Many professionals desire to be out of the rat race. You can
tell that this is an ongoing trend because a lot of companies now offer
flexible jobs and an achievable work-life balance. However, there are people
who simply won’t be satisfied with a flexible job–they are called to be
visionaries, innovators, and entrepreneurs.
Perhaps that person is you. You may be stuck at your office desk thinking about how you can launch your own startup company, but you don’t know the first steps to move forward. Vlad Rigenco, a financial expert and entrepreneur based in Toronto, Ontario, knows what it’s like to be in your shoes.
Vlad Rigenco started his career journey early but quickly switched gears and began creating his own mobile application. In this post, he shares his insights that he picked up along his journey in building a startup.
Have a business plan in mind.
Having a world-changing idea is one thing but having a solid business plan is another thing entirely. You may have the brightest invention that could change the world, but without a business plan in mind, you may end up being the 1 in 2 small businesses that fail within the first 2 years.
Having a business plan in mind means learning about your target audience, creating your mission and vision, and preparing where you will get your capital for operations.
When Vlad Rigenco started out with his mobile application startup, he pinpointed a market he could serve, but he knew this wasn’t enough. He sought the help of a friend who is a Computer Science graduate to help him formulate his plans for building the app.
Being a financial expert himself, Mr. Rigenco also created a full business plan for his startup. He advises beginner entrepreneurs to create an outline of what they’re going to do to start a business and how they are going to do it. The timeline of this business plan should be within 3-5 years.
Find the right funding for your startup.
Some startups require a lot of capital and others not so much. Whichever category your business falls into, it is best to look for the best possible sources of funding.
If you have a highly innovative idea, you can look into pitching your startup to a venture capital company. They specialize in funding innovations in the area of STEM (Science, Technology, Engineering, and Mathematics). Other common sources of funding include personal savings, credit cards, friends and family, angel investors and banks.
Sometimes, you have to combine these options to secure the right amount of capital. You also have to keep in mind that some investors will want a stake in your business. Consider how you will be able to create a profit while still paying dividends to your investors.
Surround yourself with a great team.
In some instances, your startup company may be best shared with a business partner or a small team. Having the right team allows you to have extra hands to work on certain areas of expertise that you may not be aware of.
Mr. Rigenco started his mobile applications company backed with financial expertise. However, he built a small team to help in the technical and marketing aspect of his digital product. He has leveraged the power of combined skills to create results for his business.
If you have areas in your business that you are not confident in handling, you may want to consider building your own core team. Having the right people to back you up will provide you with the manpower and resources you need to successfully launch your startup.
Consider having an online presence.
Another important aspect of your business is its digital presence. Nowadays, more corporations and small businesses alike turn to the power of the internet and digital media to reach a wider audience.
Since more people are going online to look up information, choose a service, or purchase a product, it is imperative that your startup company should have its own website. Additionally, it could be very beneficial to also have an online marketing strategy in place.
Vlad Rigenco is well-versed in creating an online presence for his startup company. Since he started out with real estate, he has been closing sales for leads that he was able to get online. Since most people look for properties on websites such as Zillow or Realtor, he used his knowledge of building an online presence and applied this to his mobile app company.
According to Mr. Rigenco, these strategies are what helped him launch his startup successfully while keeping it on the right track. The main takeaway from the insights he shared is to enter your entrepreneurship journey with a plan in mind and execute it with confidence.