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What are the Basics for Starting my own Business?

CW
What are the Basics for Starting my own Business?

Starting a business Over the years we have seen growth in number of start-ups that are successful, some may have had a brilliant idea but failed due to multiple reasons, few are in early stage companies and bound to grow large any small start-up or a business. All the start-ups contribute to the network and a lot can be learned from them, no matter successful or a failure. Here we will revisit some basics for starting your own business; few elementary level insights.

There are some business basics that should persist in any company, new or old. While established companies may have found a way to tweak around with these, for a new business owner or entrepreneur company it becomes essential to nurture it like a tree (maybe that’s why the first financial stage is called “Seed”).

Business by definition means trading goods, services or both in a commercially viable and profitable way. On the other hand, a startup is a company or a “stage of business” which is designed for accelerated growth. A company need not be a newly founded for it to be a startup. The most important and the only virtue of a startup is growth, nothing else.

Consider a scenario. You are discussing with a friend on a topic and decide to start a business around your discussion because it “potentially has potential”. What do you do next? Let us have a look at some of basics that I learned from my experience at startups and talking with a lot of startup owners, some successful and some failures.

Basics of starting any business : Online or Offline

It doesn’t matter if you are starting online or offline, there are few business basics that everyone should follow religiously. Being associated with a start-up company, I could outline some of the most important aspect of starting a business. Below, I’m outlining some of the points, that you need to work on before starting your own company. If you are a blogger, you should read:

Idea and Concept

Look at any large company. Look at their products. These companies did not start big. Rather, started small and focused on their “idea”. They identified a problem and made solutions for that problem. In the process, they made a market for themselves by just focusing on the problem they were solving. Why did ICQ messenger, started in 1996, become popular very quickly? Because Arik Vardi identified an opportunity to connect friends over a simple chat client. The idea was different, focused on chatting (following collaboration as a natural human instinct) and solved the problem of instant connectivity.

Documentation:

Everything needs to be documented. Products / services you want to sell, cost of making these products / services useful (opex), cost of a setup (capex), marketing expense. Break these down to the minimal and start bottom up. Use a project management tool or use excel sheet to maintain records of all the work and parameters of business that you will need to start.

Setting up a new office? Document and write what you need. When we start writing these things down, it helps us identify our needs (not wants), remove clutter thus stay focused. Documenting will help you setup a business plan with much lesser mistakes than if you were to jump writing a plan yourself. If you are not sure about how to go about documenting your requirements or a business plan, drop me a mail. I could help you with that anytime.

Connect with your market

Most of the startups that have grown successful, have identified a problem, made a solution and reached out to specific people with that problem ad solution. The key to a good idea is a niche market / consumer base. Why? Simply because these are users who need your product more than anyone else. Their word of mouth will go a long way because of the credibility they have (being the first hand users of the solution). Early adopters and Innovators help you spread the word the most because these are users and people to whom, your solution matter and who will help you at every stage of your business. Identifying your niche market will be one of the key stages and phases.

Marketing Plan

Simply put, a marketing plan shall include all the things you need to do in order to sell your product to your target market. This will also include your branding process. What do you do to market your products? Build a complete portfolio of marketing activities depending on your product. Industry. For example, advertising around a popular traffic jam “spot” or radio could be very useful for a nutritional company trying to sell anti-stress multi vitamins or joining communities on Google+, Twitter, Facebook, Pinterest and follow your trends of your consumers. This will serve as your feedback and reengagement channel once you have launched your product or service.

Brand Name

Your brand / product / service name is like your face. It does a lot of talking when meeting new people. Develop something that reflects on your company and defines your goal graphically. A true branding experience will be felt at all levels. It is so intuitive. When you starting a company or a new business, spend quality time on planning out branding strategy for your brand. Do remember, by the end of the day brand name is one of the biggest selling point for any product.

While these parameters play a significant role in development of a company and idea, the total experience of running a startup and growing it bigger will be an overall factor driving the company itself. Its like developing a super bike. If you put all the parts right, you surely have a beast. For getting the parts rights, you make a list of things. That’s a business plan itself. Does it not make the job easier?

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Article by Writamvar

Writamvar has written 5 articles.

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{ 14 comments… add one }

  • Monika Thakur

    I think customer support is very necessary if you really wants to make your business successful. Nice article thanks for sharing :)

    Reply
  • Riya Mathur

    Knowing your business is not enough, but also knowing your customer upfront and their needs to design the product / service keeping them in mind. Also not to forget once scaled its important to maintain and provide same quality and support , Thanks

    Reply
  • Riya Mathur

    Knowing your business is not enough, but also knowing your customer upfront and their needs to design the product / service keeping them in mind. Also not to forget once scaled its important to maintain and provide same quality and support

    Reply
  • Writamvar

    @ Lavneet – Yes, customer support becomes the voice of the business. A new customer can decide whether to associate with a company or not, depending on the conversation over the call or reply to his emails by customer support center.

    Reply
  • Rashmi Sinha

    These are some of the most important points to keep in mind while venturing into something completely new. Organizing things and moving steadfastly towards ones goal is prerequisite to make it big in the world.

    Thanks for the information!!!!

    Reply
  • Lavneet Sharma

    Well said. :) All the companies don’t become big at the starting. We need patience, hard work, and good customer support play important role in deciding company’s reputation.
    Thanks for the article. :)

    Reply
  • hrmehrotra

    set vertical where you should focus and what you can do best to deliver

    Reply
  • Robin

    unique approach, consistency and perfect strategy can help one to be successful in the business. So many factors and new ideas will come as the day moves :)

    Nice article and good one for people who like to create a startup biz.

    Robin.

    Reply
  • saicharanreddy

    This article helps me a lot. Thank you very much. We are starting a business saree villa Tnaks shoutmeloud I’m following this site from 2 months

    Reply
  • Rupali

    Nice guidelines to start a sound business.

    Reply
  • sreekanth

    nice article Writamvar,
    I would like to add a point here….patience is one of the important qualification of a successful entrepreneur …particularly if it about a start-up..initially very few may support but the idea clicks , your idea becomes billion dollar property …. :)

    Reply
    • Writamvar

      Thanks @ Srikanth.. Totally agree patience is a key.. without patience, we would not know what is what… Thanks for the add :) Patience and persistence..

      Reply
  • Franklin Antony

    Nice Strategy used while writing…
    I am planning to begin an Online business (a Web management Company)and hope posts in this Series would help newbies like us a lot…

    Reply
  • AnimHuT

    Brand Name is must, some idiots take the name of other blogs or brand in social medias! and even they wont use it !

    Reply

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