Building a Startup Business from Scratch
You don't need to be rich to build your first business.
If you are here, you probably want to know how to build a startup from scratch. It means you are interested in constructing a startup or you want help to grow your existing business. Great, because this is what we’re going to see today.
1. Find one problem and solve it more thoroughly than anyone else.
When people ask how to do this, answer is simple: Find a specific problem and know all you can about it. Become obsessed with that one problem, because there are already people solving it with their brands. That's why you need to find an angle that will help you solve the problem in a new, better way.
No matter how competitive your niche is, there are still little cracks here and there where newcomers can sprout up. Locate those gaps.
2. Start with what you currently have.
For entrepreneurs, money shouldn't be an excuse. Even if you only have a little to start with, you can still build your investment into something more substantial. First, brainstorm a name for the business. Then, find someone who will create a professional logo. If your solution requires a lot of functionality, then strike a deal with a pro to design and bring the idea to live. If it just needs to look professional but doesn't need a lot of technical extras, then you can create it using a build-it-yourself platform. This will save thousands of rupees.
3. Develop and follow systematic routines.
After the site goes online, you need to develop business habits. There are thousands of tips and habits out there. It is recommendable to come up with a strategy and routine for each normal business processes. It may be as easy as "I will write one article after I start today's work," but every tiny habit matters.
4. Don't do it alone.
Separating yourself limits you as an entrepreneur. That's why you should join mastermind groups in your niche to familiarize yourself about the niche and the customers. These people can help share knowledge that will build your online brand and take your business to the next level. That way, you'll not only learn, but you'll stay motivated at all times.
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.