looking for how to start a business or startup? doing business is always a best option as compare to working for someone else from 9 to 5. Here are the ways to start your dream business by your own
Updated: Dec 28, 2020
There are 2 important things if some is thinking to start a Business the first one is a radical idea which would the fill the market gaps and can provide some value addition to people & secondly execution of that idea. executing part is very hard but once you are determined no one can stop you.
In a research it was found that around 71% of startups failed within ten years, so generating a robust idea is must. lets look to the various steps you need to know before starting a business
1) Make a robust business plan
Planning is the first step you need to know. a good planning means you will eliminate several hurdles which will come on your way planning includes your investment to the business , a roadmap , mission, vision & and a good blue print of over all business from investing to generating revenue
2) Market Research
this is the most essential step market research will tell you what are the need in market and how your customer behave towards it for e.g if you are starting a hotel you don’t what people like in that particular area you can do a survey through some questionnaires asking people what type of dishes they like most on what price range. this will help you to stand out from your competitors
Money matters the most in setting up the business, Amount of money required to start a business will vary from business to business & place. there are several way from which you can get money
- From your Own Savings
- Borrowing from Friends & Family
- Venture Capital
- Angel Investors
4) Surrounding Your self with right people
There are lots people you will find on your path some optimistic & some pessimist but your but your business partner should always be optimistic, Dedicated, Smart & Empathetic.
5) Set up a website
Setting up a website for your business is way of reaching out to the more number of customers. Whether it is a e-commerce company, digital marketing agency or hotel business. A full information of your products or service on your site would be beneficial for you.
6) Finding locations
Finding location where your office, hotel would be where you can work. At starting you can also operate your business from home but once the business will grow you will require more number of people & big space to do work.
On of the important steps would be marketing your products & services. This will help you to grow more in this competitive world where every small to big company has competitors. Using digital marketing tactics would benefit you but first you should learn what digital marketing is. Also you can choose digital marketing as a business opportunity and earn good some of money. This is one of the effective way to generate customers. Prepare for the uncertainty like bankruptcy if business fails is also essential part of business.