You have won half the battle just by thinking of a startup business idea for a new venture. But to emerge a clear winner in the battle of starting a new business, apart from perseverance, capital, and excellent team, one would require successful innovation.
Do you know, of late, India has become the third-largest start-up ecosystem? It is quite motivating but at the same time, it is worth mentioning that IBM and Oxford Economics found that 90% of the Indian start-ups fail within the span of first-five years only due to one of the most common reasons i.e. lack of innovation. In fact, 77% of the capitalists believe that even the best Indian start-ups business ideas fail due to a lack of unique business models.
Out of all the small businesses operating, not every new venture is positioned for success. In fact, as per the bureau of labor statistics, business employment dynamics, just two-third of businesses survive at least two years and almost half survive five years.
If you are in the fray of starting a new business, consider the following steps as described below:
1. Is it an online or offline business?
Having a creative small business idea is not enough. Standing apart from the crowd to match the pace of cut-throat competition, you need to think about the different dynamics. The first and foremost is the type of new venture you wish to start. Both online and offline ventures would require different criteria. For an online business, an entrepreneur would require knowledge of the internet sphere, designing, functionality of websites and business applications. Whereas the offline business would require an altogether different approach and dynamics. Just like online business, the offline business will also require knowledge of the internet along with the manpower, capital, space, and equipment.
2. In-depth market research
As I mentioned initially that if you have thought of starting a new business, it means the first step of ideation is already done. Now you know what kind of business you want to start. Your next step would require extensive research which will help you in balancing your idea into reality. The research will tell you if your idea has the potential to succeed or no. Here are some of the basics which will help you in avoiding mistakes while conducting research:
Types of market research
- Primary research: This includes gathering data and information through interviews, surveys, questionnaires, getting direct feedback from the focus groups.
- Secondary research: This type of research requires going through the data already published. With this research, you can look out for competitors and set benchmarks.
The research will help in broadening your perspective regarding all vital aspects of business like the target audience, their demands, and the value of your product/service in the market.
3. Create a business blueprint
A business plan is essential to guide you right from its establishment to the growth. The business plan is a document that outlines all the basics of your business like about your product/service, the target audience, business goals and the strategies to achieve those goals. Apart from a business plan, your business should pull other essential plans like a marketing plan and a financial plan.
- A marketing plan is the one that clearly describes an idea of what you want to accomplish. This plan will also include your long and short-term business goals. This plan provides details of what you want to do and how. For instance, you want to expand your business of brick and mortar retail store into an online store. For this, your strategy could be to introduce your products to a new market segment.
- The financial plan of your business determines whether or not your business will be able to focus on any investors or not.
So, basically the idea is to have a plan in writing as it serves as a motivation and every time you have a look at the plan, it will be your driving force to work on the project.
4. Assess the finances
Whether you start a small scale or a large scale business, it will require covering the cost. You would require means to fund your new venture. Experts believe that many start-ups fail because they run out of money before they earn a profit. It is important to know how much your start-up needs and how much money should be spent initially. Remember not to overspend as it will only lead to losses. If you are short of money, you can always take a commercial loan to fund your venture. It is better to create a spreadsheet and jot down everything from equipment, legal fee, inventory, market research, trademarking, property leases, etc and prevent yourself from going astray.
5. Determine the legal structure
Think about the kind of entity your business would be, a partnership or a sole proprietorship or a corporation. It is important to determine the legal structure of a business for its registration. Not just this, the structure of the business also affects the ways of filing taxes.
If you want to own the business entirely by yourself, you will have to shoulder every responsibility and register yourself as a sole proprietorship. If you start a business with one or more people, it is known as a partnership. In the latter, you and your partner will be sharing all the profits and losses. If you wish to create a separate liability than your company’s liability, then opt for a corporation. In this type of entity, your corporation will own property, pay tax or deal with legal issues. LLC (Limited Liability Corporation) is one of the most common structures. So, it is entirely on you which type of legal entity you wish to have for your business.
6. Name your business and get it registered
This step is one of the crucial steps as the name of the business is the identification and adds value to it. Also, make sure you think of all possible implications while choosing a perfect name for your new business. Once you are done with picking and choosing a name, keep a track of whether it is in use and trademarked. If you are a sole proprietor in India, you just require a bank to receive business payments. On the other hand, if you are planning to own a corporation or LLC, you are required to register the name after the filing of the paperwork. Registering the domain name is vital at the same time.
7. Where will your business be located?
After deciding on the name, type of business, the next step will be doing the recce which means to visit locations that determine the suitability of your business. To operate your business, setting up a place is important. It’s up to you if you want a home office, private space or a retail location for your business venture. While deciding the location, think about the equipment, the whole setup, functionality and the product /service your business will offer.
8. Promote beyond the boundaries
Brainstorming on promotional activities will provide you with results more than expected. Once your business begins to operate, target the clients by creating a marketing plan, noting down the Unique Selling Proposition (USP). Once you have effectively completed the start-up activities and set the concrete foundation, you are ready to take the reins of your business.
Getting an idea about the business is easy. Anyone can have an idea and in fact, ideas pop up every second in one’s mind. But the difficulty lies in implementing those ideas. So, if you also have an idea to start a new venture, pull up your socks and brace yourself to convert that idea into reality by considering the above-mentioned points. It might seem strenuous but it is certainly not impossible. Go ahead!
post tags :
2,593 Comments
Comments are closed.






https://onlineph24.com/# target pharmacy crestor
bm pharmacy viagra
https://drstore24.com/# pharmacy direct cialis
pharmacy store viagra + cialis spam
participating lipitor pharmacy: vytorin online pharmacy – cellcept online pharmacy
lorazepam fearpharmacy: online pharmacy fungal nail – rx pharmacy india
albertsons pharmacy: fluconazole pharmacy uk – ivermectin online pharmacy
https://drstore24.com/# pharmacy prices levitra
target pharmacy omeprazole
https://pharm24on.com/# online pharmacy zithromax
philidor rx pharmacy [url=https://pharm24on.com/#]buy viagra online pharmacy[/url] finasteride india pharmacy
https://onlineph24.com/# no prescription required pharmacy
southern pharmacy
https://easydrugrx.com/# trusted online pharmacy
Terramycin [url=https://pharm24on.com/#]optimal rx pharmacy[/url] testosterone online pharmacy
levitra uk pharmacy: hy-vee pharmacy – online pharmacy percocet
tegretol online pharmacy: tylenol 3 pharmacy – ohio pharmacy law adipex
https://easydrugrx.com/# cialis online uk pharmacy
rx outreach pharmacy [url=https://easydrugrx.com/#]generic viagra pharmacy reviews[/url] online pharmacy viagra cialis
https://drstore24.com/# cialis from usa pharmacy
humana pharmacy otc order online
schnucks pharmacy: mobic pharmacy – anti fungal
https://onlineph24.com/# is online pharmacy legit
compound pharmacy
target pharmacy zoloft price: misoprostol malaysia pharmacy – propranolol pharmacy
https://drstore24.com/# cost of percocet at pharmacy
target pharmacy montelukast [url=https://pharm24on.com/#]omeprazole tesco pharmacy[/url] lipitor online pharmacy price
https://onlineph24.com/# erectile dysfunction pills
fluconazole mexico pharmacy [url=https://onlineph24.com/#]participating lipitor pharmacy[/url] online pharmacy kamagra
doxycycline uk pharmacy: rx pharmacy coupons – online pharmacy no prescription required
target pharmacy meloxicam: generic valtrex online pharmacy – india online pharmacy
escitalopram online pharmacy: cymbalta pharmacy coupon – viagra local pharmacy
https://drstore24.com/# cialis online pharmacy uk
amoxicillin and beer pharmacy [url=https://drstore24.com/#]amoxil online pharmacy[/url] propranolol online pharmacy
How to play: Get your group on a video call (like Zoom, Google Meet, Microsoft Teams, Webex, etc). Launch the event, share your screen, and have everyone join in to the game on their phones! Then they can each send in their scavenged finds directly by photo. Use some of these Christmas party games ideas to liven up your office party and make the festivities even more enjoyable!Joanna Zambas Christmas Family Feud is a versatile and diverse game. Thanks to the specialists at Quizado, you no longer have to invent and prepare Family Feud Christmas questions yourself! Just choose a set and voila, the perfect virtual Christmas party is ready. Choose from hundreds of general questions or create new sets that relate to your professional environment, a specific field or topic, or those that will put you in a wonderful festive mood and evoke sentimental Christmas feelings. The choice is yours! After all, it is your virtual Christmas party!
https://www.pubpub.org/user/Julie-Schmidt
Miami Club Casino is licensed and regulated by the jurisdiction of Curacao. The casino holds a license from the Curacao eGaming Authority, which is a well-known and respected regulatory body in the online gambling industry. This license ensures that the casino operates in compliance with strict regulations and guidelines, providing players with a safe and fair gaming experience. The Curacao eGaming Authority oversees the casino’s operations, ensuring that it adheres to responsible gambling practices and player protection measures. Play this bonus at Miami Club Casino and receive a 45 Free Spins on the Mayan Lost Treasures slot game for this promotion. Claim this bonus using bonus code BNMS7 at the cashier ( only once per household, email, IP address, etc ). Register an Account All you need to know about the online casino industry in the UK — one of the most prolific in the world. We explain the regulation of the industry and the availability of online casino games in the United Kingdom, where online casinos are legal in England, Wales, Scotland and Northern Ireland.
https://onlineph24.com/# bupropion sr online pharmacy
zithromax online pharmacy [url=https://drstore24.com/#]pharmacy online 365 discount code[/url] tacrolimus pharmacy
legit mexican pharmacy: generic cialis uk online pharmacy – Persantine
no rx needed pharmacy: zyrtec d online pharmacy – opti rx pharmacy
rx options pharmacy help desk: how much does viagra cost at the pharmacy – revatio online pharmacy
lipitor diplomat pharmacy: Ampicillin – wellbutrin people’s pharmacy
cheap diclofenac pills – buy voveran pills for sale order nimotop
https://onlineph24.com/# ibuprofen pharmacy singapore
viagra online indian pharmacy [url=https://pharm24on.com/#]clozaril pharmacy[/url] Voveran SR
pharmacies in mexico that ship to usa: п»їbest mexican online pharmacies – mexico drug stores pharmacies
http://indianpharmacy.company/# indian pharmacy paypal
mail order pharmacy india [url=http://indianpharmacy.company/#]online pharmacy india[/url] indian pharmacy
pharmacy website india: online shopping pharmacy india – best online pharmacy india
https://pharmbig24.com/# online pharmacy no prescription ventolin
reliable online pharmacy: differin gel pharmacy – Viagra with Duloxetine
india online pharmacy: indianpharmacy com – best online pharmacy india
top 10 online pharmacy in india: cheapest online pharmacy india – п»їlegitimate online pharmacies india
liberty pharmacy avandia: metronidazole cream online pharmacy – drug costs
http://mexicopharmacy.cheap/# buying prescription drugs in mexico online
top 10 pharmacies in india [url=https://indianpharmacy.company/#]top 10 pharmacies in india[/url] buy medicines online in india
mexican mail order pharmacies: mexican online pharmacies prescription drugs – mexican border pharmacies shipping to usa
http://pharmbig24.com/# meijer pharmacy lipitor
mexican mail order pharmacies: buying prescription drugs in mexico online – purple pharmacy mexico price list
india pharmacy: indianpharmacy com – buy prescription drugs from india
india pharmacy mail order: india pharmacy – indian pharmacy
http://indianpharmacy.company/# pharmacy website india
best online pharmacies in mexico: mexican mail order pharmacies – reputable mexican pharmacies online
mexico drug stores pharmacies [url=http://mexicopharmacy.cheap/#]best online pharmacies in mexico[/url] medication from mexico pharmacy
reputable mexican pharmacies online: reputable mexican pharmacies online – mexican drugstore online