Infographics: How to Launch a Startup

Startups are not only about app making, design and programming: they are about dedication and perseverance with great ideas, and they are about a lot of attempts and failures. Everyone realises the potential of technology and the many new doors and opportunities startups present us with, but it’s too easy to simply sit on the sidelines and tell others how to launch a successful start-up. We’ve actually done it. As participants in more than 500 projects, we have spent a long time watching and analyzing the rise and fall of a number of startups. We at Magora have identified what successful startups have in common, so let’s take a look at a step-by-step plan for your future and ensuring your own startup is a successful one:
Don’t stop looking at the world in inventive and unique ways. Take a critical look at everything.
Think about what would make lives easier, or revolutionize your industry or fix a broken system. Always ask yourself, “Is there a better way to do this?”
Keep the storm of thoughts rotating in your head, but be sure to jot the good ones down. Not every idea is a winner, but don’t miss your chance! Perseverance is key throughout every step of the process. If you stick to it, you’ll hit gold eventually.
Many wonderful ideas have been lost to time simply because no one ever wrote them down. Inspiration can strike when you least expect it, so be ready to make a note of it any time it does.
Start creating a mock-up so that you may show it to the potential users.
Show your mock-up and let people add their input. Listen and realize the value of their comments. You know your project inside-out, but if you think other people aren’t understanding, consider how to make your idea accessible to a wider audience.
Even the best ideas need to be finely tuned to match the diversity of usage, understanding and need. Start to move away from theory and into the practical and nitty gritty of your project.
Two heads are better than one. Find someone who complements you well (technical-business, dreamer-realist) to give your company both sides of the coin.
Start searching for investors who will give your company the cash injection it needs to take you to the next level.
The time to create the simplest working app solution is now, so start to convert your project into version 1.0. Find experts who know about startups and application development, as their experience here can make all the difference in getting your idea off the ground.
Launch your product and present it to potential customers. Get the word out that your genius solution is finally available.
Are users staying? Why or why not? Experienced app makers start collecting data and seeing where the holes in the strategy are so they can plug them up.
Did the launch not go as you planned? Edison never failed; He just found 10,000 ways that didn’t work. Take the feedback and data, and use it to identify your weaknesses, improve and relaunch.
The first moment you can say you’re onto something is when you reach 500 users. From here you will have a solid foundation to grow.
A good growth rate to shoot for is 5-7% weekly. If you can hit 10, you’re doing great. If you’re hovering around 1%, it looks like it’s time to huddle up and reconsider strategy.
At this rate you’ll hit a million in only 2.5 years! Think in the long-term. Try to predict and preempt any obstacles that may block you on your road to success, look for the points where the process could be improved, costs decreased and growth sped up.
Good Start. So, time for Phase II. Do not lose your speed! It’s only the beginning!
Now you have an idea of what to do, but you are only at the beginning. The organic growth has done its job and now it’s time for your to get down to the hard road ahead. It’s time to scale, time to monetise and time for future growth.
What’s next?
Successful startups should be emulated, while failures are ones to be learned from. Save yourself the heartbreak and let our experts show you what success and failure has taught them. Work to develop a plan to market, monetise and meet your KPIs with seasoned professionals and prepare for the next phase in your startup’s journey to a Fortune 500 company. We at Magora are ready to answer your questions and share our expertize.
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