Before starting a business, study these pointsThe probability of sustain rate of new start up not satisfactory. This is due to many reasons. These following points help you, how to start new business and make it successful. Implement these ideas or lesson or tips, whatever you say.
How to start a business: Starting 10 points
|How to start a business|
1. Get an ideaThis is very first stage. You should have your own business ideas.
2. Research your source of ideaThis is an important point. Because the source of your idea can say the future of your business. nearer the source, higher the chances become more chances you become successful. I mean if your sources of idea is your workplace, your college or your home environment, you have more success rate than who starts business from searching on net.
3. Study the marketeven you have a brilliant idea you should research your local market to find out the applicability of your ideas.
4. Make your financial planVery very important point for starting a business.
For any startup financing is very crucial point. The main reason behind business failure is lack of financing. So it is very important to make a full financial plan. Financial plan is very important than business plan. Because financial plan is pre-phase of business starting, but you can learn and modify your business plan at any time. Business plan is ongoing learning process.
Financial plan includes:
- Source of initial or set up funds.
- Source of back of funds
- Source of opportunities-fund.
- How to minimize operating cost. (i.e. office setup, workforce management ).
- Define wastage and necessary cost.
5. Set your long-term goal and divide it in different partEvery business requires some time of span to make profit. It is said; even Twitter has not made profit till date. (Twitter recently made a net loss of $69 million in the first six months of 2013.)* I have to do more research on this topic.. So make your long term goal and divide your work, complete one stage and go for next. More you complete, very soon your right time will come.
6. Improve your skill and knowledgeThere is always a gap between required skill and your present skill. That's why all great entrepreneurs say they are learning. Every day try to fill this gap. Narrower the gap, higher the chances of success.
7. Know required man powerEvery successful business needs to have a strong-goal oriented team. Set you mind, you are making team not hiring a employees.
You can not do every work of your business. You have to get help from some people (your employees - your team). You define what types of man power you need? What are the desired skills you want? Make a team of right people.
8. Define the sources of your man power or teamNow where can you find your manpower. That can be your family, friends’ circle or Manpower Company.
9. Set locationNow you are almost going to start your own business. Choosing right location is very important. if you have well information about your targeted customer, your nature of business this won't be a problem. But remember it is not necessary to pay high cost just for location only. Wisely decide, know your inflow of cash.
10. Register and run businessKnow all provision and requirement of legal processing. Register your company with long-term goal. Fulfill all rules and law. Get consult with lawyer or government authority. Make updated accounting system. And forward toward your goal.
1. Learning is ongoing process. You do not need to be extremely well prepared.
2. Start small but plan big.
3. Always make plan b, plan c or plan d whatever you say, but make exiting plan or business loss plan. It will help you if you that situation come.
4. Launch your business if you can give more value than existing business.
Disclaimer: This is recommended you to take more time of study and research before starting any business. and carefully make financial plan - not business business plan.