Table of Contents
- 1 Make money with a Startup
- 1.1 Entrepreneurs Make Money with a Startup
- 1.2 Make money with a startup – Steps:
Make money with a Startup
If you are reading this article, then you might be a fresh entrepreneur or a final year student looking to venture out on your own or a person who is interested in breaking away from a job that is less than exciting. Make money with a startup! Some new entrepreneurs are looking to enhance their income and improve their lifestyle with a side income. You might start alone, but eventually you will build a team and a good rapport with your team is imperative. This infographic will serve as a starting place to help you make your plan and improve chances to make money online while you work at home!
Entrepreneurs Make Money with a Startup
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Make money with a startup – Steps:
Find a product
When choosing a service or product to offer to the public, be sure to choose something that you enjoy. There is nothing worse than working every single day on something you do not enjoy. Because if you enjoy what you are doing, it will not as difficult in the beginning years when money is sparse. And as your start-up progresses, it is very exciting to make money on something you enjoy doing.
Make a prototype
Your prototype is a very important phase of the start up because it will help you to test your product or service. The concept of your idea will be exposed in this phase and you will get a more thorough understanding of the manufacture or release process of your model, product or sample.
Choose a web host
Not only is this a very important step, but it is also very rewarding. Building a web presence for your startup is crucial to the success of the project. There are several content management systems (CMS) that you could choose, but I can say without reservation that the best CMS for a new startup is WordPress. With the many plugins and professional themes available, one can build a very well-designed website without breaking the bank. Themeforest.net is a wonderful place to purchase a WordPress theme. I do not recommend using free themes and only use plugins from extremely trusted sources.
Show the prototype to 100 people
This step is invaluable. Show your prototype to as many friends and relatives that you can. Remind them that their objective feedback is needed and that you expect them to be open and frank with you about your idea. Be prepared to receive negative feedback, because after all, the best type of feedback is honest feedback. Take that feedback and use it to your advantage.
Make the product
Manufacture your product or develop your service. Every single situation is unique, therefore, we are unable to dive into great detail about this step. Needless to say, this step is crucial to the overall success of your start up. Cost is a big factor. You will want to keep your expenses down, while keeping quality high.
Find an investor
Cash is king. And when you are building your start up, you will find that cash is the life blood of your business. Without it, your company will die a slow death. So, your investors are crucial to the longevity of your start up as well as its overall success. If you don’t want to spend the time gathering partners, you might consider a small business loan from the United States government. Some entrepreneurs prefer a self-funded approach to their start up because they do not want to lose control of their business. By accepting funding from outside investors, you might lose some control of your business. In this case, you can borrow from either a bank or the government and re-pay the debt later (when your business becomes a success). Please take a moment to read our previous blog post about small business loans from the U.S. government.
Find a cofounder
A partner or cofounder is helpful because, let’s face it, starting a business is a great deal of work. And by accepting a partner, you will have someone that can help with the work. This person should be chosen with great consideration. A partner is someone that you can’t really “fire” if things get difficult. An attorney is best suited to help you draw up the arrangement so that both you and your partner are best prepared for the arrangement.
Sell your product
This is the fun part! We live in an age that allows small businesses to sell internationally, just as a large business enterprise does. With an e-commerce website and a professional website design, your start up company will have the ability to reach world wide audiences and sell to markets that, without a website, might be impossible to reach. WordPress is, frankly, the best web design tool out there.
It’s open source, which means you can download it for free, but that is not the best part of WordPress. Because it is open source, you have access to thousands of themes, extensions and plugins which will help you to build a truly customized Internet presence without having to code or program. WooCommerce is a free e-commerce toolkit that integrates extremely well with WordPress. WooCommerce is free, but it is not flimsy. It is a very well designed e-commerce plugin and there are literally hundreds of extensions available for you to customize your e-commerce website to fit your specific needs.
List your company on the stock exchange
When you take your company public, you will take it to a new level. The probability of complexity is high, so this step requires legal counsel as well as direction from a trusted team.
This is the step that you have worked very hard to reach. Reach this stage and your investors and your cofounder will be pleased. Remember the people along the way that helped you, believed in you and trusted you.