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Steps for the startup

1. Identify problem & solution

Conduct market research and gather information about the problem or loop hole in the market. Understand the business opportunities connected to such problem, find the target customers and possible competitors. You idea must fill the void of requirement or improvement to the existing one.
This idea can be as simple as:

• Launching a new product & or manner of service.
• Change in the appearance of product.
• Adding up new feature.
• Coming up with unique and different use for a product which is already in demand.

For instance, we are very much aware about the Tiktok application which was popularly used by the public but has been banned. Soon after the ban, every social media company added the feature of Tiktok reel in there social media like Instagram, Facebook. Giving a new flavor to the applications.

Similarly the market movement and other external factors should be all together combined while coming up with an unique idea.

2. Make your business plan

Once you have a business idea, you have to start building your business plan which describes in detail about your products and services. The plan must include information about your market, industry, operations, finances and competitor’s analysis.

Writing a business plan with clear steps is also important for the execution of the plan and generating financing for your startup. Loans are more likely to be received to the entity having a proper business plan which could explain how money will be used and what are the needs. Writing down the business plan will definitely help you in the coming stages of the business.

3. Securing source of fund

The cost and expenses of a startup is different for every business. However, for meeting your costs you need to get financing for start up from different ways. It can be Friends and family, Bank loans, Angel investors, Venture capitalists or any other means. You can also apply for your business credit card.

Lack of financing will lead to risk of not being able to pay your operating costs. This may led to close your business doors. It is fact that, almost startups fail due to lack of money.

In order to make right amount, first you are required to estimate your costs and cash flow, also including the interest rates on your loans. Once you do that you can easily get to know about the need of how much fund is there and can source it well in advance.

4. Choose your Business form

According to the plan and funds requirement you need to choose form of business entity which will be good for your business to run properly. It can be:

• Sole proprietorship Firm
• Partnership firm
• Limited liability Partnership(LLP)
• Private limited Company
• Public Company
• One person Company.

There must be perfect balance of legal protection and benefits in the business form so decided.

In case of want to run a small business with single owner, not required much funds: you can go for sole proprietorship.

In case the business is small but to be run by two or more person then you may go for Partnership firm, In which partners are jointly and severally liable for unlimited liability.In case business is of medium scale and require to add many partner they you can go for Limited liability Partnership(LLP).

In case the business is on medium or large scale. Also you are required to have larger source of funds and separate personal liability from that of entity’s liability then it’s better to choose Private company, Public Company or One person Company.

5. Choosing Brand Name

For a recognition in the market you are required to select a perfect brand name along with a logo which could easily be differentiated from others brand. Selection and keeping a unique name is not enough to protect the name from copycats once the brand become popular.

Your brand should be protected by trademark registration which will help the people to identity your business. It will also help brand awareness among customers and recognition of the brand all over the market.

6. Be sure about your Business Registrations & necessary license required

The important part you of your start-up plan is to get your business registered. Registered business is much more legally viable than an unregistered business. A registered business will not have to waste time in dealing with fraud and fakes. While raising fund a registered entity is always in preference and get funds easily. Taking of necessary license and permits for the business majorly depends on following factors,

1. State in which business is registered: Irrespective of kind every business entity must have business running licenses such as shop establishment registration and trade license .Every business entity is must required to have this license for smooth running of business without interference of respective department.
2. Nature of activity in which business is dealing: Some permits and license depends upon the nature of activity business is carrying.
   For example :
   • If you want to start import export business then you require IEC License
   • If you want to start Medicinal business then you require Drug license.
   • If you want to start Food business then you are required to take FSSAI License.

7. Open a separate business account

The cash flows in and out of business should be separately managed and monitored. Opening a separate business account will help you in better managing of business money flow. It also help you in keeping your business and personal expenses separate.

8. Develop a Marketing Plan

Every startup requires to invest in promoting their brand in the initial stages to make your brand well-known and popular.
The expense incurred on advertising your brand will be seen as an investment in long run. It will help you in:

• Establishing your brand identity
• Recognised distinct from competition
• Helps in Creating customer relationships
• Create awareness of brand & Increase visibility
• Attracts new customers

Some marketing activities you should look into are:

• Using social media to market product or services
• Offering coupons and discount through marketing ads.
• Providing referrals rewards which helps in bringing more business
• Offering free demos samples or at minimal amount

“THE BUSINESS WHICH EVOLVE ITSELF WITH THE CONSUMER DEMANDS ARE THE REAL PLAYERS IN LONG RUN”