more than 8 years, Emveep has helped many startup companies to create their own websites. We have professional developers who always assist you. Our clients come from many countries with different business model types.
Now, you can have your own website with an affordable price, starting from $1.990 you can take away a luxurious website.
Wanna get to know more about it? Just find us on Emveep.com and feel free to consult your business and website.