Starting a business? These 10 tips will help you with your start up
The journey of start up companies and small businesses is one roller coaster ride, with various levels of highs-lows and unexpected turns.
The startup sector has been a major boost in the recent times in India and starting own business has become a dream of many. But, it isn't an easy task. The journey of an start up is a roller coaster ride, with various levels of highs-lows and unexpected turns. Since most are entering the entrepreneurship arena, where it has its own perks such as being ones own boss, getting your idea on roll, benefiting people around you and also, earning along the way. So, if you are among those who have extraordinary and unique ideas and wish to present it to the world, paving your way through success, then these start up tips are just for you:
1. Passion towards the idea
One needs to be fueled about the idea. An idea is only going to get on roll if you are extremely passionate and confident on the idea. If you do not feel the fire from the plan or the idea is not worth your time, effort and money, then definitely having a business now is not right for you.
2. Chalk down the Blueprint
Every plan needs a blueprint. So does your business idea. Set your financial and operational goals, budget and marketing strategies. Jot down the methods and steps to be taken to achieve these goals. This way not only you are aware about your next steps but also, it makes it easier for you to make a judgement as to where your business is headed.
3. Search, Research
To have own business means being own boss. But the boss is the expert of his or her company. In other words, you need to be thorough about your industry, products or services. It will also help you know what you are up against with the competitors in the same industry or services.
4. Start when you are still employed
Do not leap of the aero-plane without a parachute. Start ups take their own time to mature and hence it is advisable to start your small business when you are still employed. That way, you will have funds to invest in your company and also so cash to pay the monthly dues.
If the idea is an automobile, the funds is the fuel to keep it running. Early start ups have a hard time getting traditional lenders to offer them loan. Save up for your company by being meticulous on how you spend your funds. Side by side, also keep a look out for potential investors who will invest into your idea. Moreover, it is advisable that you have a financial fall-back plan, if you hit the wall while constructing your business.
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6. The Legal
Better late than never they say. Get all your legal procedures done correctly before you start your business. The registration, VAT, insurance are a few things one should consider. These get more expensive and messier to get done afterwards.
7. Approach clients, customers
Do not delay to approach your clients or customers, as the survival of your business depends majorly on them. Spread your networks wide, try to find providers who can offer you future leads or potential clients. Social sites have made it easier to connect with people. Who knows, you might just have your next big catch there.
8. Get the professional team
You cannot do all the things yourself when your business is at its infancy. If you require individuals who are expert at the job, do seek out to them. This will accelerate your business.
9. Be professional
You mean business. Hence, be professional when it comes to presenting your start up in front of clients or customers. This also includes completing the professional package that includes quality business cards, a business phone, and a business email address. Be courteous and treat all as if they are your next client.
10. Do not go solo
Lastly, have a support system. This could be your family or friend, on whom you can pitch your ideas to and know what is its course in reality. You can also have your mentor or an expert from the industry to offer you support. This way you not only get the required support but also experienced guidance.
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