Starting a business is still a dream for a number of people’s. However, it is not that easy to start a business in India but owning a business is really great, overwhelming and you also have the flexibility to work. Starting a business involves planning, research, making financial decisions and many more series of activity which you will learn in below steps to start a business:
It is really very important to have a proper clarity of your Business Idea before you start investing your time and your money.
Be specifically clear on:
- Why you want to start a specific business
- Why you want to be the owner of the particular business
- Whether this will be a fast growing start-up or a small business
- What problems you are solving by starting your specific business
- Is a there a need or a demand of a business you are going to start
2. Conduct Market Research
Market research will clarify you, if there is an opportunity to turn your idea into a successful business. You business idea has a bigger risk of failure, if you fail to do market research and backup your assumptions.
Market research includes:
- Making clear, if there is a need and demand
- Identifying whether people will actually pay for you solution
- Identifying out the competitors
- Making sure that your are not coping existing established business
- Determining the depth of your market
3. Create Your Business Plan
A business plan is the foundation of any business. A business plan is the roadmap for how to structure, grow and run your business smoothly. It will help you to examine profitability and understand financial needs of a business.
Business plan can help you to accumulate funds or bring on new business partners. Investors wants to be satisfied, after all they will see a return on their investment. Your business plan is one of the way you’ll use to assure people that working with you or investing in your idea. A good business idea can be a great asset, so create the best business plan you can.
4. Pick Your Business location
Nowadays many businesses are working virtually and location independent, where you choose to base yourself, or locate different part of business and recruit from can make a big difference.
Your business location is one of the most important choices to make your business successful.
Factors to consider include:
- Rental and living cost
- Approach to talent
- Opportunities for networking
- Business and investors good connections
5. Structure Your Business
Structuring your business includes everything from day-to-day operation, taxes and how much threat do your personal assets have.
Structuring your business includes:
- Choosing a business name
- Forming a S Corp, C Corp, B. Corp, LLC or similar
- Acquiring a tax ID number
- Opening a bank account for business purpose
- Choosing an account system
- Protecting and securing online assets including web domain name and social handles
6. Build Your Team
Running a business can be overwhelming, and you probably aren’t going to be able to do it all on your own. So you need to build a team for your business and for advancing to the next milestone.
Building you team mainly includes:
- Technical team member
- Marketing experts
- Customer service
- Fundraising experts
- Board of advisors
7. Fund Your Business
Starting any business has a price, so you have to determine how you are going to cover those costs.
There a number of ways to raise fund for your business, it includes:
- Cash in hand
- Personal loans
- Business loans
- Family and friends
- Angel investors
Learn more about How to Raise Capital For Your Business?
8. Get Users
For getting a following of users which are ready to jump when you open your literal or figurative doors for business, you need to build up your brand. Whether you choose freebie model or real paying customers from first day, it’s time to recruit those early adopters.
Any further funding for you business depends on being able to show growth and getting valuable feedback from your first customers.
Read also | 5 Simple Branding Tips for Local Businesses
9. Grow Your Business
Your launch, first customers and first sales are just the beginning of your successful business. To gain a profit for long term and stay afloat, you always need to grow and advance your business. It’s going to take time, patience and efforts, but you will get out of your business what you put into it.
Hook up with some more established brands in your industry to achieve more growth. Collaborate with some influential bloggers and ask for promotion. You can also partner up with volunteer and a charity organisation to put some of your time or products to get your name out there.
While these tips will help you to launch your business and get growth, there’s never a perfect plan. You need to make sure you prepare thoroughly for starting a business, but things will almost certainly go amiss. You must adapt to changing situations, to run a successful business.