Tag: how to make a business plan

5 things to make sure of before you establish a startup

Here are few things entrepreneurs need to take care of before setting up their startup.

Start-ups can be tricky and caught in a haze of competition after the initiation if proper precautions aren’t taken. However, like other businesses, even a start-up requires different things at different points and it is the entrepreneur’s duty to make sure that all the requisites are met. However, it might be the first time for an entrepreneur as well and s/he might need guidance as well.

Never ignore things that you think can mess with the image of your company. If something is absolutely necessary, the entrepreneur should make sure that the start-up has it.

Here are 5 things entrepreneurs need to take care of:

1. Analyse the risks

It is crucial for an entrepreneur to analyse the risks before venturing into any market and actually setting up a start-up. The industry one is venturing in might be targeting only a niche audience which means lesser demand and this could lead to the company fizzling out due to less orders. One needs to take calculated risks and create back-up options for better functioning of a start-up.


2. Do your market research well

Always do your research extensively about the market you’re going to venture into, the competitors and customers’ responses through surveys. This will help in gaining better business insights and also come handy while expanding the business. Without proper research in place, you can end up making incorrect assumptions and hasty decisions which can be harmful for your venture.

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3. Have a proper Business plan

A business plan is important for any business as it contains information about the company, the team, industry, risks, the marketing plan and the financial plan. Internally, it’ll help the start-up in being more organised and an entrepreneur can keep a track of goals that are accomplished. Externally, it’s easier to get loans from banks, show to VCs and build strategic alliances if you have a proper business plan.

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4. Get legal advice

You might think that a business plan is enough to establish a company but there are certain rules and regulations one needs to keep in mind and follow. There are many Government regulated bodies and statutory bodies looking after stuff like patents, copyrights, taxes etc. To be aware of the rules existing in your sector, it is important to hire a lawyer and have his expert advice before starting-up.


5. Set aside a budget for marketing

Marketing and advertising is very important in today’s day and time and the way you market your venture can make or break it. It is absolutely crucial to have a marketing plan which helps you reach out to your target audience better. And, for these plans to work, one needs to set aside a certain budget. An entrepreneur also needs to decide what tactics and channels of marketing he’ll be using- social media, websites, ads on Facebook/Google, billboard advertising etc.

Happy starting up!

Image Credit: epublish.in

Startup Success: Pitch Your Business Idea Like a Pro

Everyone has ideas; it is the implementation which makes the difference. So when working upon making an idea a reality apart from working on the basic business plan, you need to pitch your idea to an investor.

We all have ideas. But how many of us actually do something with our ideas. So how do you end up making an idea a reality?

Everyone has ideas; it is the implementation which makes the difference. So when working upon making an idea a reality apart from working on the basic business plan, you need to pitch your idea to an investor.

Not all of us our blessed with cash rich heritage and are dependent on external investments to get funds into our startups. What may look good on paper needs to be reflected in a summary form so that the investor gets the idea immediately instead of having to look into a cumbersome booklet, which states every morose detail.

There is no point having an elaborate slide or presentation unless you actually have something which is concrete and tangible. No investor wants to invest in an idea which has no base. You cannot simply talk about your business and why you need the money alone, you need to pitch in your idea, which showcases the actual concept which people will get.

If you cannot make the investor understand, then the investor will think the concept shall also be lost on the mass. You need to show your business viability. Why would anyone invest their money if the business which is not viable?

Have a prototype and a test launch of your product. This helps the investor understand the actual reality of your idea. Remember one thing, when you are going to investors, you are going to people who know their business.

So never beat around the bush and waste the investor’s time. Get to the point and be reasonable and sensible. If Rome was not built in a day, then remember neither will be your business.