HAMID REZA KHOYI STARTUP - More and more startups are born around the world. What before seemed to be a phenomenon, today constitutes a very important part of the market. But given its wide diffusion as you do today to start and bring ideas that are innovative. Hamid-Reza Khoyi provides some interesting ideas for those who are at the start of a startup.
First of all, let’s start from abc, considering what a startup is. Without going into the technical definition we can say that startups are business and entrepreneurial initiatives in new fields and sectors that aim to launch, develop innovative services and products. The ideas that are at the basis of an emerging startup must be absolute news and never seen before. In order to start, therefore, we need a valid intuition, entrepreneurial ability and financiers.
Yes, we need someone to finance our startup right away, because the initial investment needed can be very high. In fact, depending on the sector, service and products we are aiming at, they could serve us from a few thousand euros, to several million.
First, we must look for professionals who can help us to give substance to the initial project. You can then turn to associations involved in supporting emerging activities or you can look for professionals in the commercial sector, or even lawyers who are experts in these fields. Once you have a solid and structured project then start the search for funders. Unfortunately, to immediately identify who are those who can do our job is not easy. This is because the target to contact varies from case to case, so giving a general rule is counterproductive. In principle, however, the financiers are to be sought among specialized investors or intent on diversifying their investments. Attempts can also be made among private investors attracted by new realities or foundations created specifically to support innovative startups.
We have to be on the alert at all times because we’ll never know when the brilliant idea will strike us. From a shower, a run in the park, an aperitif with friends, can spring revolutionary insights that we do not escape. But once there is the idea what you should do before you go hunting for any financiers?
For me, Hamid-Reza Khoyi to create a successful startup is important to start by putting on the table clear ideas and a good plan. First draw up a white paper that clearly describes what you want to go deal with. Necessary is also a business plan, with market analysis that goes in search of any competitor on the market. It is therefore very important from the outset to be clear about which sector we are going to go in. Once all the analyses and documents have been completed, they should be submitted to professionals who are able to carry out a critical survey of what has been developed and outline that everything has been done correctly.
These operations may seem trivial and obvious, but they are not. I remember a project that was presented to me years ago and that was successful not only thanks to the idea, but especially for the attention and precision that there was in the initial phase of the startup. It was an application that uses artificial intelligence to select personnel within human resources. Right from the start and also over the years they have been able to find a solid market and customers so much so that after a long time they are still growing.
Once the business plan has been done and approved, we must not forget it. But even more important is to remember that if the costs will be there right away, the revenues will be late to arrive. In fact, it could take a few years compared to what was planned. That is why we must not be discouraged, but try to have broad shoulders thanks to the right investors.
You should not be discouraged especially if you are aware that you have brilliant ideas, perseverance and the ability to find the right financiers. If you are able to devote the right time to set the scenarios for the first 3-5 years, to find the right partners and plan not the whole project, but a small slice then you are already sure to start on the right foot. You don’t have to worry about having everything 100% ready if you are not certain first to have the means to deal with and pass the first stage, which is always the toughest.
Help can also be provided by someone like me who deals with auditing. In fact at the beginning can play the role of shoulder partner, who knows how to ask the right questions and has a critical eye on the business plan. Also more direct towards the development of proper management and setting of the company. Having an auditor behind you is also necessary to present yourself to lenders. Because investors care that there is a certification that puts securities on the investment model and this can only be provided by an auditor.
More than a necessity sustainability today seems to have become a trend. Even for those who want to start a startup project looks at this topic. But it is not enough. In fact, it is a factor that all investors consider, but of course what they most aim at is that the idea is successful. So it is right to propose ideas that are also sustainable, or that focus on the problem, but you should not think that enough to secure funding.
Hamid-Reza Khoyi is an accountant, auditor and tax advisor with local, national and international clientele. He works at HRK Partners SA, a company he founded over 15 years ago, which has a staff of 6.