Steps to follow to start a new business - Volumetree
Steps to start new business - Volumetree

Steps To Follow To Start A New Business

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.    

Write a perfect RFP banner - Volumetree

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

Name your business and get it registered Volumetree

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!

667 thoughts on “Steps To Follow To Start A New Business”

  1. Well explained! Simply superb! Thanks for sharing nice information about company / organization formation in 8 steps!

    Keep it up!

  2. Very inspiring! I have such a period now that I want to start all over again … and work for myself! Thanks for the helpful article!

  3. I’m really enjoying the theme/design of your web site. Do you ever run into any internet browser compatibility problems? A handful of my blog readers have complained about my website not working correctly in Explorer but looks great in Chrome. Do you have any advice to help fix this problem?

  4. Youre so cool! I dont suppose Ive learn something like this before. So good to seek out anyone with some authentic ideas on this subject. realy thank you for starting this up. this web site is something that is wanted on the web, someone with just a little originality. helpful job for bringing something new to the internet!

  5. Thanks a lot for sharing this with all people you really realize what you’re talking about! Bookmarked. Please additionally seek advice from my site =). We could have a hyperlink alternate arrangement between us!

  6. Greetings! This is my 1st comment here so I just wanted to give a quick shout out and say I really enjoy reading through your posts. Can you recommend any other blogs/websites/forums that go over the same topics? Thank you!

  7. Very interesting topic, appreciate it for posting. “To have a right to do a thing is not at all the same as to be right in doing it.” by G. K. Chesterton.

  8. Hi! I know this is kind of off topic but I was wondering if you knew where I could get a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having trouble finding one? Thanks a lot!

  9. reputable mexican pharmacies online [url=]Online Pharmacies in Mexico[/url] mexican mail order pharmacies

  10. buy propecia price [url=]generic propecia without a prescription[/url] generic propecia tablets

  11. lisinopril 10 mg no prescription [url=]lisinopril 20 mg purchase[/url] lisinopril 40 mg india

  12. what happens when you stop taking tamoxifen [url=]tamoxifen bone pain[/url] tamoxifen alternatives

  13. lisinopril in mexico [url=]buy lisinopril 10 mg[/url] where can i purchase lisinopril

  14. ciprofloxacin mail online [url=]buy ciprofloxacin over the counter[/url] ciprofloxacin order online

  15. buy misoprostol over the counter [url=]buy cytotec over the counter[/url] Cytotec 200mcg price

  16. Levitra 10 mg buy online [url=]Levitra generic price[/url] п»їLevitra price

  17. Viagra without a doctor prescription Canada [url=]Buy Viagra online[/url] viagra canada

  18. Buy Tadalafil 20mg [url=]Cialis 20mg price in USA[/url] Cialis over the counter

  19. order prescription drugs online without doctor [url=]buy pills without prescription[/url] mail order prescriptions from canada

  20. canadian pharmacy 365 [url=]cheap canadian pharmacy online[/url] canadian compounding pharmacy

  21. canadian drugs no prescription [url=]prescription drugs online canada[/url] no prescription pharmacy online

  22. indian pharmacy no prescription [url=]canada drugs without prescription[/url] no prescription medication

  23. legitimate canadian pharmacy online [url=]canadian pharmacy checker[/url] canadianpharmacyworld com

  24. mexico prescription drugs online [url=]medications online without prescription[/url] best online pharmacy that does not require a prescription in india

  25. vibramycin 100 mg [url=]doxycycline 200 mg[/url] doxycycline 100mg capsules

  26. buy doxycycline online without prescription [url=]buy doxycycline online 270 tabs[/url] where can i get doxycycline

  27. prednisone daily [url=]prednisone pharmacy prices[/url] buy prednisone without prescription paypal

  28. generic zithromax medicine [url=]zithromax 500[/url] how much is zithromax 250 mg

  29. prednisone 20 mg tablets [url=]prednisone price south africa[/url] prednisone 20mg

  30. neurontin cost generic [url=]neurontin 600 mg price[/url] neurontin 800 mg tablets

  31. neurontin 300 mg capsule [url=]price of neurontin[/url] neurontin price australia

  32. neurontin generic south africa [url=]neurontin 800 mg tablet[/url] neurontin pills

  33. zithromax 500 [url=]zithromax prescription[/url] zithromax buy online

  34. prednisone canada pharmacy [url=]prednisone 20mg prices[/url] buy prednisone with paypal canada

  35. online doxycycline [url=]vibramycin 100 mg[/url] doxycycline 100mg

  36. medicine amoxicillin 500mg [url=]amoxicillin 825 mg[/url] amoxicillin 500 mg price

  37. buy zithromax online fast shipping [url=]zithromax 250 mg[/url] zithromax for sale cheap

  38. generic zithromax 500mg india [url=]buy azithromycin zithromax[/url] buy generic zithromax no prescription

  39. purchase prednisone 10mg [url=]purchase prednisone from india[/url] prednisone 475

  40. mexican online pharmacies prescription drugs [url=]buying from online mexican pharmacy[/url] best online pharmacies in mexico

  41. mexico drug stores pharmacies [url=]mexican pharmaceuticals online[/url] mexico pharmacies prescription drugs

  42. mexico drug stores pharmacies [url=]mexican border pharmacies shipping to usa[/url] mexican drugstore online