Planning to launch your startup business? The idea of being your boss and running a business all by yourself may sound exciting, but requires a lot of hard work and dedication.
Not all of us are born entrepreneurs. Some of us are good at creating ideas while others have industry-related expertise. But are they enough to start a business? The answer is no.
Getting your startup business up and running is not an easy task. It will take weeks of preparation and many sleepless nights just to make the right business plans.
For all budding entrepreneurs, here is a checklist that will guide your way to start your new venture.
Know Yourself
1. Are you fit to be a founder? This may sound harsh but to grow and succeed in a startup business you need to ask yourself a few questions like:
2. Why do I want to invest my money in a startup venture? Is it just to make more money or do I have a passion for it?
3. How much time and effort am I willing to give to the venture? To start your own business, you may have to give up your full-time office job.
4. What are my sources of income? Do you have the necessary capital to start the business or are you looking for any financial aid?
5. Do I have the support of my family and friends?
6. Do I have the industry-related knowledge to start the business?
7. How much am I willing to sacrifice for the business? Maintaining a balance between personal and business goals is crucial for success.
8. Am I ready to take risks?
Understanding your entrepreneurial skills are important during the initial stages of business. To succeed, you need to come out of your comfort zone and go that extra mile to reach your business goal.
Chalk Out Your Business Plan
The first step in every successful business is creating a business plan. Unfortunately, many of the startup businesses fail during the first few years due to the lack of proper business strategy.
Establish your business objectives. Do ample research and analysis of the industry you are venturing into and set realistic goals and objectives for your company.
Typically, a business plan outlines your business strategy for the next 4 to 5 years and also helps you to ascertain whether your products or services are financially viable or not.
Understand the Market and Know Your Customers
Thorough market research and demographics will help you understand the needs and preferences of your target customers and mold your products or services accordingly.
Set long-term goals. Create products and services that will stay and will add value to your brand as well as to your customers.
A market analysis will help you to understand the size of the market, the cost of similar products and services, and also the necessary funding you need to launch your business.
Knowing your competitors is another vital aspect of any successful business. Learn about competitive products and their prices. Also, do ample research on customer experiences and feedback. This will help you to improve your brand and market your business.
Know Your Potential Investors
Your business needs appropriate funding. Venture capitalists and potential investors meet thousands of startup businesses every month.
Your business plans need to be backed by clear financial goals and also a profitable future that will allow potential investors to believe and invest in your business.
Build an executive summary and pitch your startup strategy effectively and quickly to get the full attention of your investors. The summary may consist of:
1. Company overview.
2. Business goals.
3. Future objectives.
4. Marketing plans.
5. Products and services.
6. Operational costs.
7. Revenue and cash flow.
8. Other financial documents.
Create Your Business Team
Your employees are your life support. For partnership businesses, you can reach out to your peers and ask them to join your business. This will build trust and ensure a comfort level in the office.
Startups can be exhausting. Look for people who are ready to take challenges, work long hours, and are competent enough to understand the crux of your business. Build a team keeping in mind the long-term goals of your business.
Register Your Business
Before you register your business, you need to determine your business structure in order to make it legal. You can take the help of a legal practitioner to get a proper license and permit for your business. Business structures can be of many types such as:
1. Sole proprietorship.
2. Partnership venture.
3. Corporation.
4. A limited liability corporation.
5. A Trust.
To register your business name in India:
1. You need to record your business name in the Ministry of Corporate Affairs (MCA). You do not need to be physically present. You can just fill up the official form.
2. Get a DSC or Digital Signature Certificate.
3. Acquire a DIN or Director Identification Number.
4. Register yourself at the official portal of mca.gov.in.
Get Your Business Insured
An insurance policy will save your business from damage, accidents, theft, or lawsuits.
You also need employment insurance policies, worker’s compensations, etc. for the employees of your business.
Choose the Location
1. The location is of prime importance for the success of your business. There are several factors that need to be considered before choosing the ideal location for your business.
2. Identify your customers and where they live.
3. Ideally, your business location should be closer to your home. This will save transport costs and time.
4. Affordability of the location. Does your investment plan allow you to buy the property? If not, you can also lease a property for your business, but that can be expensive in the long run. Buying a property is a one-time cost and is a cheaper option.
5. Where are your competitors located? Zero competitors will provide high demand for your products or no demand at all. On the other hand, competition signifies there is a market for your products.
6. Choose a location that is closer to the city to avail of all the facilities of modern living.
Get a Website
Digital marketing is equally important to make your presence noticeable for your online customers. It not only boosts sales but also promotes your business and helps you to communicate with prospective customers.
Design a professional website with all the key features like email, location, contact information, product details, and price, etc.