Planning for Starting Up New Business?? Be Prepared!!
“Any time is a good time to start a company –Ron Conway”
Yes, no specific time is mentioned anywhere to startup your new company. However it’s not an easy task to do and you cannot startup any company within one day. It’s not like one night you thought about starting it and next morning, you open it positively. Lots of planning, preparation, legal formalities and other things are necessary to accomplish for starting your new venture. Moreover, you have to be prepared mentally for it, as its big responsibility that you need to hold on your shoulders thereafter. This is big matter of concern, especially when you thought to start a company leaving your current fully secured job. It’s not only about starting a company but it’s about making it successful and earning a big part of profit out of it, which further demands for lot of time, hard work and effort.
Points to Consider before Starting New Business Venture
If you want to be your own boss and in a mood to start your own business, then there a few points which you should be aware of before taking this big decision.
- You Must have an Effective Business Idea: every business starts with an idea or we can say base of every business lies in a brainstorm idea.
“I have an idea of who I want to be, I have a vision of my own success. Wiz Khalifa”
Just as stated above, if you possess an idea about starting your venture and have clear vision about where your idea will take your business in coming years then you will definitely enjoy success. Your idea maybe anything, something like you are passionate about or maybe something that you think can fill that gap prevailing in the corporate market. It is quite possible that lots of ideas will be flooding your mind when you plan to start business, but it is advisable to squeeze your list to two to three options or idea about which you are highly confident. Once you left with two to three options, then go for detailed research on them as well as lookout for the companies that are already dealing on those ideas. Checkout whether they are earning profit from it as well as think about how you can compete with them and how you can achieve success particular area when lots of competitors already exist.
- After an Idea, You Must have Effective Business Plan: When you are done with short listing an idea, at next level, you need to ask yourself few important questions like -what is the main purpose behind starting your business? How will you manage finances? Where you will buy office space and with what specifications? These all questions point towards an effective business plan. All in all, you need to prepare business plan first and include all those important things in it without which opening business venture is next to impossible. By making business plan, you will also come to know about in which direction your company will move forward and at what pace in context to lead success.
- You Must be Clear about Finances: Before starting any business, you need to be crystal clear about from where you will manage your expenses. You must have answer to questions like – Do you possess any financial means to start up your business? Or Do you want start your business in partnership? If you are planning to start your business leaving your current employer, then it is advisable to wait to go for start-up, until you don’t gather maximum fund to bear all expenses.
- It is Essential to Decide Your Legal Business Structure in Advance: Before registering your startup, it is essential to figure out which type of company it is. Your business structure will going to decide that how you will file tax further as well as other personal liabilities. If you decide to open company on your own then you have to register your company as “Sole Proprietorship”. If in case, you plan to start your company with any partner, then it will be register as “Partnership Firm”. This registration compliance also includes registration of firm with the Government. Every organization need an “Article of Association” and “Memorandum of Association” which registering the firm and it includes details about name of the business, purpose behind opening business and corporate structure etc.
- Build Your Team for Work:
“A key to achieving success is to assemble a strong and stable management team. -Vivek Wadhwa”
It’s completely true that success of any business lies in its employees who work hard and employs their skill and talent to take your business on the heights of success. If you don’t want to be a one-man army, then it is essential to hire good and talented team. First of all, it is important to recruit a best team and thereafter it is required to define roles, responsibilities and work to them, so that you don’t have to get worried or take tension about small things.
- Consider Buying Insurance Policy for Your Business: Initially you may not think about buying insurance policy as it may seem an extra expense to you, but going for the appropriate insurance policy is essential to consider for business growth and success. Incidents such as theft, fire, property damage or even customer lawsuit can put negative effect on your company’s growth. Therefore, it’s our responsibility to possess proper shield against these circumstances in advance. In this context, buying insurance policy is best alternative that will secure you, your business and employees in long run.
- Advertising Your Business is Necessary for its Visibility:
“Doing business without advertising is like winking at a girl in the dark. You know what you are doing but nobody else does. ― Steuart Henderson Britt”
Before jumping into the market to sell your products and services, it is essential to build your brand image or make your business visible. People should know about it. For this, it is essential to do advertising. Go for creating impressive logo with persuasive tag line that will relate with the people easily and which displays your objective behind opening a company. You must be aware that social media is doing wonders these days in promoting or advertising business. So, don’t forget to take advantage of this platform as well. Do lots and lots of advertising to create your business presence among people and then go for selling your products.
“There’s no luck in business. There’s only drive, determination, and more drive. – Sophie Kinsella”
Undoubtedly, starting a new business and making it successful is a big challenge for anyone, but if you have that passion and determination to do something and to achieve your dreams then you will definitely achieve what you want. So, whenever you plan to start any business, don’t forget to take above mentioned points in consideration, you will definitely get succeed.
Article by:- TechNCR Team