Fundamental Steps for Your Start-Up | Philip Hofmacher | Skillshare
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2 Lessons (16m)
    • 1. Why the Fundamental Steps of your Start-Up and a Castle have in Common

      1:04
    • 2. What Steps you should definetly think about

      15:06

About This Class

In this Class you learn:

  • how to analyze the market
  • how to analyze your competitors
  • how to set up the legal framework
  • how to create an exit strategy
  • how to pick your name, logo, etc.

Transcripts

1. Why the Fundamental Steps of your Start-Up and a Castle have in Common: think of your business as if it was a castle. Yeah. Imagine your business is a really beautiful castle. So you really want to build something awesome, Something outstanding. Something that everybody wants to have. A swell. But before you can start this, you need to start with the fundament. In this video, we're going to teach you the important things that you need to take care off before you can actually start building your castle So they ever we're going to tell you about market analyzes, competitive analyzes how to set up the legal framework for business. Why, you should start from NDP. Why it's so important to get all this legal issues out off a way. How to create an exit strategy and how to pick your local name and so on. Trying this class to build your fundamental to really cool, awesome castle 2. What Steps you should definetly think about : welcome in this radio. We want to talk about the fundamentals off launching your startup. We're going to go through all the steps that are necessary for you before you start. You start up before your launch, your product and toe. So Gaiman's Let's get started. I think the first step you should take is take a look at the market and research. What did? How will hide The need is for your product, I think. There. Can you explain this a little bit in detail? So what do we do? What do we look at? What numbers are important for us? Is it only about the market? Size is about the competitors. I think it's Yeah, I think it's both parts important. First of all, you have to look at the market size when you're starting. Its I would recommend you to use a niche because they're the competition is much smaller than when you go to the phone market in general, for example, and then you have to look at the conversion rate when you like, create traffic in this niche, people who go to a website or Facebook page or whatever you have to look how many off. These people really are interested in buying your products. Yeah, and also, as mentioned before, Take a look at your competitors. Really? Take a deep look at them. So what makes them special? And what makes you special? How can you do different from them? What are the benefits that you can provide to your product that they don't have? So once you have done this, you should have a good over few off the market. Also think a little bit about who are the customers? Target groups? Why, uh, do your customers. So why are you going to sell two boys? Not the girls virus selling toe 80 to 25 year olds and not from 16 to 20 year olds? Answer all these questions to really get a good over a few. The second step that you should take is create your M V P. And with peace dance for Come on, guess it for your minimal, viable product. So this is the smallest part off your business that you can create. So therefore, let's say it's kind off. It doesn't even have to be a prototype. It's only the smallest working solution that you can collect money for. So therefore, it's very important not to create a whole big project, only create something small and really try to see if this fits. So maybe Clement can tell you some way how you contest if someone is willing to buy, um, bp. Yeah, of course you can test. It is well, online is offline, offline. You can simply give some products or prototypes away to people. Try to check them out and see what they think, because the most important thing is that it's good for the customers to use. And yeah, many companies make the mistake that they create a prototype to think they've done a great job. But then when they give it to the customers to customers say this doesn't work, could This is a problem in this stuff, and it's important to understand that. And don't be angry because you are existing because their customers buy a product. The other part is Donald. Thing you can do is to try it online. For example, Um can make researchers and try to find out which parts off the product are important to their customers or target groups and the parts which aren't important. You can take off the prototype or try to Elim eliminate them. Yeah. Yeah, exactly. So what's also done very often I mentioned another videos before is that you create the landing page. You simply used its landing page toe. Get people there on. Then you offer something to the people you say. Okay, this product is coming to stores soon. Would you like to pre order it now? So if you putting that, say, 10,000 people to this page and 100 by it, you know, you have at least a conversion off 1% so at least people are willing to buy it. You can also catch the people that are not willing to buy it and ask them. Why didn't you buy? Didn't you like the color? What? It too expensive. Answer. You can also use Kickstarter to really do your market test. Once you have your M v p ready. The next thing you need to think about is a business structure are going to run the business alone. I am going to set up an LLC is going to be a nonprofit. Also. Think about what other people will you need. Probably Let's say you I code up, you can create your every people your own but toe turn an M V P in tow, full product, and lay down into a company. You know, many people we talked about this a swell. So you're going to need and heck hips that hostile. So you're going to need people that fit all the different needs for your company. So what do you think? What's the next step to do? The next step, of course, is thinking about the business plan. Yeah, just try to think which steps are important to take. It's good to have overview for you as well as for. Maybe investors are people who want to invest in your company. So definitely don't skip this step. You exactly get all your numbers in this business plan. This business plan should really be kind off an overview off about what you're business is going to look like. What you're going to plan in a business plan on when you to financial ratios always calculate them in a good scenario in the medium and also in a bedroom, because what's going toe happen if everything went well for you? Okay, you will be successful no problem. But what's going to happen if and with invents bed? But it's your exit strategy. How much depth can you take without going financially? Brooks. What do you really want to do? Think about this. This is very important. I'm not the biggest fan off business blends for startups because once you wrote it, it's already updated because they're start ups. Already, people didn't going into another direction. But at least this exit strategy is were important. You should really have this. Yeah, And this. Well, I would recommend you to think about the worst possible way because it spent to think pessimistic intensity turns out really good. Instead, off the other way around, when you think it works well or calculate, Yeah, high return on Invest. And then it's it doesn't work out could in your big trouble. So I think a little bit be a little bit pessimistic. And you tried to calculate, because the most important thing for companies to simply survive from the market the next thing you should think off is how you can protect your assets. So, for example, if you're building a product, can you get copyright to it? Can you get some. Payton's working for it. What shall you do? So the first thing you want to do is tow launched a Kickstarter campaign and wanted campaign is finished. You already see the first agent producer sell your product. Um, Emerson, because there was nothing prepared about it. So also think about, um, yeah, if you pick the name, which will be the next step. Is this name unprotected? Herbal Enter own. So there are a lot of things you should really think off Another very good tip for this, but you need the name first for sure is the domain. Get your domain. Also use a social media check to see if your went name it's free and all social media networks and also please test if there's already a tweet mark. Scientists name. So really picked the name. Picked the domain pick social media, Get all the toilet marks this really important. If you don't do this, you will have get problems later when maybe do into a page where they can check this If the domain is available domain, simply goto google type in the main check. You will find plenty of pages for social media. You can also use, I think Social media checker If you don't find it Goto name check and then an hour. So name checker Andi, This is really cool pages simply typing that say Filipova and you immediately see all the social networks Andi immediately displays is taken Israel or it's not possible at this platform. For example, Twitter, you're only limited toe think 14 to 16 characters. So don't go with the two long point name. Yeah, I think about the mains for sure today a lot off the mains already taken But they are this new top little level domains which you can use for very creative things off Example. If you want to have the domain entrepreneur shop that come and this is already taken think about on the kohinoor dot shop. Probably this is free and down many creative ways you can do with this. Yeah, of course. It's a big advantage if you can have all the domains the same with the same ending off the u R L. Because it's easier to find for customers and we want toe build the brand. It's easy to remember when you have the same handing in all the social media networks using on what's really important is the last step picking the name, so your name should fit your product. It should be something. Yeah, if you are in, for example, in test, then you can create something where we take it sounding, for example, Coach Chip for a coat Deployments After is gorgeous aside. Then, for example, if you're the Austrian famous startup who created an app for wellness, they called it Ran tastic for running is fantastic and so on. So it's also pretty stood next point to have this kind of slogan. For example, if you think about slowing to print what's comes into your mind, tell me any Brenda and the slogan. For example, Nike, just do it socially going to come. Do you know any other? Um, okay, I can go with one that I really love. For example, McDonald's. I'm allowing it. So these are this slogans they should really be, either in a way that shall be cool and tell about your mission. Or they shall be something very recognizable for you to put yourself. The next thing you can think off once you picked your name is about things, doesn't have to be your slogan. It can be, but also at one line that describes what your business is all about. So, for example, Facebook connecting people. Yeah, I know. This is the slow off Nokia about Facebook could also say building networks for people. Or, for example, if you are in another business and you I want to create a slogan that everybody knows what you're talking about. Then you can simply use Facebook or uber or Airbnb to kind of copy it. So, for example, if you're building a service for people can went, helicopter could simply call it uber for helicopter. Yeah, Another thing I want to talk about also is the logo you take because it's also very important. Yet simply I would recommend, you know, to do it by yourself. If you're pro, it's OK, but I try to do some locals by myself, and I absolutely failed. So yeah, there are some platforms where can get them very, very cheap, For example, um, you know, so yeah, I know plenty of them. Five affects on five, of course. Up works old. It's freelancing platforms. Really Get there. Get your logo. A tip for five especially deadly offer you bundles So five hours called fiber because it starts from $5 goes up to, I don't know, $100 or whatever. So for creating a local fire or simply go there, take a close look. Whats offered in the pecs? Because for a $5 logo, for sure, you only get the draft and, um, sweet 100 attacks 100 pixel logo. So really small version you can't use. But for $40 then you get all their high resolution or they're Photoshopped files and so on . So therefore, I would try so toe pick a designer, Let him create one or two logos. Pick the best on. Always ask them to readjust them until you really happy with it. And once you have it, then you say Okay, now I buy the upgrade to the high quality. That's five, or you can always say No, I don't like it. I give it back to you. Yeah, two more things I wanted to add is look for vector files because when you try to make a local bigger or smaller, it's it has the same quality when I don't have to. Maybe yet the quality gets worse. And the second thing is, when you're picking a logo, think about the colors you take because different colors create different emotions. So when you have a business which is, for example, a yoga business where people should relax and you take the Colorado, which is very dominant, it may may be a problem. So think also about the colors you take because, as I said, to create emotions and it should fit to your business, what would you pick for yoga, for example? For your about. Think it's example I would take maybe a light blue or green or something? Yeah, just which comes to people down because it's fits to relaxing. Of course, you have to think about every business in detail, but simply think about this is aspect as well, because I think it's most of the times underrated, but it's very important off. Yeah, so to recall. First, it's very important for you to research a market not only the market but also the competition. Next important thing is to develop your M V p, your minimal, viable product. Next, you should think about the business to actually going to do it alone, your brilliant co founders it going. It's an LLC as a non profit and so on. Later on, think about business plan. You don't have to write the full business plan, but what you have to do is think about your exit strategy. Also important is are you building assets which essence of your building? How can you protect them? Can you get to it? Mark, Can you get copyright for it? Can you get the domains? Is your, um your point named free on every social network and then picking the name? The name needs to fit the local. It needs to fit the color off the lower it needs to fit that the poor intact. This long. Answer one. Yeah, As a project, we want you to tell us about your process off setting up your business or what you're planning to set up. So if you already set up a business, tell us about this step. So what was easy for you, whether you had problems, where would you like to get a little bit more feedback on? If you're planning toe, let's simply line out the list and say, OK, this is my goal. I want to start this business on. Be happy to help you with it. If you like to do field, leave us a review or comment and see you soon, guys. See you.