Is working in a 9 to 5 job not your cup of tea? If yes, get ready to make money by starting a company. There is no arguing the fact that the risks are more; however, it’s simpler and more straightforward compared to working a job - the greatest merit being you are your own boss.
A startup revolves around four protagonists — your co-founder, your investors, your customers and you. Well, how do you make money?
The most crucial part is finding a product or idea. Ensure that it is popular and in demand but is not yet made perfect. 50% of your success depends on the choice of your product or service. Research thoroughly about the chosen product. List out ways to improve it
Work smartly and make a prototype of your product/idea and show it to a handful of people. Allow them to use it. Get feedback from your prospects. Find out if you are getting pre-orders for your product. Once you see that the product is received well and people liked it, find a co-founder who can work in unison with you. Offer your co-founder 50% and split the equity. Make sure you use a vesting agreement. The longer they work for the company, the more worth their share becomes.
Next is an important step. Find an investor, probably an angel investor — someone with a lot of money and who believes in you. You can choose to offer the person 10% of your company.
It’s time to make the product and work out ways to make your product available to masses. Money will start pouring in over time.
Of course, easy said than done; but with a well laid out plan, resources and expertise, this is possible.
All the best!