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BUSINESS START-UP PLANNING

5 min


112

 Business start-up planning

Planning to start your own business?
Want to be your own boss?
Design your own routine?

Do you see yourself as l business owner?
Are these are some of the questions that are troubling you and you are seeking answers to them then is this is really going to change your life.
First of all, ask your self-are you ready? Come on one more time ask your self-are you ready?
It is believed that hearing your own voice, again and again, make you feel relaxed and comfortable in any kind of situation.

First of all, prepare a checklist or to-do list for starting a business

  1. See yourself as potential business owner
  2. Develop the concept of feasibility in your self
  3. Think of critical situation or issue, important decision you have to take
  4. Requirements you will be required to fulfill
  5. Develop your plan (business)

 

Taking your first step determine your winning condition whether you will win or fail, taking  the first step will lead toward your goal so what you need is

Define your idea

The idea on which you want to develop should be crystal clear in your mind, no if and buts has space there else you will fail before even starting!

Gather information on your idea

From basic to top root all information should be there with you for conquering every situation you are going to face

Check feasibility

 

Check whether the plan you are developing is going to work or not, just dry run it and think of the possible outcome of that, the situation you are going to face

  • Most important thing than re-evaluating all process again
  • What do you get an answer yes or no
  • If yes then from here the real journey start of your life the real battle began now

 

Now you have to work on the development of your business plan and arrange financing support for it that is you have to develop the resources and a contact list which is going to help you.

If all the steps are followed then it is sure that startup is going to fly like a plane,9but remember that sky is not clear always you will face problem but have to stand still and wait as time is never same,

 

.you is a potential business owner

 Owning a business may be a personal dream for many, but managing it prove to be a very difficult task because of lack of the previous experience or management skills which are essential.

As an honest self-evaluate you have to assess your personal characteristics and examine your willingness to meet the demands

Check for your weaknesses along with strength, work upon them, external training or education might be helpful in finding out your area you have to work upon

For this purpose, you can prepare a checklist

  • Are you a leader?
  • Do you have confidence?
  • Do you make your decision or they are driven by other?
  • Are you self-disciplined or not?
  • Do you have flexibility?

If you answer this question is yes then it means you are having it, will come up with flying colour

 

 

Now it’s time for self-analysis

The characteristics and skills needed for running a start-up have to be developed by you with your self-analysis, which will lead you to the harmony

Correctly understanding the demands and the required skill is going to help you find the business best suited to you, the need of skill to grow.

Motivate you to keep moving ahead and keep learning to develop your business idea.

Work upon your business idea

The very first step is to explore and gather information as much as you can (possible) about your business plan, idea you are thinking .it might be you have to take help from article from business authors, editorial form different resources, book on similar issue or a trade publications .the most   and essential thing which you have to remember is that your idea is unique .taking time to explore through will only going to help you identify factors that make your idea unique

For this, you can ask yourself questions like

  • The business you will be in?
  • Service or product?
  • Will they buy from you?
  • How will you promote your idea?
  • How much they will pay for it?

The answer of above question is going to help you build the idea you should work upon

Define the market through research and analysis

Market research provides data and information about the industry and its demand, supply.

Analysis of market helps to understand the business environment in growing competition.

Market research

It tells you about the customers, where they are, how is the potential of the market. There is two type of basic research primary and secondary.

Primary research gathered information from sources like surveys, questionnaires

Secondary research includes research which has already heard done like journals, publications.

 

Enhance your chance for success

There are always risks whenever you start a new concept be it any proposal or any business idea

As an owner, you will be willing to lower the risk by following ideas into startup

  • Plan ahead
  • Gain experience in business and the type you are looking for
  • Strength and interest should be used up to optimal level
  • Take support from family and friends in your tough time.
  • Talk to others who are in the same field
  • Be persistent don’t give up

 

 

Starting a new business

Starting a new business can be very exciting task .it allow freedom to explore your idea

Exercise your creativity and thinking ability to do the following like

  • Research your idea
  • Develop your strategy
  • Make your own decision
  • Develop idea from the ground zero

Successfully

 

Successfully starting your own business can give you a sense of satisfaction in knowing yourself, but if the start-up fails you must be ready with all the emotional stress and mental pressure associated with it.

 

 

The misconceptions about the business

I would be my own boss.

Your own boss does not mean that you have freedom and can play golf or go fishing anytime you want

I can get rich in one night

Enterpriser think it is a day or two task which could lead them to ne a millinery in a night

But it is a task of time-consuming process

I can start my startup with small or little amount of money

Poor source of finance is one of the major causes of business failure, lack of which can result in poor decision or credit problem

 

 

If you are done with the above things then there is a time for selecting a business location

Location plays a very important role it is more important than doing business, can be determined by

  • Customer travel to your business or employs travel?
  • What your business offered them?
  • Are you offering a special product with any special service?
  • Will you be requiring a special location for it?
  • Will customer play a role in your location?

 

And the factors you would be thinking of to minimise the risk factors are

 

Insurance protection should be there

Insurance protection is an important in minimising the risk factor, often it is neglected

Basic step

  • Current coverage
  • Is there a need
  • Seek professional help

 

You may also need a partnership for growing your idea

Partnership is entity between two or more who mutually agreed on terms, skills, share losses and decisions

But everything has two faces so as partnership has

 

Advantages of it include

  • Simple form of business for small startup
  • Establishment of stirrup can be done with minimum documentation
  • Profit and losses are shared by partners
  • Resources from all partners
  • Limited risk

 

Now it’s time to develop your business PLAN, YES you are ready now just go for it

But remember that

A successful plan has will serve you with

Will help you focus

Will create a path for you in early developing stage

It is a benchmark

 

So at last but not the least

Tips for writing a good business plan

  • Keep it simple bro
  • Make it easy
  • Use under stable layout and graphics to understand
  • Be objective
  • Be honest
  • Know your strength and weakness

 

 

 

Mistakes to be avoided while making a plan

  • Unsunstraiated assumption
  • Quarry in about every point
  • Failure to understand problem(initial)
  • A lack of understanding

 

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