There are many people across the globe who have an intractable urge to start a business and you might be one of them, isn’t it? But are you one of those few who have each ingredient in right proportion to prepare a perfect recipe.
Before you start a business, be aware of what is involved in running it. And when you feel confident and upbeat about the future potential of your idea, go ahead and start working on it. Now, let’s throw some light on few things you need to work on before you kick-start.
Setting up an idea
What is business?
I once asked somebody to explain business in the simplest words. The answer which I got was ‘Serving the mass needs with a simple yet innovative idea to make money is what business is’. So the first basic and the most important requirement is to have an idea.
How to come up with an idea?
- Your business idea doesn’t have to reinvent the wheel. Just take a look at the existing setups and try to find out where they miss and if you can fill the gaps. You might come up with all the weird ideas while you think but believe me, when you dig a little deeper, you will certainly find that dazzling idea which will please the market.
- Leave no stone unturned and try to explore every possible angle. Try something prolific like mixing a product from one firm with another to come up with a more effective hybrid product which might solve the problems faced by the customers of both the firms and your profit graph may boost up.
- Once you stick to your idea, manipulate with the existing frameworks, apply your skills, find cheaper solutions and you are done.
The back-Up plan
Get some professional help when you are working on your idea. This will not only make you aware of your ambiguities but will raise your moral too. The last thing you need to keep in mind to have a backup idea in case your primary weapon fails.
I have an idea in my mind and I want to convert this idea into a good business. I look forward to getting some financial help from you’. Without any prior hard-work on the presentation, you can’t have the audacity to ask for any financial help. Your idea may become a revolution in the future but why would somebody invest their green into your idea if you can’t induce a feeling of security in the investor’s mind.
A Business Concept
So the very first thing you need to do is write a business concept which will become the voice of your business plan. A business concept is a bridge between your idea and your dynamic business. Be descriptive about the products (or services) which your business will provide, about the equity sharing and the future prospects of your business. If your sheet work is impressive to the eye, your luck will shine for sure. Be confident about what you say, you need to convince people that your idea is the best and will do better than the existing players in the market.
The Technological Help
Make technology your Aphrodite, stay connected on the internet, post about your idea on relevant sites. This might attract some angel investors for your business. Angel investors are the investors belonging to any entrepreneur’s family or friends. They provide financial backing for your business idea. This might be one-time injection of seed money or an ongoing support to sail your business through hard times.
In short, more nicely you persuade, the warmer your pocket gets because money aren’t easy to get.
Idea for Business
Even the most well-thought-out business plan is just a stack of paper if it isn’t coupled with a plan for implementation. For entrepreneurs, it is a quite simple task to frame an idea but where many fail is the second and the most crucial stage of any business plan, the implementation stage. How to convert your idea into a successful business? According to a survey, 25% of the total start-ups fail in the first year. Where is the fault? It is in the implementation for sure.
If we go the step by step, building up the skeleton of any business becomes a less challenging work. Here is what you should do.
- Division of Work
- Divide your framework into various departments depending upon the type of business you are starting. For example, if you are starting a restaurant, divide the work into grocery, crockery, furniture, electricity and so on. This is the homework you need to do for a better understanding of your requirements. You need to pen down each and every bit of information including the resources required. If done properly, rest of the work is cake-walk.
- Allocation of Time
- Once you have divided the structure, allocate time for the completion of tasks in each department. Time is money and you need to use each second of the time you get to flourish well. Keep assessing your work on the basis of time allotted for each division. This way, you will not only save time, but you’ll be spared from all the unnecessary stress which otherwise would affect you.
- Look through all the angles and take a final overview for the remaining bugs in your foundation work. All the faults and loopholes should be taken care of before the final take off. This includes all the calculation mistakes, resource management bugs and the concept planning.
- The Tits and Bits
Now that you have money, you have your blueprint ready, you are all set to shift the gear and speed up. Now tasks like registering a name for your company, coordination with the government authorities involved etc. are to be done at this stage. Go according to the plan and work in harmony with all the people involved. Integrity in work is an important thing which maintains equilibrium in your business.
Once you start making money, do remember to analyze yourself and your company’s revenue, cost distribution, technical glitches from time to time and always save money for the bad time which may unexpectedly hover over your head.
The Promotion part
Business without promotion and marketing is just like winking a girl in the dark. Only you know what you are doing, but nobody else does.
Let me ask you something. Suppose there are two brands of washing powders, one of them is frequently visible in TV ads, hoardings, newspapers and all the places which you can imagine and the other one is just a name which you have heard somewhere. Which one would you prefer to your lovely clothes? I think I know your answer. This is the power of marketing; you should know how to sell yourself. Let’s take a look.
- A brand image
- Establish yourself; create a brand image, an eye-catching logo with a captivating tag line or anything which you think would woo a million hearts in the market. Your logo should not be convoluted; rather it should be more comprehensible and impact creating.
- The Social Network
- The wildly growing social network can provide you an edge over your competitors who still use the obsolete ways of promotion. Social networking sites can slash your marketing cost up to a great extent since social networking is a low tariff way of spreading word.
- Marketing Meetings
Once you start working as a company’s representative, always attend the marketing meetings held by various firms or entrepreneurs. Talk to the professionals in the same business and try to be deeply involved in the conversations. Create an impact by showcasing your company’s assets; ask questions to the people present. This is a tough yet a rewarding way of leaving a mark in the market.
Try to add something new to your business regularly. When you do so, the chances of sales grow rapidly. Try to separate yourself from your competitors by being a trailblazer and not being a mimic.
Sustaining Your business
So what are you up to now? A working business, flowing money, regular customers and its time to sit back, is it? Well, I would say once you start your business, there is no time to rest and enjoy. You now come to the back-breaking stage of your business; yes it is really hard to sustain your business without the knowledge of the market and without internal coordination.
- Helping Your Customers
- You are now at that stage of your business when you are supplying products or services to your customers and undoubtedly, they will start facing problems. Try to become an open source of information and help your customers through various means like customer care, help centres, service visits to homes and anything which crosses your mind.
- Be Ready to Accept Change
- Market can rapidly change without you being aware of it. Always be ready to accept changes and take action accordingly at the right time, do not wait for the situation to get worst. Always be ready with your savings to sail you through your bad times. Old days are gone when the market used to sustain itself by just repeating what was done in the past.
The future potential of the world has become bright with the upcoming of many new businesses across the countries. Each and everything you see around you is a result of small business idea which was converted to a mass success through a series of business introspection and many faults. But why should mistakes concern you? We fall so that we can rise again. So …are you prepared to start a business?