Running a start-up successfully is not always an easy task. Infact, it is quite hard and daunting for most entrepreneurs. You need to manage so many things and even when things are going well for you, market changes, disruptions, & several other factors can harm your business. Just an idea is not enough to set up a business; you need a realistic plan & flawless execution to turn your dream into reality. As they say, “Well begun is half done.”
So, if you are planning to start your own business, before proceeding further, consider the following factors, it will help you organise things and start on the right note.
1. Always put your Idea into Writing
Making a plan in writing makes your subconscious mind perfectly prepared for it, if your subconscious mind don’t understand your plan clearly, you will get confused, demotivate, tired and drained after few days.
So before taking any step further ask questions to prepare a roadmap – What type of business you are going to do? How will you generate revenue? Who will be your customers? How will you build your team? What resources will be needed to keep your business going for the first year?
Do deep analysis of the type of business, like if you are willing to open retail store than, only focus on skills needed for selling and purchasing of products, don’t go for manufacturing the goods this is not your area of working. Expertise in your business areas is a must for survival and success.
And on the other hand, if you are a manufacturer than ask yourself, where you can buy the raw material, what would be the manufacturing cost, maintenance of machinery etc.?
2. Analyze your Competitors
Don’t hesitate to take suggestions from people who are running the same business or have done it in the past. Understand your competition, what they offer and how they are able to succeed.
Analysing competition will give you practical ways of planning your set-up. Your competition is facing the real life problems. It has become easier than before to understand your competition using digital platforms.
You can find these people at local community or clubs or on social platforms like Facebook , LinkedIn etc. Always keep in touch with them.
3. Identify your Customer
No business in this world can run successfully without satisfying their Clients. You need detailed knowledge of what your customer is looking for. How you will deliver product or services to them. What is the your customer’s key pain point? How your product and services addresses the client’s problems.
Never forget to take a feedback from your customers. This will not only help you in improving your offerings but also help you maintain good relations with clients. Clients will feel appreciated and valued when you respect and seek their feedback. Some of the suggestions can even enhance your products and services.
As they say, “If you will not take care of your customer than, your competitor will do it”
4. Market analysis
A start-up is always fighting the odds for its success. Even a small fluctuation in market can hurt your business badly. You need to understand the need for your product or service in the market.
So before going ahead you have to do a deep research of the product or service market need. You need to explore possibilities of profits and losses that can occur in your business.
For doing this you can consider local news papers, business magazines, understand your customers, talk to them about your proposed product or service and solicit their inputs at an initial stage.
5. Financial Planning
No business can survive without finance and revenue. VCs don’t fund businesses that don’t generate revenue for them. Finance is the backbone of any organization, so always pay full attention towards your financial status to keep your company running.
You can take inputs from financial advisors who can find feasible solutions to finance your business, avail loans, equity stakes etc.
You also need to take insurance regarding theft or any types of physical loss or damage to your business. Planning your finances can make or break your business.
There could be times when customers don’t make the payments they owe and sales can take longer than expected.
6. Find Good Resources
The most valued resources in a start-up can be the founding team members. They must be reliable, energetic and dedicated to the core. More importantly, they should all understand the vision of the start-up.
Building a good team requires lot of persistence in getting the right skills and combinations. The team should have members that can get the work done at a good pace and complement each others skills. You cannot afford to have redundant people in a start-up.
7. Promotional Activity
How your customers will find you in the initial stages? There wouldn’t be too many people who will know your company in the early days.
You will need to find the right platform to promote your business. Offer trial runs of your products to customers, run targeted customer campaigns, collaborate with other companies to promote your products and services.
The digital platforms have given a very good avenues to connect with decision makers to promote your products and services in international markets at reasonable costs.
You may also consider the videos on how to promote your business, on YouTube and learn a few tricks for free.
8. Organise and Automate Your Business
As we know that the technology is changing daily so you have to update and improve your business. Startups need to plan their projects carefully, stay organised and replicate their success over time for creating a sustainable business.
Many start-ups bite more than they can chew and others have nothing on their plate. Good planning and organisation is required for driving the right results. A lot of companies benefit from using tools like business process automation for productivity and organising business.
BPA tools can help business to track projects, keep things structured and utilise resources optimally. These tools can also be used to track client satisfaction and timely delivery of projects.
9. Always have Alternate Options
Sometimes even the best ideas may not work out in the end. It takes lot of time, persistence and experimentation to achieve success as an entrepreneur. Successful companies keep their options open. They are ready to pivot, try other ideas if the initial ones don’t work out.
It’s always good to have more than one stream of revenue in today’s fast changing world. Many businesses that do well in the long run develop and build alternate options that provide constant revenue streams.
10. Believe & have Faith
Success in a start-up is about your deepest beliefs and faith. Ultimately, you need to stick to your ideas and make them a reality. Great companies are built on beliefs and strong convictions. Great entrepreneurs never give up, they sacrifice, work hard and do whatever it takes to achieve success for their start-ups.
“Faith is all about believing, you don’t know how it will happen but you know it will.”
Sharon K. Brayfield
