A newly established business is called startup. A start is a young company that is just beginning to develop. Startups are usually small and initially financed and operated by a handful of organizers or one individual. Startup companies offer a product or service that is not currently being offered elsewhere in the market, or that the founders believe is being offered in an inferior manner.
Note: recently Indian government set a program called” startup India” was launched by Prime Minister Narendra Modi on 5 April 2016 to support entrepreneurship among women and SC&ST communities.
You may observe now a day’s many startups are coming into the market, in other words, it became a culture called “startup culture”.
And also we are observing that so many startups at the level of starting are being collapsed.
The reason behind the several startups/businesses collapsing is that most of the entrepreneurs are not aware of what business suits for them thus they are not choosing the right business which suits for them. And according to the survey 90% of startups that stall because of wrong choices made by the entrepreneurs.
Business seems easy but when the point comes electing a business is not easy as it seems. It is not only about what is working in the market, but also there are so many elements associated with it.
Below are the personal checklist for starting a profitable startup.
Analyzing Resources and Capabilities
It is better to analyze your skills, strengths and most of your limitations before starting a business. At the same time resources also play a vital role in a startup. Once you analyze your strengths and your limitations then you will get a clear picture of what you are capable of and what not. It is advisable to conduct a test of oneself before setting out is advantageous because it alerts you to come out of the worst case that can happen. Meanwhile, it adds buffer time to get things sorted which may lie out of your league.
Possibly Make Sure to Have a Mentor
Somewhere or here all of us have come across with mentors in our lives. The fact is that we all need a mentor. Connect with people those who are not of your association but of bigger and better association and ask them to become your mentor.
Mentors are disciplinarians that create necessary boundaries that we cannot set for ourselves. Discuss your plans with them; you do ask suggestions from them as they have greater skills and experience. Mentors provide information and knowledge. Mentors can see where we need to improve where we often cannot. Make sure to include them in your plan, so that you get early feedback about your concept which can do wonders in future. Mentors offer encouragement and help keep us going.
Alternately Keep Options
Once you analyze yourself then the very next step is discovering options. Remember that you do not stick to one option. When you are in the planning phase, make sure to have 3 or 4 options in your hand readily. Spend a time and analyze each option carefully. It is a time taking process but essential. Just plan each and every option and the select the one which suits you.
Keep Your Target In Sight
Now you are damn sure about what you need to do. Obviously, every business needs customers, so conducting a study of your target audience is not at all a bad idea.
Follow them, follow the market and analyze what make customers happy, and what language do they use, what are their purchasing habit and patterns, actually, where do they stay geographically, find out the customers dilemmas do they have and how your idea is best suited for them. Inspecting all these will give you strong understanding about your audience which then helps in winning them.
Follow your competitors and analyze their market activities, their social media activities and other channels that you may discover. Social media is the best to understand what your competitors are doing. Create a list of those activities and analyze what engagement they are receiving from those activities. This will give a fair view of what you can take advantage of upon.
Channelizing Income Flow
First of all, plan how to monetize through your business.to operate a business you need money and every time you may not shed it from your pocket.
Create a plan for money that inflow to you, make sure to use and invest and use it wisely.
The main use of testing is that makes your product/services much better. The very first thing is that you have to test by yourself by creating a protocol. Find the missing links and always remember one thing treat you as a customer. Include the missing links and hand it to over to your target audience to test it. Make it free because this will boost your brand early on, by this your audience come to know that you exist. Collect their feedbacks and go thoroughly through them by this you can make more optimal on the basis of feedbacks you collected.
Draw A Marketing Plan
To step into the market you need to draw a marketing plan initially. Without any marketing plan you can’t knock out the market, instead, you will hit the wall and most probably collapse.
This is where your competitive analysis comes in, plan each and every step right from the beginning of the market to numerous campaigns that you have planned. Select the right kind of marketing that you need to promote your business. Influence social media as well as, because you can discover most of your target audience over there and keep them engaged and interact with your business. Allocate a budget to execute your marketing plan.
Business is similar to farming and what you are doing here is sowing seeds that will blossom if take care of. Ensure you follow these steps before you set out on your quest to start a business as they will pay off in every run of your business. And when things get going your way, be ready to harvest.
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