It is possible to start a business with an Idea, good start-up, an opportunity, a need or simply a product or service that makes things easier. There are literally thousands of such ideas that can be turned into a business and all you need is to understand these basic steps and execute them before you launch into your business.
1. Market Research
Market research is a very wide term, so let’s make it easier
· Product / Service study
· Competition Study
· Case Studies
Document and develop a business plan for each and every detail. You may seek guidance from industry experts, consultants or mentors to review and receive valuable feedback and suggestions from them. Good start-up will give you a basic understanding as to whether starting a business is worthwhile or moving on to a different idea.
2. Get a Co-founder / Core Team:
A great team makes a good company, and this is one of the most important points to consider when starting a business. Find team members who share a similar dream and provide the company with the right kind of knowledge / experience.
3. Financial Planning
Let’s talk about getting it up and running now that you’ve decided to good start-up a project.
To get it from drawing board to startup, a business would need funds. Your business plan is expected to have a strong financial plan that will help you to assess the power to get you started.
You may be bootstrapping, self-funding, having seed or angel investment; and when you have a detailed financial plan you know how to manage and expand your business seek additional funded from various sources (banks, PE or VC businesses, etc.)
4. Learn Business Legalities
Learning about the legalities associated with your business is very relevant for an entrepreneur. This will allow you to protect your company from unexpected issues in the future. You’d need to register your business, brand name, trademark, emblem, website and safeguard your intellectual property by applying for patents or any other type of legally binding agreements.
5. Get an accountant
Managing funds is a very important factor in your business ‘ success, so hiring an accountant who knows your industry very well is highly recommended.
6. Choose a business structure
It allows you in a long way to choose the right business framework. Many options are available such as One Person Company, Proprietorship, Partnership Company, Limited Liability Company, Private Limited Company, Non-Profit Company, Trust, etc. You can choose an appropriate business structure, based on your business needs and future goals.
7. Decide a business name
This is a very exciting part of your business trip; you’d have to find a name that suits your business. You may also want to make sure the name you have chosen is valid for your govt registration. If you want to create an online presence, registry as well as the correct domain name and social media account are available.