If you have an idea… we have a solution! Think of us as a launching pad, we will thrust you beyond gravitational difficulties which are pulling you down and then the rest is up to you.
You need to have a thorough chalk out plan if you have already decided to go all in. If not, now is the prime time to make up your mind. Assuming that your idea is top notch and will last the tidal waves of the fluctuating market- we are preceding further!
What you primarily need is a list of fundamentals commonly known as “checklist” which will contain your business model, your physical location, the changing variables and a back-up plan. Here are the steps that will guide you to start your own business:
Safe-proof your idea:
An idea is a seed to a business. Better the idea, stronger the business. So before you leap in to sell it, take some time out to safe-proof it cause once it is out in the market you might not be able to do so. Analyze the flaws, approach it from different angles, test run your ideas and only then think about commercializing it. Cold stone franchise is one of such examples which started very small but developed into a massive company.
Analyze the industry:
The better you understand your business industry, the more advantage you will have supporting your business. For example- Who is your competition? You will need to take ruthless steps to eliminate competitions if you want to become a successful businessman. “Every success story climbs on the corpses of a thousand failed ones”. Harsh…but true!
Who will buy your product? Or in other words the section of the society to which your product will be directed? For example- Lamborghini targets the richest and the most elite section of the society whereas Samsung is for everyone.
How is the industry changing? What are the latest trends? Is it necessity or luxury that is drawing your customers? You constantly need to look into these things if you want to excel in the competition.
Chalk out your budget:
You will need to chalk out your budget before starting your own business. Business is investment first, results later. If you are willing to spend less, then your plan must be air tight and compact. Whereas if the degrees of monetary freedom is more; then you can experiment a bit. Remember experiment, not indulge!
Legalize your business:
Whatever it might be depending upon you type of business- do it first. Whether it is registering your business, or getting a permit or drawing a business license, you can’t start your business without the proper legal framework.
Have plans for Marketing:
Business is 50% marketing, and that is why we have so many college courses and books written for it. It is the most dynamic and powerful aspect of business. You see marketing every day; in billboards, in television, in social media- it’s basically everywhere. Some hit you hard while some hit you the hardest and you don’t even realize it. Some failed business plans have been camouflaged to success via excellent marketing-so you can realize its weight age!
Have a thorough thought out marketing strategy if you have plans for your business. No need to spend a fortune on it. A thoughtful message can be spread out to the masses to a scintillating effect if the right ingredients are available. Unfortunately you will have to figure out those ingredients yourself, but there are a lot of free marketing tools that can help.
See into Distribution:
If your business involves distribution, it must be guided by a specific set of rules and regulations. Things must run like clockwork and discipline should be a permanent enforcement.
Often distribution includes setting up a shop. In that case you must keep the following things in mind: price, visibility, access to public transport, location and density of competitors.
Think about Future plans:
A stagnant business is prone to elimination and that is why inclusion of future plans is of utmost necessity. Though it is nothing to lose sleep over initially in your starting-out phase, keep it in the back of your head and have plans for expansion.