"Starting your own business? A start up is an exciting opportunity as well as a huge risk at the same time. Getting started with a new enterprise and driving it towards the road of success requires smart plans and their execution"
Being self employed and owner of one’s own venture is a huge shift from a cushioned salaried job. You decide ‘what’ and ‘how’ of a project. You pitch your capital on an idea, build it with your planning and at the end of it, determine your own profit or loss.
Read on to know what a start-up's business requirements are and what tools one must be armed with as one travels on the road of entrepreneurship.
Business plan - The first thing you need to do is convert your business concept into a concrete plan. Document your business idea and cover all aspects of its establishment and operation- input capital, outline of expenses, your enterprise’s objectives, its modus operandi and also an analysis of prevailing market trends and competitors’ standings. Sound planning will serve as a guide for you as you go along establishing yourself and also as a mission statement for investors and future clients, giving them reasons to work with you.
Finance – All start-ups require initial funding before stable revenues can start coming by. Using savings as a cushion for these times is a wise idea, while the other option is taking a loan from bank. An accountant/financial planner can guide you with setting up bank accounts, preparing income tax returns and other business related advice.
Marketing, sales and research – Foolproof your start up plan with effective marketing strategies that build up to sale of your product and services. For a newcomer, it is even more important to be upbeat about spreading the word about your venture. Invest in promotional campaigns like printed flyers, a website, distribution of promotional merchandise (mugs, pens, t-shirts, etc.) at local fairs and malls that help advertise your enterprise.
Making impression and building contacts – As you market your ideas and services, you will come across many people from the same field. Networking opens gateways to future partnerships and order placements – you never know how a brief conversation might turn into a business deal. Have business cards ready to be given out, and include a logo on the same to allow potential clients and investors to remember you and what you do.
A business start up is only the beginning to a new innings; after the initial efforts in establishing the company, you will still need to be proactive in analyzing and adapting to current market trends, open to new opportunities and ready to face challenges. Keep at your goals, or as Louis Pasteur says, “chance favours the prepared mind”