Starting a new business: Here are the steps involved…
Do you find you have something better for the market?? Maybe products can be better?? Maybe you can serve better to the customers??
& what about having a start-up? Isn’t it cool to have one?? That’s the new buzz around!!!
Well, if your answer is “yes” to the first set of questions, then you can consider starting a new business. But, if you feel as the second set of questions, better drop it right now. Because starting a new business and running it through, isn’t a cake walk!! And might get harder when you don’t have a market need to be satisfied.
To begin with, there is no full-proof plan that assures you won’t fail or will guarantee you a billion-dollar company ready; but you can follow some careful steps that help you be organised and ready for challenges on the way with your new business.
1) Idea :
You got to have the idea that can stand out. Idea should be the solution you offer for the problem you want to solve. Brainstorm ideas, discuss them with people concerned to the problem and get as many insights as possible. Be aware, you won’t get the best idea in one go. It will be the one in the thousands you pursue!!
2) Do market research:
You got to do all the research for the background. If you saw a problem, others might have too; what did they do about it? Is there someone who is attempting to solve it?! Why and why not? Has some one succeeded, whether or not, you got to know what they did?! What are the alternatives available in the market?! Spend enough time in it, because you cannot lose out something here! This research will actually help you to find out if your idea can become a product for a new business.
3) Sketch out the business plan:
Once you know the solution can be turned into a commercial product, it is wise to plan out your business. A business model canvas would help you do that.
Not only investors but also you get a clear picture of where you are heading.
4) Prepare your team:
You got to find people who will help you achieve your business goals. You have to be careful whom you take on-board with you. Your team should be equally passionate about your business idea. Also, you should pick people with skills that complement yours. For instance, say you have a background in management, hire someone who can manage the technical stuff and someone who has the legal exposure to help you with your legal obligations.
Budget well for your finances and keep your costs minimum. Don’t compromise on quality but do not overspend. You should not cut costs on necessities. Prioritize needs and accordingly incur expenses. You should keep a watch on your start-ups burn rate.
6) Marketing and sales:
In the entry stage of your product/service, you will create awareness about your brand. Your initial marketing efforts therefore should be focused on letting customers to try your product. Also make sure you don’t go way beyond in your marketing expenses. Your sales should justify the marketing efforts made. Make sure you are not over promising your customers and then failing to deliver them.
7) Register your business:
Once you decide your business structure, register it. Different business structures such as sole proprietorship, partnership, private limited company or a public company, have different guidelines to be followed in order to make them legal. Each of these business structures have their own benefits and limitations in terms of tax liabilities and other legal obligations. Therefore, one must be careful while deciding which one to adopt. You can check these details here.
8) Keep going:
To keep going no matter what, is bigger challenge than any of the other, when you begin a new business. The path has failures, rejections, losses, criticisms, etc. But in order to succeed, one has to stay on board even when everything goes against. Have faith in your idea and yourself and keep going.
Good luck for your venture!!!
- Posted on May 17, 2018
- By Leena Bhagchandani
- 0 Comments