How do you turn an idea into a startup?
A startup is a practiced idea. But how to transform your idea into a company? This is a major question that every founder faces.
LINQQ is a platform where freshers like you can connect with many experienced and established professionals who can help you in transforming your unique idea into a successful business.
Here are the steps you need to follow to turn an idea into a startup.
1) Do your market research:
Write down what you think the problem is that your business idea would be solving. Figure out how many people have this problem that you are planning on solving and go talk to them
2) Secure Intellectual Property:
These include patents, copyright, and trademarks. It is significant for the success for your company to follow a defined protocol to protect your differentiating factor
3) Decide on branding:
It is more than just choosing a name. This is going to be an identity for your idea. Be aware of existing product failures, or successes, that is identified with your idea.
Incorporation enables your business turn into a legal entity and deciding how it will be structured. Typically, startups can be incorporated as an LLC, a C corporation, or an S corporation.
5) Write a business plan:
Considering the market research you did earlier, create a plan of attack and decide what you wish to accomplish with your business. Jot down goals and milestones, and the steps you need to follow to achieve those milestones.
6) Pick a workplace:
Where you work actually has a huge impact on your business. The working environment defines the working styles and efficiency.
7) Apply for an accelerator program:
Your business needs additional resources and expertise. Consider applying for an accelerator. This shall help you increase the speed of growth of your business by providing a mentor network or a small investment.
8) Raise Capital:
Taking business to the next level requires considerable capital. In return for the money, the founders give equity in their company to the angel investors or venture capital investors.
These steps are surely going to help you in transforming your unique idea into a successful business.