Combining my experience in building a business as a Techstars COO from I have put together a few points that can help you become successful in building a business from scratch.
- Think about the area you want to build in
What sector is hot at the moment, go with what's trending. You can use Google trends to help you make a decision on what sector you are aiming to work in.
2. Find a team (preferable people you have worked with in the past)
Working as a team is always better than being alone, especially if you are looking to raise capital.
3. Start by researching the market
Looking to build out a MVP? It may be good to get a survey out before you act, make sure you are solving a clear problem. The reason most companies fail is that they are not solving any problem. The more you can prove you are solving a problem the more successful your company will be.
4. Create the product and get your first users
Get your dev to get a simple MVP. Don't continue to add useless features. Get a few paid or non paid users out there.
5. Market your product
You can use tools like email marketing and content creation to get your product out there and let people know about it. If your b2b get some partnerships going! Some people use the fake it until you make it strategy but find a startegy that can work for you in any circumstance.
6. Start pitching VC's (ONLY IF YOU NEED MONEY)
Remember do this only if you think you need to. Follow the YC pitch deck example to get in front of investors.
7. Watch your competitors
Entering a space with competitors is perfectly fine and it means the market has been proven. Find a niche they are not focusing on and get to it!
8. The growth phase
Scaling is hard too and make sure you get the right technology or hardware you need to be able to scale!
We have put a couple of side hustle ideas below incase you dont have time to work on a company full time