It is not as simple as baking cookies, but it is not as tough as assembling a rocket either. All you need is careful planning, a grandma for tips and the right oven.
Do you know that eleven percent of the adult population in India has been spotted to be engaged in early-stage entrepreneurial activities? Well, wait till you read the next figure. A mere five percent of people in India actually go on to establish their own business.
The Global Entrepreneurship Monitor (GEM) India Report 2016-17 peeled off the reality that is not as encouraging as it should ideally be. After all, India is the epicenter of innovation, technology support and an unprecedented e-commerce surge right now. But then, at 5 percent, a rate that is among the lowest rates in the world, we also have a business discontinuation rate, among the highest, at 26.4 percent.
It turns out that we need to remember something before we start a new business – how to make sure it doesn’t fold too soon and actually grows.
But how? And is that easy?
Kickstarting a business today – easier than yesterday
Believe it or not, incubating a business is not an uphill task anymore. A torrent of support, resources, pillars, and expertise are, available the moment one seeks some help or advice out.
Let us break down the start-your-business ambition into six easy steps here.
1. The Idea
Yes, generating a workable idea is the first step.
- Pick what really drives you and what you feel is of adequate value to the customer and the market. It should add value even if it does not disrupt the market or prevailing business models.
- Brainstorm with your partners, friends or mentors. Listen carefully and with an objective mind. Be ready for course-correction as well as for a brutal encounter with strengths and weaknesses flashed in a clear-cut manner. This will help you pick loose ends and gaps much ahead of the real battlefield.
2. Flesh it out
Now that you have a semblance of an idea, you have to convert your rough plans to more concrete ones.
- Create a business plan that involves everything – from market analysis, team/staff requirements, portfolio, and details of products/services, your go-to sales & marketing strategy and a reasonable level of financial projection. You can tap the impressive and deep network of experts on platforms like Tobuz.com.
- If this exercise looks too overwhelming, you can also think of an alternative. You can look for a business to buy. Again, online platforms like Tobuz make it easy for you to scout for the right options and connect to them without any friction or hassles.
3. Seal the nail
It is important to get going by registering your business as per the applicable regulatory framework and processes. This can be a tad exhausting and detail-oriented so do not hesitate to rest on the shoulders of someone who has been in this space for long. Take help from the vast circuit of seasoned lawyers and business consultants on Tobuz. It has to be done right, but you do not have to burn extra sweat if you go through it with the right expertise and guidance by your side.
4. Wet your feet
No matter how extraordinary your product sounds or how path-breaking your business model appears on paper, everything can be an exercise in vain unless you slam them on the real grounds.
- Make pilot-testing an early part of your product/service journey. This is where you gather improvement-areas on tangible aspects and also get valuable customer feedback about the intangible aspects too.
- Incorporate all your lessons and dents to make the offering more sturdy and well-rounded than it was before.
5. The Bean Counting
Planning your cash flow forecast can sound like a mundane job, but it is very crucial to the success of your business. Remember that while bureaucratic hurdles are to be blamed for business discontinuation and personal reasons, businesses also fail due to financial issues, due to businesses turning unprofitable.
- Approach the right experts in the field to garner timely and smart support – like financial consultants on Tobuz.com.
- Make cash flow system work for you instead of being a guess-work that leaves you hanging on a critical business afternoon.
6. Pull the trigger
When all is set and ready, it is time to launch the actual product. This is where marketing and brand awareness campaigns and savvy ways to stand out in the clutter out there would be of extreme importance.
- This is the time to show your customers the very first time, and every single time, the promise and assurance of a good experience. Your idea is out in the real world now. Let it shine and be there to adapt and roll with the pats and punches as they come.
- To start great is awesome but to stay great will take a lot more effort and investment. A CII-KPMG report2 titled “Entrepreneurship, Growth, and Opportunities” laid a lot of emphasis on entrepreneurs to build scalable businesses and leverage growth opportunities. Scalability was an important pillar noted there in making or marrying an entrepreneur’s journey – depending on how well it is taken into consideration.
- Capacity building practices, continuous improvement of daily activities, and focus on long-term growth of the enterprise, with an eye on managing growth – these came up as important parts that differentiate successful businesses from the also-rans.
So hang in and keep tapping the right support all around you at every point of this exciting journey. Get going and keep going!