Million Dollars Idea - MyStartupLand

A large number of startups is infested with common mistakes of their founders. The journey to establishing your own business is far from an easy one. It will take a lot of hard work, time and effort. You need to make sure you won’t end up among the entrepreneurs that have failed. The key is in good preparation. Being prepared will enable you to turn your million dollars idea into a successful business.

We have made a step-by-step overview of what will make you a man with a plan in no time.

1. Do You Really Have A Golden Egg?

The first step is always a quick chat with yourself to make sure your idea is really that good that it could become a million-dollar business. Check if there are similar products or services already on the market. If there are, that means competition. Your products/services need to be a bit different. Most of the times this means less expensive and better quality.

You have a million dollars idea, now what - MyStartupLand

Conduct a competitors research and you will probably realize that your idea only needs some tweaking (new features) to stand out from the crowd. Following an existing or emerging trend is always a good way to go since it influences customer behavior. For that, you will need other’s opinion but keep your idea a secret during the development phase. There is always family and friends that can help you out. 

There are a few important questions you need to ask:

  • Are you able to comprehensibly describe the idea to others in an intriguing way?
  • Can you turn it into a short verbal description that will immediately capture the interest?
  • Will this illustration inspire others?

Even the best idea is nothing without the proper customer base and people who will bring it to life.

2. Going Deeper – The Business Plan

If you have achieved the highest score in our little quiz above then it’s time to start planning on paper. Writing a business plan will open up further questions. This time you will need to go deeper, to the very core.

The key question here is: What is the purpose of the business you want to establish? Answering this one will take some pondering about your customers, goals, and finances. If you rush through these points, you will end up without properly targeted customers, unaware if there’s really a demand for your idea and with no clear insight into who’s gonna buy your services or products.

In other words, a detailed business plan will demand from you to conduct a proper market research that will make sure you know where your new business is going and how you will be able to sustain it during the potential difficulties that will appear on the way.

3. Money Talks

Money talks - MyStartupLand

With all the questions posed it’s time to start answering them. In this modern world, money does all the talking. The first thing you should look into is your finances.

You are aware that every startup has a price and you need to have a plan how to cover those expenses. Do you already have the means or it’s borrowing time? The most crucial thing to determine is how much you’re gonna need. It’s always good to overestimate the startup capital amount so you won’t end up running out of money before turning a profit. After the proper assessment of your finances, you will be able to choose the best financing option in no time.

4. Acquire The Right Blueprint

We are not talking about the look and size of your future business headquarter, but about far more important structure, the legal one. You won’t be able to register your company before you decide what kind of entity it is. This will affect everything in the range from your personal liability, in case something goes wrong, to the way you file your taxes.

It’s a great responsibility and you should reconsider before rushing out to register your company as a sole proprietorship. Everybody wants to own their business entirely but you also should be aware that all obligations and debt will be your own responsibility which can affect your personal credit. 

There’s nothing wrong with finding a business partner with complementary skills and registering a partnership. The legal burden is always lighter if carried by more people. If your goal is to separate the liability of your company from your own you should look into the types of corporations. Ultimately you’ll decide on the right business structure based on your current needs and future business goals.

5. Create A Backup Plan

No, we’re not gonna talk about writing another business plan and there will be no more questions.  The foundation of this backup plan lies in your insurance policy. It is mandatory that you decide on the right insurance before the launch because lawsuits, theft, or property damage are common and quite costly parts of every business.

Business owner’s policy or general liability insurance is almost mandatory for every small business. On top of that, your employees will require their employment insurance and worker’s compensation. 

All it takes to complete this backup plan is to admit to yourself that you probably won’t be able to perform an overwhelming task of running a business alone. That way you will be open to third-party vendors from the beginning and these companies exist to help you run your business smoother. Since this is also a form of partnering up you need to be aware that they will have access to the potentially sensitive and vital data of your business. Keep a close eye on them.

6. Gather Up Your Workforce

Gather up your workforce - MyStartupLand

Now that you have realized that you can’t do everything alone, you are also aware that being the only employee is far from a good option. To get your company off the ground, you are going to need a great team. 

Your employees need to have the same attention as your products or services since they are the ones who will build them. Not only that, you will need to hire your employees carefully but you will also need to define responsibilities and roles with the same precision. Artists and engineers are not the only ones who will bring your idea to life, you will also need legal professionals. You have seen some of the legal requirements above and that’s only a drop in the ocean.

Most likely you won’t be able to hire a bunch of lawyers right away. You must look for employees, who have a wider business knowledge that goes beyond legal expertise.  The one that should come together with employees is definitely a personal injury claim lawyer who will make them feel secure with their rights adequately protected. The lawyer won’t just provide employees with legal advice but she would also be your powerful advisor when it comes to workforce organization.  She could be quite helpful in the very process of hiring new employees as well. 

And Now – Bloom!

Starting your business is like creating a garden. Your idea is the seed and the first thing you need to ask yourself is will anyone need its fruits. Before you bury it deep into the ground you need to know how much space and time will it require to bloom. Your team is your water and sunlight and the right digital advertising campaign will keep these business weather conditions steady and suitable for many harvests.

Alexander Hunkin is an Australian based startup advisor with in-depth experience in growing business. His meaningful and strategic advice have helped in setting and growing many startup companies in Brisbane and Perth. Alexander is also a content creator for different niches. The top ones are business, career, finance, and marketing. When he isn’t busy working, you can find him cooking exotic meals, scuba diving, and cycling.

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