Step-by-Step plan is one of the main documents required for your Startup Visa application by the Immigration and Naturalisation Service (IND). In the Step-by-Step plan, you must include 'A description of the planning and activities associated with setting up the company'.
In this blog post, I am going to give you small tips on the general activities that you could do when you are in the Netherlands with your Startup Visa.
1. Building a solid founding team
When starting a business, you cannot do everything alone. A solid founding team is what you need to build and scale your business. A strong team gives a positive impression to investors as well as your potential facilitators and IND (Immigration and Naturalisation Service).
There’s no written rule on what makes a good team, but investors have often said that a combination of the following is a good start:
- Technical and business-oriented co-founders - A team that complements each other - Previous experience in the industry they are facing - Co-founders trying to solve a problem they previously had
2. Market research, identification and relationship building with potential early adopters
To ensure the success of your business, you must be sure that your business idea solves the problems that your target customers have. For this reason, market research is critical to identify how customers and potential customers might view your business and identify gaps in customer expectations.
Furthermore, based on your market research findings, you would be able to identify who your early adopters are (an individual or business who uses a new product, innovation, technology before others). It is critical that you start building relationships with these early adopters so that you can target and sell your product/service as soon as it becomes available.
3. Product development - Development of Minimum Viable Product
“The minimum viable product (MVP) is that version of the new product which allows a team to collect the maximum amount of validated learning about the customer with the least efforts” — Eric Ries.
As mentioned earlier, it is important that you create a product/service that solves the problems of your target customers. You do not want to create and invest a lot of your financial resources into developing a product that nobody wants.
One of the major advantages of building an MVP is that it helps you validate your business idea (product/service) which quickly helps you to decide whether to continue to go after your and if so, whether and how to modify it.
4. Testing and iteration to identify Product-Market fit
With the use of MVP, it allows you to do testing for your product/service with your target customers in the market and evaluate its performance. The MVP allows you to determine what are the minimum requirements that will work for your target customers, release them for testing and then move forward with another process that will enhance your product/service. This allows a responsive process where your product/service can be tested, iterated, and enhanced in further development until you find the Product-Market fit.
5. Sales and marketing to early adopters
Once you identify the Product-Market fit, it is time for you to market and sell those early adopters you identified earlier to buy your product/service. In this activity, you must also continue testing and iteration of your product/service and market strategies to know what works and enhance your performance.
6. Financial planning and fundraising
By now, you should be able to have a better grasp of the expected capital cost, operational cost and revenue for your business. This allows you to create a financial planning on how your business will afford to achieve its strategic goals and objectives in the next 3-5 years. Based on this, you can make an investment strategy plan and do fundraising with appropriate investors accordingly.
Apply your Startup Visa in the Netherlands with the best support
Do you already have a business idea?
Do you still need to build it from scratch?
Do you need help with the Startup Visa application process?
Do you need to get connected with a Facilitator (Startup Accelerator) to support your visa application?
Do you need help with the development of Step-by-Step Plan as one of the requirements for Startup Visa application?
Do you need end-to-end support for your Startup Visa application, from business development of your idea to application submission?
If you say YES to any of the questions above, you are in the right place.
Shape of Green Business is here to guide you with the Startup Visa application, from business development of your idea to application submission, step by step.
We are specialised in business coaching and application process for your Startup Visa. We can provide you with the strategic shortcut to help you reach your goals with your Startup Visa application in the Netherlands in a guided and orderly manner.
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