Start-up is a dream to most of the youngsters nowadays but getting into the right path and succeeding in a business start-up are only a few, they can be handpicked easily. There are several reasons that could lead your business start-up to ruin in a single day or even in a few hours. To avoid all these circumstances and to be a successful entrepreneur, here we have given 8 tips to make your surreal dreams a reality.
1. Self Evaluation
Why do you need to start a business? What is your motto? Have this question to guide you irrespective of the kind of business you want to initiate. Once you find the reasons, begin to ask yourself even more questions to help you figure out the type of business you should start, and it suits you! Always be honest with your answers. Because, this is the foundation for everything you do moving forward, so it’s recommended to know the truth now than later.
2. Think Business Ideas
If you already have an amazing business idea, then congratulations! If not, there are a lot of ways to start ideating for good ideas. Here are a few brainstorming methods that you can be used for getting ideas.
- Question yourself what’s next- What technology is coming soon, and how that will affect or improve the business type, which you have planned to begin.
- Fix something- If your business start-up can fix many problems for your customers, they’ll thank you for it. So, try to engage in such business.
- Apply your skills to a new field. Many industries do things in a single way because that’s the way they have been done always. When such a situation prevails, a fresh set of ideas from a different perspective can make a difference in your start-up.
3. Market Research
Does anyone else already do the business that you want to do? Or is there any similarity in between? Start researching what your potential rivals are doing. If their products or service lack even a single percentage of output that your business can provide, then you can begin the business start-up without any hesitation.
Once you start the business, let people interact with your product and service about their takeaways. This would help you to point out the tiny errors in your products which you have missed out and these people will be your brand promoters; if you listen to their inputs and make small changes in your product or service. At the same time, you should be active against all types of feedback. The following are the ways to handle the feedback wisely.
Begin with Thank You- People who give negative feedback, never except thanking from you! By doing so, you encourage them to be honest in your products in the future.
Look for the Gain- If a person doesn’t like or not satisfied with your idea on a specific product, it doesn’t mean he/she hate everything about your service or product. Always remember that these people are trying to help your start-up, and they are pointing out a smaller issue or giving solutions that you should investigate further.
Notice the patterns- If you are subjected to keep hearing the same comments from multiple people, then it’s time to sit, analyse and take notice of it.
Have curiosity- When the customers are in control over the conversation, be more willing to enter in that conversation.
Question more- Ask questions and find, why someone has liked your product, or someone doesn’t like your product. Figure out how could you find a better solution to make the customers like your products who dislike it.
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5. Make The Business Authentic
Apply and receive all the legal aspects out as soon as possible. That ensures none of others stealing your big creative idea, screwing you in a partnership. A few of the mandatory legal documents you must possess for a hassle-free business start-up are:
- Business name.
- Business registration.
- Necessary bank account
6. Forecast And Write Business Plans
The business plans are nothing but writing up how your business could evolve from the starting date to the end date to reach the goals. A few of the mandatory procedures that should be in your business plans are as follows:
Executive summary – This is a high-level summary of what the planning process includes, usually with the company description, the problem which is to be solved in the business, the solutions and the questions why now?
Business description – What kind of business do you need to start to complement the current business? What does your industry look like after a decade? These are all the questions should be framed in this business description.
Marketing strategies – Find and write your target market, and come up with a way on how can you best sell your products in the market?
Competition analysis – What are the strengths and weakness of your competitors? How will you beat them?
Design & Development plan- Make a design or plan to develop your product or service and then create a budget for that product or service.
Management and Operation plan- Write down the day to day activities that should be followed in your firm.
7. Finance Your Business
There are a variety of ways to get financial resources while your business start-up grows, but all these ways can suit your business or not depending upon the resources, circumstances and business nature. Here we have provided some of the best possible financial solutions and you can choose the best fit out of it.
Funding Yourself – Bootstrapping the business might take longer, yet the good part is that you can have full control over the equity as well as destiny.
Pitch your needs to family & friends– It is hard to separate business and personal relationships, yet if you’re to ask for a loan, you can make use of this resource as straight forward as possible.
Seek for a bank loan – One of the best ways to finance your business is to seek a loan from a credible bank which provides the required fund to your business development.
8. Build Your Team
To pitch your business more successful, you are going to need to lumpsum responsibilities to other people. In other words, you need a team.
You may need a partner, employee or even a freelancer, these tips below can help you find the best fit.
State your goals clearly- Make sure that every employee or partner understands their role and the vision within the mission at the initial phase itself.
Follow hiring protocols- While you start the hiring process, you need to take a hand full of things into consideration, from screening people to asking the perfect questions and having the proper formats for the interviews.
Establish a strong company culture- What can make a great working culture? What are a few of the building blocks? But, always have in mind that you don’t need to have Google’s crazy office space to make your office a positive atmosphere. That’s because a great culture is all about and empowering and respecting employees via multiple channels, including training and mentorship rather it is about dress-codes or unwanted things. In fact, most of the office perks can turn out to be a trap than real benefits.
The Kanakkupillai team will be more than happy to receive your thoughts on the above read. Or simply help you with a related situation that you may deem fit to share with us. Leave a reply below or write into us at firstname.lastname@example.org
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