Many people dream about starting their own business, but they don’t know where to begin. They have an idea, some cash, and maybe even some skills. Yet, they lack the experience to start off on the right foot. It can seem like a daunting task, but with a bit of guidance, you can launch an internet startup in less than two weeks.
Make a Business Plan
You don’t need to solve every problem out of the gate, Instead, think in terms of your Minimum Viable Product, or MVP. Take your idea, and think about the smallest possible offering with which you can go to market. For example, if you want to start a company that sells bracelets, what is the minimum number of items that would entice users to buy? It could be 100, 10, or even one item, depending on how you promote it. If you can get closer to one, while still having confidence that you can penetrate the market, then you’ve got your MVP. If you’re closer to 100, then you probably need to retool your idea.
From there, form your business plan. Again though, keep it simple. Start with a very basic plan that you can expand on over time, while you learn more about your audience and the potential market for your product or service. If you want to launch quickly, then keep it to one or two pages. You can always add more later. There are several essential components of a typical business plan:
- Executive Summary
- Mission, Goals and Objectives
- Industry Information and Data
- Organizational Structure
- Marketing Plan
- Financial Plan
You can research business plans online to fill out each of these sections, and over time you can refer back to it to keep your goals on track, and to add more information as your knowledge and experience increase.
Pick a Name
The name of your company is important. First, it makes the project feel real. This helps you to stay motivated and focused to see it through to fruition. Choose a name that reflects the company’s mission and values. Try to pick something unique, and ideally, you should choose a name for which you can buy a relevant domain name for your website. Also be sure to do some Googling to make sure you’re not infringing on anyone else’s trademark.
Fund Your Online Venture
Businesses always do better when the owner has some skin in the game. You’ll need some cash to get started. Think about your expenses like website hosting, hiring talent, and advertising costs. Then think about how much time you realistically have, to put in some sweat equity to fill the gaps. From there, you should have an idea of how much money you need to get started. If you have the capital, great. You’ll be able to own your business outright. If not, then consider different types of financing. Many companies were started on some credit card debt and a solid business plan. Just keep in mind, there is risk involved if your company fails, and most do. With that in mind, you may want to reach out to friends and family for help. If you’ve got a really good idea, then you might even be able to tap into some angel investors. Look at your personal network on LinkedIn and elsewhere as a starting point. Just keep in mind, if you bring an investor in early, they’ll want a larger piece of your company than if you bring them in after you’ve got some data to back up your vision.
Seek Out Mentors
It always helps to have another pair of eyes on an idea. Think about friends, family and colleagues who might have relevant expertise. They may not be able to advise you on your entire business, but they can help with different areas. Maybe you know a financial planner who can guide you in how best to spend your money. Or you know a high end web designer who can help you find “good enough” talent that you can afford. Find mentors, and consult with them regularly.
Understand Taxes & Regulations
The last thing you want to do is get in trouble with the government. So, spend some time understanding all of the legal requirements associated with starting your business. This might mean hiring a professional accountant or lawyer to do it right. It’s money well-spent. You might even do some research on where to start your business. For example, in the United States, places like Delaware and Wyoming tend to be more business-friendly than other states.
Launch Your Website
Now that you’ve got your planning mapped out, it’s time to launch your website! You should already have purchased a domain name by now, so you just need to find a hosting company. Since you’re just starting out, pick an affordable plan. For example, a Hostinger cloud hosting account is affordable, and you can expand it as your needs change over time. If you have web development skills, great. If not, no worries. You can get up and running with a basic WordPress website and you can find a WordPress theme that you can customize for under $100. Many hosting companies have simple one-click installs of WordPress, and there’s tons of documentation online. But, to speed up the process, you can spend a few hundred bucks and hire someone to launch the site for you. Look at platforms like Upwork to find affordable talent.
Market Your Business
Once your website is up, it’s time to market your business. Start out with the free stuff. Put some sweat equity into promoting your business through social media. Send out some emails to your friends and family. Think about other ways you can get free exposure, and write lots of content to add to your blog. Then, as you learn more, you can begin to invest in paid advertising on Google, Facebook, and elsewhere.
Create Loyal Customers
There’s nothing like the feeling of acquiring your first customer. You’ll soon realize how much work goes into making a single sale. Once that happens, you want to hang onto your customers. Start engaging them in ways that they don’t find intrusive. Bring them value through helpful emails and social media posts, and over time, they’ll buy again. The most loyal ones might even write positive reviews about your company and they’ll share their experience with their friends.
Continue to Improve
You can always be better. Start out by reflecting on your business goals once a week to see if you’re on track. Think about where you can make small improvements that are easy to execute. Then, make those improvements. Over time, small tweaks will become transformative to your business. If you stay motivated, and have a good idea, and a plan of action, then you can be successful with your internet startup.