I Need Money To Start My Own Business – There you say it. Or you say so in your mind. You dream it again. You dream of starting a company and walking into your boss’s office and quitting your job.
What’s stopping you? Oh, about a million things, including your mortgage and putting food on the table. You might be thinking “I’m not rich. How can I start a business?”
I Need Money To Start My Own Business
But you have an idea, and you’re sure it’s a good idea. How can you turn your great idea into a company?
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I have worked with, invested in and advised different entrepreneurs. Many are entrepreneurs, self-founders and mentors for startups. I also interviewed dozens of “mid-life” entrepreneurs for my upcoming book
One thing I often hear from people with ideas is that they can’t figure out how to turn them into a business.
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If you’ve taken any business courses, or perhaps earned an MBA, you’ve almost certainly heard of the “magical” document called a business plan. Maybe you could write one. I certainly did when I did my MBA. When I was an investor, I read hundreds of people. It used to be startup gospel that you had to have a business plan.
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The reality of the startup world is that business plans are outdated only moments after you write them. Extensive market research doesn’t help you come up with a great product that customers will love. A detailed financial plan will go wrong as soon as you change the price point, or marketing channel or features.
No value. It does. It’s just that what your product is, what your value proposition is, and how you’re going to market and sell it will change dramatically after you start building and getting real customer feedback. Boxer Mike Tyson once said “everyone has a plan until they get punched in the mouth.”
Instead of a business plan, I recommend using a 1-page document to state your business hypothesis. There are a number of templates out there to help you do this neatly. The most popular is called the Business Model Canvas, although I like its variant called the Lean Canvas created by Ash Maurya (named after the movement called “Lean Startup” which emphasizes moving fast and staying small until you have verified many of your hypotheses).
Here is an example from Furld.com, an online tool to help startups. (I am not connected to Furld.)
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Any of these tools will work to help you think through and write your most important essay:
This type of plan is perfect if you have a day job, because it takes less time than the old business plan, and your time is valuable.
One thing you need to do is make sure you are on a strong legal footing so that your employer cannot come after you when your startup suddenly becomes successful. The easiest way to avoid problems is to make sure that you are working on ideas that are not related to your employer’s business, and work on them on your own time and with your own equipment.
Review non-disclosure agreements and other employment contracts to see what the company’s policies are. Laws vary from state to state about what your employer can and cannot ask you to do. It also depends on whether you are working on something that will compete with them, or something that comes out of your work with them. Usually these two are no-nos. Another document to look at, if you sign it, is your assignment agreement. This says that your ideas related to the employer’s business are theirs.
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You may want to consult an attorney. John Gilluly, a partner at DLA Piper and one of the top startup lawyers in the country, advises that mistakes could get you fired or your new company’s intellectual property claimed by your employer. Make sure you go through these documents and this process, so you don’t have to worry about it.
Startups are hard, and they’re even harder when you try to do it alone. Although there are many examples of good startups with one founder, having a good co-founder increases the chances of success. Co-founders increase your company’s skills, they share the work and improve your company’s products, and they are the ones with whom you can share the emotional burden.
Do not take my work for granted. Reid Hoffman, founder of LinkedIn and investor in several successful companies recently said:
“Often two or three are much better. When I look at these things as an investor, and I say, ‘What are the good elements of the project and the entrepreneurs who are likely to succeed?’ Usually there are two or three of them.”
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Think of it as a wedding. Try to start your business with people you know you get along with, preferably people you’ve worked with before. If that’s not possible, think about a “try before you buy” arrangement where you both “test things out” on nights and weekends.
And always, always plan for vesting shares in place in the business, so if your co-founder decides to leave (or any employee for that matter), they don’t take a large chunk of the company with them.
But don’t stop starting your company because you can’t find a co-founder. It is better to start, get some motivation and then find people. It can be easier, however, because your co-founders can see the progress you’ve made.
Just because you have a good idea doesn’t mean the market will agree. You have specified your prerequisites in the
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Testing your idea thoroughly is the best way to reduce startup risk. Doing this while still working is a bit difficult and time consuming, so it will take some thought and planning. Here are some ways to get started:
1. Customer Interviews: As startup entrepreneur Steve Blank proclaims, you need to get out of the building to interview potential customers and see what they are.
. You can find out a lot from these interviews. Try to find out how big their problem is, how they will use the product/service to solve it, how they are sticking to their current solution, and what it would be worth to them to solve it better. way.
2. Prototypes: The goal of a prototype is to deliver a minimum product that meets your customer’s highest pain point. In startups, this is called an MVP, or Minimum Viable Product. Keep it cheap at this point. The goal here is to get feedback from users so you can change the product. Can be married. The most important thing at this stage is to keep an open mind. Customers may not share your vision – you have to meet them where they live. After all, they are the ones who matter.
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A prime example of this is Van Barker, who spent decades in corporate America working for companies like Hewlett Packard and Pepsico before founding Yardstash, an outdoor bike storage company, as a side project. He was able to earn over $250,000 in e-commerce sales before quitting his day job.
For Van, the prototyping process allowed him to significantly improve the product. “With our prototypes, I put them into the hands of bike owners and learned a lot. We were able to use the feedback to improve quality, and we changed the design to make the unit easier to assemble. Done.”
3. Surveys: Surveys are a great way to reach hundreds or thousands of potential customers. Surveys are an extension of customer interviews because it is difficult to interview enough customers. Tools like SurveyMonkey make it extremely easy to conduct surveys and get results analyzed. Unlike an interview, you want to ask more “closed” questions with lots of answers, and not pitch or sell in surveys. Use a 5- or 7-point scale so that respondents can answer within a certain range. It makes it much easier to find patterns in the answers.
4. Using the interface and accessibility of the Internet: It is relatively easy to set up a basic website and test your idea very cheaply on real potential customers. You can use an inexpensive product like LeadPages to set up a few different descriptions and see which one customers like best. You should also use Google Adwords to see if people are using Google to find answers related to your startup. This is a good sign, because it means that there are customers out there for you. You can test ads on AdWords or Facebook to see if you can get consumers to click. This can be a good representation for how much
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