A startup business is a newly formed company working towards a specific objective to solve a problem where the solution is not obvious or not yet explored and is based on perceived demand for its product and services. Now question is do you want to start a new business or just we can say you want to start a start up? If your answer is yes than this post is surely for you.
When you are thinking about starting a business, the greatest challenge you face is the initial step towards starting it. Many different questions arise in mind which makes situation more unfavorable as you may not know answers to them. Before laying the first stone, many would leave the idea as frustration builds in mind due to lack of confidence. In spite of all odds there is good news that you are not alone, everyone who decides to get into business faces similar challenges initially.
But the main thing you have to consider is to ask a few questions to yourself which would later on guide you in your journey of successful startup viz.
- What is the main goal to start this business?
- Is your business plan beneficial for you and to the end customer and Why?
- Would you get investors to help in accomplishing your goal?
- What is the market value of your idea? Which customers you have to target?
- What may be the upcoming challenges in starting and surviving this business?
Now after doing adequate research, you can set your goals, start creating a crystal clear and solid startup plan by focusing on following points:
- Chalk-out a business plan:A well thought business plan is a fundamental element for any startup to be successful, as it not only helps in starting of business but also promotes future growth with funding through potential investors and government grants.
- Feasibility of goal:The idea on which you want to work should be unique, must be based on practical aspects and can be implemented in real life scenario.
- Understanding trends and Markets:In order to properly lay the foundation of your business you must accumulate all important information and statistics related to it like inventiveness, necessity and lifespan of project. You must have a fair idea about the targeted customer, their needs, demands and preferences, for this proper market investigation is required.
- Upcoming Challenges:As it is said ‘Challenges are what makes things interesting, overcoming them makes things meaningful’. When you are working on some out of the box concept, be ready for challenges like failure of the predefined plan, legal issues or bonding of employees. These matters should be handled with care.
- Raising Funds:A comprehensive business plan will help you approach sources of funding such as angel investors, banks or government schemes and programs like Startup India. But it is suggested that initial funding or loan should be procured and utilized carefully.
- Setting up Business:After decent planning, market survey and fund raising, now it is time for the opening move i.e. own your company name, complete legal procedures, seeking of proper business location, arrangement of required resources, etc.
- Staffing and people management:If you need employees, you can recruit them full time or part time according to your company’s requirement. Managing their salary, taxation and legal formalities is just one part of the bigger picture.
- Reviews on customer satisfaction:Successfully launching a business does not mean that your start up is a success. Maintaining quality of service and customer satisfaction would advance you in long run.
- Adapting to changes:Finally after successful review of customer needs and your service / product quality, if there is a shortfall in the current business plan, don’t hesitate to modify it. As it is said “If Plan A fails, remember there are 25 more letters”.
Once you have mastered these business start-up challenges, you will have all of the most important bases covered. Keep in mind that success doesn’t happen overnight it certainly needs 3 D’s desire, discipline and dedication.