You have finally accomplished in acquiring the required capital and your dreams of opening up your dream business are now seeing the lights of reality. You have set shop, and your ventures are now in motion, but then you realize that you are unprepared on how to run your business and help it take its first few baby steps. Before you let this mistake ruin your business ventures, let’s run you through on what are the steps every business owner should take when starting a new business, so that your business hits the blockbuster chart and not the flop list of businesses.
The number of active businesses in India is a huge number and the competition is tough. Especially, tough when new business steps in and sets out to get a hold of the market. A brief guide is needed to understand what’s next?
It takes careful integration and brainstorming a developed set of rules and strategies to understand the steps you need to take.
To begin with,
1.Develop a business plan- After starting your dream business, you need to come up with a game plan that requires you take accountability of where do you see your business soon, and the more important factor is what would it take to give your business the “IT” factor in the coming years.
2. Analyze your industry- Taking control of the market is a long term goal and that would only be possible if you study and analyze your industry carefully. Once you decide on a business, evaluate the other important factors like, Who will buy your product or your services? What does your competition look like? Understand your competition. There are several ways to do so. Google searches, speaking to people of the industry that you are into, keeping up to date with relevant news sites. Some other less common ways could help you conduct your needed research, like, advertisement representatives, industry suppliers, research interns, etc.
4. Identify your target audience– Relevant to the previous step, this step goes hand in hand. With the help of well-conducted research, you will also be able to identify your ideal audience. identifying the ideal audience is key to a successful business. Once you know the audience that likes your products/services, then you can cater to their needs.
Your research to identify the target audience needs to be guided by:-
How much in need is the product/service you’re selling or offering right now?
What’s the current demographic of the relevant market size?
Is there already a majority of people paying for products or services similar to yours?
How easy is it to acquire a customer? Knowing how difficult or easy it is to acquire a customer would help you
How much money and effort will it cost to deliver the value you would like to be offering?
How long will it take to get into the market and establish your brand’s name in the market?
4. Have a well laid out Finance plan- Finance is always key to your business. Therefore developing a well laid out financing plan is key to keep your business running. Not everything will go smoothly. There will be days when your business will be booming. But, be prepared for the rainy days when your daily or monthly turnover may not be fulfilled. The finance strategy will come into play during this time and in fact, all the time.
5. Be prepared to make mistakes- Whether you’re a veteran in the industry with plenty of businesses under your name or a newbie with the first business to your credit. As humans, we are bound to make mistakes but the mistakes that you may end up making for your business would be key to your profit someday. In the business world, success is pleasing but the errors are what make you understand the field and how to operate in it.
But the sunny side of opening up your own business is that you are your boss and you are free to explore the different aspects of the field. be creative and open to new opportunities and you are not chasing to be the next Elon Musk or Jeff Bezos or Mukesh Ambani, you’re just chasing to make your name the next big name!