Starting your own business? Things to keep in mind
When you start a business there are multiple investment related queries that one tends to juggle with. In such situations, new business owners tend to seek advice from multiple sources. However, since each business works differently, the advice one gathers for themselves, may or may not be helpful in the long run.
Becoming an entrepreneur and starting your own business can be extremely scary because people often ask us for a list of steps they can use to start their own business. Whether it's about business type to the business model to a physical location, there are so many variables which one needs to take care of. When you start a business there are multiple investment related queries that one tends to juggle with. In such situations, new business owners tend to seek advice from multiple sources. However, since each business works differently, the advice one gathers for themselves, may or may not be helpful in the long run.
However, there are certain ‘Must Haves’ that puts the foundation of every successful business venture. Talking on the same Sanjay Choudhary, Founder of Incuspaze told Zee Business Online that, "To ensure that your priorities are set right from the very beginning, especially in terms of putting the precious and limited initial capital to use, one must think strategically and have a definitive plan of action in place. Having a checklist for all the must haves, good to have and great to have items can be of great help in situations of distress. The items on these lists would change depending on the requirements and industry that you function in."
So, here are the three key steps you need to take to start your own business.
1. Approvals, Licenses and Collaterals
Starting a business would entail that you fundamentally have a concrete plan of action and strategy in place. The next step to this procedure would be to register your business and fulfil all the legal formalities that need to be undertaken- to ensure your business is protected and lawful. Invest in getting the right legal guidance and make sure all the paperwork is in place. Following which you can move towards building your brand identity by investing in a creative logo design that is in line with the requirements of your enterprise, a fully functional and client friendly website, business cards and etcetera in the form of collaterals. These would help you in marketing your venture with utmost proficiency and professionalism.
2. Networking and Promotion
The initial phase of your business is the most crucial and would require you to put in double the efforts to build a lucrative client base. Therefore, devoting capital and time towards relevant marketing activities to promote your business would be ideal. Investing in a digital marketing program, attending the right networking events, socialising with experts in the domain and having a streamlined SEO and social media marketing program can prove to have a good return on investment.
3. A Dedicated Work Place
A dedicated workplace is essential for the right ambience. It is understandable that start-ups cannot invest a lot in the property but we have convenient options available. The trend of renting out a residential area and operating from there sorts out the dual problem of budget and the right environment to work. Establishing a routine of going and working out of a dedicated office space can be beneficial for the growth of your business. Select a space based on your vision and budget. If it is inconvenient for you to rent out a full office space in the beginning, you can always invest in a co-working space. Currently, there are many co-working spaces that offer a multitude of benefits that you can review and narrow down the basis of your needs. These spaces also offer many opportunities to grow your business, meet and network with prospective clients and would also give you access to conference and meeting rooms to have important conversations in a private well-equipped space.