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5 Essentials of Planning a Startup Business

by Rebecca Caui

Launching a startup business has been the trend as it has been made easy by the currently available technology. But of course, launching a great startup business is more than just launching it. Your company and business need to be sustainable and in order to do that, what you need to first really pay attention to is a well planned and thorough business plan for your startup business.

Here are some steps, considerations, and useful tips so that you can embark on a smooth startup business sail.

1. Identify the Problem

Determining the problem that you want to solve with your startup business idea is a great way to start it. Take a better look around you and into the society, try to find a problem among people or your potential customers, and think of ways to offer them the solution to it.

But before you determine a problem to solve, first you have to ask yourself these following questions:

Is it a problem for a lot of people?

Is it a serious problem?

Does it happen often?

Who are the potential customers for the solution offered for the problem?

If it is a serious problem that does require solving with potential customers, then you can proceed with your startup business plan.

2. Ideation

Once you have determined the problem to solve, then it is time to find the solution to that problem in this ideation process. The ideation process is a process of refining possible solutions to the problem that you are trying to solve. During this problem, you should brainstorm and find the most reasonable ideas and solutions. Once that is done, then you can proceed to test the solution out and make sure that the implementation of that idea or solution is truly possible and provides an actual solution to the problem.

The key activities of the ideation process is research and continuous refining. Don’t give up too early and try to strive for the best version of your product.

3. Start a Team

A smooth-running startup business requires a team of people that are capable of performing their job desk well. At the very least, a startup business needs to have a Cheif Executive Officer (CEO), Chief Business Officer (CBO), Chief Marketing Officer (CMO), Chief Technology Officer (CTO), and Chief Design Officer (CDO) for starters suggested by A1 Corp. Of course, the number of people and workers for your company will grow as the company expands.

4. Customer Persona and Validation

It is important for a startup company to have a clear and deep understanding of your potential customers depending on the product that you offer. With this information, you can create a customer persona that represents the ideal customer of your product or business. The information of your customers can be acquired through thorough market research as well as real data. Make sure that you get the information of their education, demographics, their industry, and other supporting information that are relevant so that you can accurately build the customer persona and later on validate your customer identity for a successful approach especially in terms of marketing. You can visit www.companyregistrationinsingapore.com.sg to find out how to set up your business.

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