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Seven clouds of success for budding Entrepreneurs

As we know that behind every success story you will find someone who has made a courageous decision; so firstly if you want it, be ready to risk it.

Dreaming about starting a business is a dream shared by all of us these days but a dream without a plan is just a wish. The challenge arrives here! So, let us take a flight around it step by step.

 STEP 1: THINK! DISCOVER! AND INVENT!

What is a business? A business is nothing but an idea. Yes! There you go. The only person who knows the best about your capabilities is ‘you’. Brainstorm the ideas for your business. Research. Create. Discover. Invent. What you are selling as your idea is up to you only. So first think about what you want to sell as a service or an idea and how is it different from what others are doing. The main part for a successful business is its uniqueness i.e. thinking about what your business can deliver that other companies don’t. So, get up and do some market research.

STEP 2: PREPARING A BUSINESS PLAN:

The most challenging part lies in this section. Market research is again the key-point here because having an idea is one thing and executing it is another! That is what I am talking about here. Now is the time to whip your idea a bit. For this, make a start-up by asking yourself certain question about your business idea. Yes! I am talking about the technique of “5Ws and H” here (when, what, where, who, why and how). This would be one of the most helpful to let you know better about your business and to present your idea in front of someone (if needed).

-WHAT: What are your end goals? What prices would you deliver your goods/services? What purpose would your business serve?

-WHO: Who will be your target audience?

-WHY: Why are you starting this business i.e. the purpose?

-WHEN: When would you want your business to start? When would it actually be established i.e. the time it would require for the business to set up?

-WHERE: Where would you like to set up your company or shop etc. (if there is one?)

-How: How will you finance your business? How much investment do you need to get started? If your business is related to goods, then how will you source it? How would you get to know about the status of your business initially (feedback)? How would you spread and grow your business? How would you like to publicise it and increase awareness about your service?

     Answering these questions would sort up zillion things for you. Although, creating a well written outline would be much more helpful and easy for one. This is one of the most important steps in this competitive market because rather than what you’re doing, HOW you’re doing it is more important. One can even sell the same idea to same thousand people in thousand different and better ways. And who knows if you’re the lucky one!

STEP 3: AGITATE YOUR WALLET!

In this practical world, to be very honest you would not get even a penny without giving or investing something in return. But the fact is that investing the money puts the plan to work. Covering the cost could be a major challenge to start a business. If you can’t afford to drag enough from your savings, you can go for bank loans, raise funding from the crowd, or seek investments from investors or sponsors.

STEP 4: KNOW YOU BUSINESS’S LEGAL STATUS

This is the step prior to the registration of your company and it would have an impact on how you file your taxes. You must decide if you are going to do it on your own and want to have a sole proprietorship or if you are doing it with two or more people, you can register for partnership. One may also consider forming a corporation in case one wants to separate the personal and company’s liability. The final destination of this decision would be REGISTRATION OF YOUR COMPANY WITH THE GOVERNMENT before leading to our next step.

STEP 5: PARTNER OR HIRE!

 Now, it’s time for you to build a good team. It takes time and patience to get good people on board your idea. The person should not only be passionate about your idea but should also be a right fit into your team. The choice of partner or hire would depend on the resources and money that you have. Better choose it wisely.

STEP 6: PILOT PROGRAMMING

As said by Robert Allen, “There is no failure. There is only feedback”. Before investing your time, energy and money into a bigger plan, your organisation needs a platform to test the logistics, prove value and reveal deficiencies. For this, an organisation can test launch a product, conduct surveys; distribute questionnaires, create feedback forms, make online feedback section etc. And then nobody grab the opportunity from you because you have not only dreamed about your success but worked for it.

STEP 7: LET THE FIRE BE CAUGHT!

Spread your business. Advertise as much as you can to reach the largest number of audience. Social media is a great platform for advertising. Grab the opportunities to reach the maximum of you target audience. Create an attractive logo and tagline for your company that can help people identify your brand. Basically, growing your business requires you to understand the selling techniques, few marketing tactics and there awaits your success! GOOD LUCK!

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JaZaa Financial Advisory provides end to end solutions to start-ups including business plan formulation for investors, investor presentations, financial forecasting, marketing plan, budgeting, strategic plan, regulatory registrations, social media marketing plan, obtaining licenses, e-commerce launch and fundraising consultancy. We are business plan consultant and strategic advisor to some of the fastest growing start-ups around the world.

 

 
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