If you are looking for how to start a startup business, then here is the comprehensive guide that will help you get started with your new startup today:
“Becoming an entrepreneur is surely not every one’s task as the process of becoming an entrepreneur is really tough.”
First up, you’ll have to understand – who is an entrepreneur? before riding the entrepreneurship bike. Anybody person who starts a business is an entrepreneur right! No! Let me clarify you who is a real entrepreneur – The person who identifies a need takes risks, is creative, innovative and ultimately produces solutions to address the chosen need.
In short who makes a difference in society – entrepreneurs build startups and the one of the best and wonderful ways to start a startup business is outlined as:
1. Find a Business idea
Every business starts from a good idea. A good idea is one that will make a difference and can actually be done. Listening and learning provide the basis to generate good business ideas. Keenly observing the situations which matter to you and to the people in those situations will help you to come up with great business ideas.
2. Evaluate Business idea
Once you come up with an idea, it is time to screen it. Screening means to check its chances of success or failure. Analyse the idea for strengths, weaknesses, opportunities and threats(SWOT). When you are done with SWOT, consider the market environment, resources required and the possibility of future success.
3. Capture your business idea
In this step, you will have to address what are your customers buying?, who is going to buy your product?, how many potential customers are in your target market? who are your competitors? In the next 3, 6, 12 months, what are the milestones to accomplish? what will your business look like after 1, 2 years? what is the cost to make your product or deliver service?how much will you charge to earn a reasonable profit?
4. Write a Business Plan
A business plan is an essential tool for all entrepreneurs. It provides a blueprint and manual on translating your idea into a profitable product or service. It also serves as a powerful diagnostic tool in case things go wrong. Your business plan should attract investors in order to secure finance for your startup.
5. Find an Efficient Team
Once you complete your business plan, develop a team with right skills and competencies in order to implement your idea. Clarify your vision and proposed product or service to them. Discuss roles and responsibilities to each employee in the team. Offer them contracts in which you need to include employment period, salary, working hours, leave etc.
6. Register your Business
Choose a name for your startup and choose a form of organisational structure such as sole proprietorship, partnership, private limited company, co-operative etc. Now create a corporate identity such as logo, business cards, letterhead, baseline etc. You will also have to consider legal aspects such as tax, copyrights, trademarks, patents etc.
7. Choose a Location
The place where it will be located and operated on is called as business location. It should be suitable for your business type, accessible to customers, meets your layout requirements, connected to transport network, availability of basic amenities, parking space, meets government regulations etc
8. Fund your Business
Estimate the total amount of capital required for renting, salaries, machinery, tools, building, utilities etc. Once you have determined the budget, identify source of finance.
Whether to secure funds from banks or angel investors or to utilize your own personal savings. Read how to finance your business to understand which method of obtaining funds is better for a startup business.