4 Essential Steps of Starting Your Business
In the age of technology and innovation, businesses are sprouting at the speed of thought. For every demand, there is a business filling the gap with its products or services. The opportunities on the entrepreneurial stage are endless and anyone with a striking business idea can embark on major success. However, a strong business plan with effective implementation strategy is must for transforming ideas into enterprise. But before diving off the cliff and learning to build a parachute on your way down, ask yourself if you are ready to be an entrepreneur.
Many people will ask you to follow in the footsteps of influential businessmen and learn from their success stories. No doubt about that but they are good just to the extent of self-motivation. What you need is the drive and determination to execute the entire blueprint of your idea. Here are a few steps to master the fundamentals of establishing your own enterprise.
- Prepare a Business Plan – Your idea may be one of your wildest imagination but it is virulent if you keep it up there. Pen down everything about your idea and start building up a business plan. It’s a systematic flow of information interlinking various business processes with your idea. Meanwhile, devise a market research strategy to collect valuable information relevant to your plan and incorporate the findings into your study. The feasibility of the idea will start taking shape and you will recognize the flaws and strengths of it. Feedback is imperative to identify problems and bottlenecks – start running your idea through friends and family and see what you turn around. Once you’re ready with your plan, go after ways and means to finance your idea.
- Go official – Investors, be it your beloved papa or your round-the-corner venture capitalist, are always hesitant investing in something novel. When intellectuals embark on disasters they sometimes turn them into the greatest inventions or discoveries of all time. You might face turbulence which is normal because it is the start of your flight. You can also opt for financing from the bank if you have assets to mortgage against the loan. If you succeed to score initial capital for your business plan, start off by registering yourself with the authorities. Get a lawyer and work on the type of business structure, name, partner etc. A relatively easier and cheaper way is to perform it online through Gov Doc Filing.
- Develop MVP – Minimum Viable Product is a technique through which you attain initial traction to your product. The MVP serves to be a prototype and can give you valuable feedback to develop the final product.
- Put Together Your Team – Ruminating that you can perform all functions is a fallacious thought. Don’t get carried away with the notion of control. Decentralize from the beginning even if you are just a two-person team in the beginning. Clearly outline and delegate responsibilities across to even out your burden. Remember, founders have to keep innovating and thinking, and when they get entangled in the menial and routine works, they lose focus and eventually transcend their cherished startup downhill. Hire people with passion and great intuition. You also need a location to set up your operations; rent some cheap space initially and settle in with your team.
These rudimental strategies sound basic but will help you set off smoothly. Keep in mind the biggest key to success in business lies not with your product but with your customer.