Startup craze is still ongoing in India and across the world. If you are reading this, either you
are already running a business or planning to start soon!
But starting a business can always be chaotic and confusing, especially for someone new.Honestly, there is no perfect formula or steps to start a small business, but a few tips and some business advice can always be helpful.
1.Research on your problem:
You might have the right solution to the problem you want to cater but keep your research mode ON forever. Get familiar with other competitors in the market, know about the market leaders, their strategies and if possible connect with them to know more. You might be thinking why would your competitor tell you their secret but that’s the trick. Don’t talk to them about your solution, rather tell them how you are interested to work more towards the problem with them.Understand at every point how worth is investing your time and money towards the problem. You can also start taking feedback on your ideas from your audience.
2.Choose your city:
Everyone might be advising you to make business plans, set up strategies etc but choosing the right city for your business should be your priority. It totally depends on the type of business you plan to start – offline or online and the kind of audience you would be catering to.
If you are planning to start an online business, think where you would like to register your business – since every country has different laws and if your business is open to people across the globe, registering the business in the right country will help you take advantage of tax benefits. If you are looking to start an offline or local business,your audience will play important role in choosing the city.
Sometimes networking and partnering with right people can help you learn and unlearn the most. Hence a lot of entrepreneurs these days are choosing to work from business centers in cities like Hyderabad, Bangalore, Mumbai etc which provides better exposure to such environment.
So choose the city which will provide you the best opportunities as well as comfort.
3.Think about funds:
This might sound bit harsh but if you don’t have any savings or a way to source funds to survive yourself and your business for next one year, don’t take any risk. Most of the entrepreneurs start the business thinking they will be able to raise money from investors but remember no investor will fund your business unless they find it worth it-which completely depends on them! This is one the leading reason why most of the businesses fail within one year since inception.
Bootstrapping is the best option any day but if your business model requires some initial funding, feel free to consult and ask your family and friends. This will lessen your financial burden and give you more time to focus on business only.
If you are already employed, you can also think of working on your business part-timeand slowly take a transition.
4.Talk about your idea:
Many times we think of hiding our business idea fearing the idea might be stolen or jinxed. Well if you are talking to the right people, it will always help you make better decisions. Look for people you know (and don’t know) in your network and never shy to connect with them. If you are new to the city or the market, try attending events organized by many business ventures. Or the best way to meet new like-minded people would be simply taking a day pass at one of the co-working spaces and just go and talk to everyone. Sounds creepy? Well, it’s not creepy anymore….you might just meet your co-founder, mentor or maybe THAT investor!
Talking and discussing your idea with others will give you a different viewpoint to the problem you are trying to solve. This will lead you to take more mature decisions and will lessen the thinking process.
○ Once you are sure to take off, start applying for all the required licenses andbpermits. In the meantime start working on your product or service.
○ Ensure all your all pre-launch marketing stuff are in place at least two weeks before.
○ Share the news with your friends, family and other people in the network.
○ Don’t shy to announce on social media – whether offline or online business,social presence is must today.
○ Most important – don’t forget to set up payment methods in place whether you have started sales or not.
Work hard to build your business. And be patient for success!