Technology is everywhere. From booking a cab to booking an appointment with a doctor, today, you can do everything on your laptop or smartphone. All of this is thanks to the millions of technology startups in the arena. Finding an idea for a startup is easy. Running a startup is exciting and there’s something new to do every day. Seems like the dream doesn’t it? However, there is a flip side. Not all startups see success. To ensure that your idea doesn’t fizzle out here are a few things you should keep in mind.
Create a Broad Plan
Writing down a 120 page business plan isn’t something people do today. It’s too old school and passe. It also takes time and time is precious. However, running a brand on impulse isn’t a great idea. So, what you need to do is create a plan. It doesn’t need to be highly detailed since you probably won’t end up sticking to it completely. Instead, have abroad framework in place of what you expect from your brand. This should include the essentials – the problem you want to solve, how you’re going to do it, your business model, your competition…
Trademark your Company Name
Once an idea is successful, it gets copied very fast. While competition is a good thing, you don’t want someone else offering the same services with a similar name. Similarly, imagine how much damage it would cause if other brands began exploiting your brand name… Hence, register your company and build a trademark. Company registration through Quickcompany is easy and can be done online from wherever you are. So this is one step you should not delay.
Get Legal Help
It is very difficult to prove that you came up with an idea once someone else has it. Hence, protect your ideas and assets. Allocate resources towards legal help towards intellectual property rights, patents, wording client agreements etc. Ideally, try to work with a law firm who will agree to defer their fees till you raise sufficient capital. Most firms have a fee cap but this is usually negotiable. In exchange for deferring fees, they may also buy into your firm’s equity.
Sell your Product Yourself
As a founder, you can’t sit behind a desk and expect others to sell your idea. You must first be able to sell it. If you can’t sell a product, you can’t expect others to be able to do so. The worst thing that could happen is that you’ll be hearing a lot of ‘no’s. It isn’t that bad, so don’t be scared and go out there and present your idea to as many people as possible. Be persistent and the ‘no’ will eventually turn into a ‘yes’.
Build a Strong Team
Superman is a fictional character. Every successful startup has a core team that has expertise and believes in the idea as much as the founder. Don’t be in a hurry to expand your team. Hire slowly. Find people who will preserve the idea of your brand and help drive it further. Once you have your team in place, empower them. You should be able to trust your team to handle problems on their own and take decisions without having to consult you on every detail.
Author Bio: Alexan is an avid finance researcher and advisor. He has been penning articles on significant finance related matters and terms. He often associated with Outreach companies like Submitcore to maximise the reach of his words.