Having a job is not good enough in today’s world. Making a name, a brand and of course making lots of money is far more evidently important. It is not just become a way of life but a competition amongst the capable and the ones striving.
Branding self through a product or a service is the most common idea these days. Ultimately making this idea a “company” is become a trend of sorts.
Rising of such companies has formed a new sector in the market, very famously known as the startup sector. Lot of ideas has given life to a lot of companies. However, similar ideas across cities/states/regions have given rise to a lot of competition amongst the same lateral companies.
In the beauty domain, amongst the many others, there are 7 startups that top the list of on demand beauty services such as Vanity Cube, Belita, StayGlad, MyGlamm, etc. In the FMCG domain, startups such as BigBasket, GreenCart, Local Banya, Grofers, etc. are in tight competition to achieve a position over the other. There are hundreds of companies like these that leave no stone unturned to merely gain the attention of the investors to survive such stiff competition.
The moneymaking method is riskier but more straightforward than a regular job. You are the boss, the founder and hence your decisions account for your success or failure. You, the customers and the investors play the protagonists in this setting. However, the way of making money in such a situation is solely based on your decisions and actions.
There is a way you can assert making money. They are:
- Find an idea (or product) that is popular but not yet perfect
- Buy one and study it in detail
- Figure out how to improve it
- Make a prototype
- Show the prototype totens of trusted people. This way you will limit your audience before the final product is out and also receive enough feedback to improve your product
- Remake it until people are willing to pre-order (for example on Kickstarter)
- Find a co-founder who can build it with you
- Split the equity – give your co-founder 50%, but use a vesting agreement so that their share becomes worth more the longer they work on the company
- Find an investor – this can be any person who has a lot of money (such as an angel investor)
- Give the investor 10% of your company
- Make the product
- Sell your product to the public (to thousands of people)
- Get more money (this time from VCs)
- List your company on stock exchange (this is after you’ve either raised a lot of money or have a lot of revenue, or better yet you’ve earned your profit)
- Sell a lot of shares when you list on stock exchange
- Then just wait out the cooling off period (about six months) and you will have your money
Now, if making money were as simple as this, each one of us would be rich. So before you bank on this method alone, make sure your product or service has a USP that no other product or service does and in case of any unexpected market results, you are prepared with a back up plan to get back and get better.
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