Checklist for starting a start-up

Your great idea is waiting to get out there and change the world. You want to start a new product within your company or launch a #startup. You want to know how to get started. Start with the basics. Start with a checklist.

1. Develop a clear and exciting product vision and mission statement. Written statements will help guide your #productdevelopment and ensure that you solve a real problem. A company vision statement is a long-term, aspirational goal that outlines what a company hopes to achieve or become. A company mission statement defines the company's purpose or reason for existing. Together they provide direction and aim for the company.
2. Find at least one co-founder. Having a team helps you keep motivated and share responsibilities. If you are still looking to onboard someone you enjoy working with, you first need to develop yourself, your network, and your vision.
3. Research and validate your product idea. Identify target customers and conduct market research to understand their needs and pain points. First, validate your product idea through customer interviews and surveys. Next, create a landing page and measure interest by having people join the waiting list. In many cases, it is possible to offer discounts for pre-payment. Monetary commitment is the best confirmation that the problem you are solving exists and that the customers are willing to spend for it. Check idea validation experts like Evert Eero for more.
4. Create a business plan. Your business plan should outline your product, target market, competitive landscape, marketing and sales strategies, financial projections, and team structure.
5. Secure funding. You will likely need financing to develop and launch your product. The next twelve months are great for founders to pitch their product ideas to investors. Firstly funds are well-capitalized, and there is more money in the bank than ever before. Secondly, investors vary about investing money into later-stage companies where growth has slowed. Thirdly, there is consensus in the market that now is when many future business superstars are founding companies in trending spaces. Consider options such as angel investors, venture capital, or crowdfunding. Remember, fund-raising is a skill that develops in motion and generally requires a lot of contacts and meetings to secure a round to build a business.
6. Assemble a team. You will need a group of skilled and motivated individuals to develop and launch your product. You may need to include developers, designers, marketers, salespeople, and support staff. In many cases, the best strategy is to outsource some of those tasks in the early days. Consider your skills and experiences to identify your weaknesses. If you lack a technical co-founder, there is a high risk in hiring software developers as you cannot pick the ones that can deliver the product. Outsourcing to a strong software product development company ensures that you stay within your budget and reduces the risk of not launching.
7. Develop a minimum viable product (#mvp). Start by creating a basic version of your product that includes the core features and functionality. Use this to test the market and gather feedback from potential customers.
8. Launch your product. Once your MVP is ready, launch your product and start marketing and selling it to your target market.
9. Collect and analyze data. Use data and analytics to track the performance of your product to make data-driven decisions on improvements.
10. Continue to iterate and improve. Your product will likely need ongoing development and refinement, so continue listening to customer feedback, improving existing features, and adding new ones. Remember to solve real problems and bring value to your users.

Which of those checklist items would you like to read expanded?