Are you planning to start a new business? Are you an employee or student or homemaker who is going to start a new business? It is appreciated that you are trying something your own but there are several factors you should consider before starting your business. You just need to start at a small scale and grow it constantly. When you see someone owning a successful business, you always think that I wish I could do it. However, it is not easy to start a business and make it successful.
You may have to sacrifice so many things and face challenges while starting a new business. The following factors must be considered and you should look out before starting a new venture:
1. Prepare a Solid Business Plan
A business without a strong plan can be tricky and you can face troubles. Before starting work, you should build a business plan and discuss with your family member, friends or colleague. What are you trying different and exploring others ideas? Is your business really helping people or other businesses? A business plan with creative ideas, unique strategies and location can grow faster and you can become a successful entrepreneur. Will it be a sole proprietorship, partnership, corporation or LLC? A solid business plan will put your ideas in concrete terms and help you identify places to change the business model where necessary.
2. Conduct a Market Research
Market research is very important when you are going to invest your time and money. You should know what the market trend is and what people love. How can you help people with your services or products? Who is your targeted customer and which will be the best business location? What assets do you need? A deep market research will help you to check your nature of business, demand of your product or service, and how much the operation cost to maintain it.
3. Competitor Analysis
We have considered competitor analysis as a separate operation from market research since it is very important to analyse. Before executing your business idea and starting operations, you must have to check who your competitors are. How are their services or products? What process are they following? Who are their customers? From where they are operating and what technology do they use? You will get enough information and future projection on how you will improve your products and services. How you will compete with other brands, products and services. What will you have to provide to your customers, clients to win the game.
4. Investment Limit and Funds Collection
It is essential to check your investment limits in business because people invest first and think later. You may have funds from personal savings, salary income or donated by family. Before investing a single dollar, you should wisely prepare an investment plan and set a limit. Also, if your business can not run without a large volume of funds, you can also run a crowd funding campaign and approach angel investors, VCs and seed investors. Funds can also be collected from your friends, family and relatives. . Your purchasing should be optimized to cut the cost of raw material if it is related to products. Also, hiring skilled employees at lower salaries is an art.
5. Any Support from Government
Governments also help start-up businesses and you should check their start-up programs and get benefit of it. There are certain guidelines and regulations you have to follow to get benefits of start-up programs run by governments and start-up investors.
6. Collect Resources and Get Started
Resources are very important whether it is online or offline business. You may need an office, store or big space to keep your inventory. Mobile Apps and websites are essential marketing resources to keep your business well going from starting. You may also need a few employees to start different operations like sales and marketing, financial & accounting, inventory management or production. In that manner you should have a proper planning on how to optimize expenses and deploy resources to start the business.
7. Government Compliances and License
Many businesses are requiring licenses and government compliances in the initial stages. You may have to take permissions before getting started. You must have to invest to get government certifications to authorize your business. Government compliance certificates and licences also help in getting loans and land for any commercial use.
8. Are you online? Build a Mobile App or Website
According to Piyush Jain, founder of Simpalm, an app development company for start-ups, businesses with a website or mobile app get more leads and traffic. You may receive inquiries from the whole country. Building a mobile or web app is a right decision if it relates to your business. You can enlist your products and services on the application and provide full details. Restaurants, Grocery stores, pharmacy, clothing stores or any service provider can take orders online and serve nationwide customers.
9. How is Your Marketing Plan?
Once you set up your physical or online presence in the market, you should prepare strong marketing strategy including social media marketing, physical banners, and posters and hire a marketing team. A marketing team can help you to promote your products or services to new customers and get more jobs for you. Marketing is a non-stop activity and very helpful for start-up business. You can reach out to your prospects with the help of running digital and physical marketing campaigns. You can offer certain products or services at a very low cost so that customers can feel comfortable in buying your service or products.
10. Network Building
It is essential to build a network of suppliers as well as customers. A start-up business cannot run without a great network of suppliers, manufacturers and customers. You may have to work hard in this area and find opportunities. However, this task is considered as a continuous operation of searching potential opportunities. You may want to hire a dedicated employee to build your network to buy and sell products and services.