We all dream. We all have ideas. No matter how big or small, how good or bad they may be, ideas are how every business or startup begins. But ideas aren’t the only factor that impacts your startup’s turnout. There is a big difference between having a good idea and running a successful startup. For your startup, taking off will mean many sleepless nights, a lot of hard work, money and focus. But that’s not all. You need to know and plan some crucial things before starting.
1. Business Plan
How does having a proper business plan influence your company? For one, it gives you clarity. A business plan is essentially written and organized; for the company’s future. These plans, typically lasting for about 3-5 years, outline what your company aims to do and how those aims are to be accomplished. This gives you a foundation for the ideas you’re trying to implement. You have a plan, now you have to follow it.
For a business to start, a company to grow it needs capital. It can make or break your company. There is no fixed amount for startups and the costs vary from industry to industry. Sometimes it may cost less than Rs 10,000; and often, it may require investment in millions. You have to be wary of these expenses. Figure out how much you’re going to need and find out methods to raise the capital too. Coming up with a detailed financial plan will be a huge help. A detailed expenditure, income analysis will help you manage the funds.
Even if you have an extra limb and stacks of money to fall back on, you can’t launch a startup all by yourself. How you’re dealing with things is as important as who you’re dealing it with. Surround yourself with people who will help you make progress in this new undertaking. This also goes with the employees, managers and the secretaries you decide to hire. You will need help establishing the startup, registration and legal processes. This will require trained personnel including accountants and lawyers. Don’t forget about them.
This means you need to establish a physical as well as a virtual base for yourself, i.e. an office and a website. You need a place to operate your business from, both in the real world and in the virtual. In the beginning stages, it might not be realistic to invest in a property. But for websites, you shouldn’t wait till the day your business takes off. A good online presence alone can make or break your business. That said, you will have to spend money for these real and virtual spaces. This should be taken into account when creating a business plan.
You can have a groundbreaking idea. But unless people know about it, the idea isn’t worth anything. You can hire people for everything else, you don’t have to be a lawyer to build your startup. But when it comes to marketing, you have to know how to do it. You cannot leave it completely at the hands of someone else. There are various types of marketing strategies available and you need to be proficient. Marketing is one of the most important parts of a startup and you need to think it through.
After all these steps, your business will have taken off. Next comes building your clientele. A business is built upon loyal and honest customers. Find the right audience and make them stay. Having a good audience is an advantage because a satisfied audience will bring in more people into your business. Building a good reputation and putting your users first will do your startup wonders.
Although these are some of the crucial pointers you should always be ready to face the unexpected. Business and startup culture is something everybody is looking into but that doesn’t mean that everyone succeeds at it. Planning and being watchful for anything and everything that can go wrong will be a boon when something happens.