Top 10 Things you must know before launching your Start-up
When your passion led you to think about it and if you have really spent a lot of time thinking over your own start-up then you must strategize it well for having the fruitful results. Keeping in mind the most of start-up fails before it reaches to its breakthrough stage. One must understand there is nothing as fixed planning that goes on with start-ups although starting up a business can be very stressful at times if not planned well.
So what exactly you need to do is to be prepared fully for the “Eleventh Hour Situations”. There is no rule of thumb that leads a business towards the unbreakable success yet there are few things that can help one to establish a business-empire if taken care of from starting.
- Be stubborn with your idea – Commitment is the driving force that can lead you to a longer race in the business world. There would be people around you who would doubt your Idea so you just have to be patient and listen to them. The doubt and criticism would help you in reframing your strategies or improving your ideas too. Don’t react to the situations and be stubborn with your plan to go ahead. Once you are determined with your idea then you must think for the ways to produce and execute. Commitment to your ideas will give you the courage to go ahead with all the confidence.
- Think critically, reframe and execute – See your business plans. Evaluate your business plan critically and find out the major advantages and major challenges related to it. This exercise would let you know those points where you need to work on. You must reframe your idea and execution plans once you are done with the entire R&D related to your business. Before the execution of your start-up, you must keep in mind that you are well –prepared for it to avoid the obstacles and shortfalls.
- Go Legal – As an entrepreneur, you become the asset of the society. You are regarded as one who is creating, maintaining and prospering the development, happiness and opportunities in the existing society. You must take care of the legal aspects of the business that you are going to set-up. The legal structure of the company must be strong enough in order to maintain and manage the business in a fruitful manner. Take care of the paper works such as business registrations, articles of incorporation and license (If required in certain business in terms of delivery/ parcel/affiliation, etc). Your paperwork would also help you in getting different kinds of government relaxation in terms of taxes, office spaces and other charges.
- Financial Planning – Once you are ready with the business plan done with the reframing and legal aspects what you must take care of is to make a wise decision in finance management. When you are starting your business you might face the financial crunch initially, say many business analysts. First of all, you must measure your finance and take care of the resources that could help you out. Nowadays, government helps the business-minded people to set-up their business. You can always hunt for government schemes and funds for your financial mapping. There are small finance banks and financial-groups to provide the loan for setting up your business. You can also reach out the Angel investors and venture capitalist to help you out in the finance domain for your business. If you are comfortable with the terms & conditions of these certified investors then they might help you in this regard. Nowadays, many incubation centers are also set up by government/ personal funds and colleges to provide financial help to entrepreneurs. You must keep in touch with a certified financial advisor or planner to help you out in cutting down the expenses and taking take of monetary terms.
- Have the helping hands – You cannot handle it alone. You must understand that the business cannot be managed with a single hand. Whether it sounds very enticing to work on “one-man army” policy though it is actually difficult to be carried out. You can’t be jackpot of all the efficiency and expertise. You should hire a few of those people who are having relevant skills and interests in your business. If you can afford to have few well-experienced personnel then it will prove to be a boon for your business. There should be at least those people who can help you out in carrying out the basic needs of your business production/delivery. Your business-army must be equipped with the technological expertise, great communication skills, a strong financial advisory and honest approach for executing the delivery of your product/services that’s the core value of your business.
- Deliver the value you have promised through your business – “The Customer is not a moron. She’s your wife” said by the father of modern advertising David Ogilvy states that that you must maintain the value for the product / service you are providing to your customer. Your customers are those people or I should better put it harshly that they are only the determinants of your business success and failure. The customer does not pay for the product or the services that they are availing from you but they pay you for the value that they derive with your production. Be specific with your end product and that must promise your customer the unparallel value to retain the customers.
- Be ready for the critical feedback and work on challenges – Once you are done with launching of your product/services then you must be ready to face the market feedback. Many a times even a good product doesn’t respond well to the psyche of the customers because of several factors. You have to be on your toes for making your product/services create a market value and appealing to the target customers. Give it a time; don’t make the decisions in hurry. If you don’t get the good feedback and demand from your target audience then it’s definitely a time to rethink, restructure and re-communicate your services/product for a better way of marketing. Getting better never stops, so keep on reinventing the value that you are proving to your end-user. Make them happy and appreciate the critical feedback.
- Boundary Spanning – “You are not the king” always remember that there are threats floating in the market place. You must keep on an eye on the current trends and cult that is affecting consumer behavior. At all points of time, you must span the boundaries and be ready for tackling the upcoming threats with the efficacy of communication, production, and presentation. The threat could be anything like new rivals in the market, rules & policies, production problem or anything that can affect the business has been measured. As an entrepreneur, you cannot control the outside threats but with an efficient strategy you can always stay in the market.
- Entrepreneurship is a risk, Hover – In spite of all the strategy, well planned business and having an enthusiastic team there is always risk is attached with the entrepreneurship. Start-up fails, understand this fact. Give it time, stay focused and improve your production in order to avoid the failure.
- Does profit mean success? Wait – What if you have reached at the breakthrough? What if you have started making money? Does it ensure your success in the market place? Business analyst and all the business reports say a big “No”. There was a time when keypad –phones and the telephony companies were on heights of the success and with the advent of smartphones, many of those older mobile phone companies simply got flushed away. Few of them were the market leader but just because they could not keep up with the changing time they couldn’t survive any longer. The lesson is you have to be alert and keep on working for staying in the market place. Remember! Change is the only constant.
So, get ready for starting a new journey of an entrepreneur but don’t forget to follow these tips for avoiding the mismanagement. Stay humble, stay focused and continuously get onto success path. Good Luck!