It really took me a while to pen down all of my experience while working for someone, working with someone to starting my own Venture!
I've summed up everything that is essential and important when you start your own business.
Your Idea (Is it one in a million? or is it capable of being a successful game player in the Industry)
If you're thinking about starting a business, you likely already have an idea of what you want to do, or at least the market you want to enter. A quick research on existing competitors in your industry. Learn and re-learn what current brand leaders are doing and figure out how you can do it better. If you think you can deliver something others don't (or deliver the same thing, but faster and cheaper), you've got a solid idea and are ready to create a business.
"In the words of Simon Sinek, 'always start with why,'" said Glenn Gutek, CEO of Awake Consulting and Coaching . "It is good to know why you are launching your business. In this process, it may be wise to differentiate between [whether] the business serves a personal why or a marketplace why. When your why is focused on meeting a need in the marketplace, the scope of your business will always be larger than a business that is designed to serve a personal need."
Another great option is to open the franchise of an established company. The concept, brand following and business model are already in place; all you need is a good location and the means to fund your operation. Regardless of which option you choose, it's vital to understand the reasoning behind your idea.
You'll need to clarify why you want to work in this industry – do you have a passion for making people's lives easier? Or enjoy creating art to bring color to their world? Identifying these answers helps clarify your mission. Third, you want to define how you will provide this value to your customer and how to communicate that value in a way that they are willing to pay."
The idealization phase, you need to iron out the major details. If the idea isn't something you're passionate about or if there's not a market for your creation, it might be time to brainstorm other ideas.
A complete Business plan
Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a well-written business plan.
Conducting thorough market research on your field and demographics of potential clientele is an important part of crafting a business plan. This involves conducting surveys, holding focus groups and researching SEO and public data.
"When you board an airplane, what is the first thing they show you? How to get off of it. When you go to a movie, what do they point out before the feature begins to play? Where the exits are. Your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building. Too many times I have witnessed business leaders that don't have three or four pre-determined exit routes. This has led to lower company value and even destroyed family relationships."
A business plan helps you figure out where your company is going, how it will overcome any potential difficulties and what you need to sustain it.
Starting any business has a price, so you need to determine how you're going to cover those costs. Do you have the means to fund your startup, or will you need to borrow money? If you're planning to leave your current job to focus on your business, do you have money put away to support yourself until you start making a profit?
Experts generally agree that startup businesses often fail because they run out of money too quickly before turning a profit. It's never a bad idea to overestimate the amount of startup capital you need, as it can be a while before the business begins to bring in sustainable revenue. Additionally, don't overspend when starting a business. Understand that Cost-Cutting is really essential.
"We worked with a startup that had two employees but spent a huge amount on office space that would fit 20 people. They also leased a professional high-end printer that was more suited for a team of 100 (it had key cards to track who was printing what and when). Spend as little as possible when you start and only on the things that are essential for the business to grow and be a success. Luxuries can come when you're established."
Unless you're planning to be your only employee, you're going to need to hire a great team to get your company off the ground. Joe Zawadzki, CEO and founder of MediaMath, said entrepreneurs need to give the "people" element of their businesses the same attention they give their products.
"Your product is built by people". "Identifying your founding team, understanding what gaps exist, and [determining] how and when you will address them should be top priority. Figuring out how the team will work together ... is equally important. Defining roles and responsibility, division of labor, how to give feedback or how to work together when not everyone is in the same room will save you a lot of headaches down the line."
Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal or figurative doors for business.
Create a logo that can help people easily identify your brand, and be consistent in using it across all of your platforms, including your all-important Websites (preferably one). Use all sources of media to spread the word about your new business, perhaps as a promotional tool to offer coupons and discounts to followers once you launch. Be sure to also keep these digital assets up to date with relevant, interesting content about your business and industry.
"The issue is they see their website as a cost, not an investment," Bowen said. "In today's digital age that's a huge mistake. The small business owners who understand how critical it is to have a great online presence will have a leg up on starting out strong."
Creating a marketing plan that goes beyond your launch is essential to building a clientele by continually getting the word out about your business. This process, especially in the beginning, is just as important as providing a quality product or service.
Growing Phase, Honestly at M20 and India Disrupted along with several other companies I'm associated to, as an individual I'm still figuring out how and where does the growing phase starts and ends! Eventually with time. we'll know and I'll be there to share the story of our growth!
Your launch and first sales are only the beginning of your task as an entrepreneur. In order to make a profit and stay afloat, you always need to be growing your business. It's going to take time and effort, but you'll get out of your business what you put into it.
Collaborating with more established brands in your industry is a great way to achieve growth. Reach out to other companies or even influential bloggers and ask for some promotion in exchange for a free product sample or service. Partner with a charity organization and volunteer some of your time or products to get your name out there.
While these tips help launch your business and get you set to grow, there's never a perfect plan. You want to make sure you prepare thoroughly for starting a business, but things will almost certainly go awry. To run a successful business, you have to adapt to changing situations.
"There's a saying in the military that 'no plan survives the first contact' meaning that you can have the best plan in the world but as soon as it's in action, things change, and you have to be ready and willing to adapt and problem solve quickly. As an entrepreneur, your value lies in solving problems whether that is your product or service solving problems for other people or you solving problems within your organization."
So this was the article solely dedicated to how would someone start their own venture. As a beginner myself, I have had shared what my industry had taught and shown me. In this modern and dynamic world, the business, customer, and the industry changes within the time of snapping the fingers, one must be ready to learn, re-learn, try, re-try, and start all over again when its a fall!