To start a business you’re going to spend a lot of time devoted to the business.
- Think 15% – 20% more in terms of expenses and always plan in terms of overestimation.Develop a business concept that you’re passionate about and which emphasize specifically on concept “Offer what people want to buy, not just what you want to sell”.
- Always research extensively on your target audience to convert imagination into reality, explore target audience in terms of their need keeping business profit aside and ask yourself does the product or service that we are about to launch will work for our target audience?
- Decide on a name that best suits your business.
- Business statement is the heart of any business so write a mission statement, a company summary along with an executive summary that describes product offerings and financial projections and the cost of operations also. Assess the market, targeting the customers most likely to make a purchase.
- Perform a competitive assessment.
- Be flexible. Chances are that your original idea will have to be modified. Being able to adapt and customized a being able to adapt to create what customers want will determine if your business will fail or succeed.
- Don’t be ashamed to share both your triumphs and struggles. Customers will enjoy your honesty.
- Benefit from word-of-mouth. Nothing beats some good old-fashioned word-of-mouth marketing. Let friends, family members and influencers in your field spread the word about your product or service.
- Know that honesty is the best policy.
- Network. Wherever you go its park, School, college, market or office create network of people around yourselves introduce yourself, take interest in them means just do networking by using your people skills.
- Get cash flowing ASAP? Cash flow is the lifeblood of business, and is absolutely essential to feed bottom-line profits. So you need to find ways to jump start cash flow immediately.
- Always find new ways to keep costs low. All the cash flow in the world is worthless if it’s not positive cash flow, which means you have to bring in more cash than you pay out.
- Think 15% – 20% more in terms of expenses and always plan in terms of overestimation.
- Focus on sales and marketing manically. In business, nothing happens until a sale is made. From the jump, you’ll need to find a good way to get leads, convert leads into sales, and make sure you keep getting repeat sales from your customers.
- Test and measure everything. It’s very much true what you can’t change what you don’t measure. Always plan everything in a very calculative way. So prepare strategy in terms of measurements.
Author: Sumita Thukral