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!
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