We’re in a country where economic growth is fuelled by successful startups. In the same nation, new businesses fail at the rate of 3,000 to 4,000 per year. One out of 10 startups succeed. What happens to the other 9? Do the founders go over their mistakes, trying to find where they went wrong? Or do they abandon the venture all together? Well, one thing is for sure. They would have surely wished they had a better plan.
So what makes the ideal business plan? What is the best way to go about it? The checklist below will give you an idea:
- Be informed:- Read a lot of books, those on starting a business. There are a lot of good reads, which can tell you both the pro’s and cons of starting a firm of your own.
- Choose your area:- Choose an area in which you are an expert. Also, get the opinions of other people.
- Follow, follow, follow:- Follow all the expert-speak regarding the area where you want to venture in. Check social media channels, for news and information that might be useful to you.
- Background work:- Do your background checks, to see if the product you intend to launch is already in the market. If it is, study your prospective competition minutely.
- Define your objective:-Write down what you want to do in a few words. This will make your objective and goals clear. People need to understand, in the simplest of language, what you want to do.
- Understand your TG:- Study your target audience. What is their purchasing power? What are their buying and spending habits? Speak to potential customers. Get an anonymous poll going. Every opinion matters.
- Find a partner:- Look for someone who you’d like to involve in your work. It needs to be someone who isn’t only a good friend, but also has extensive knowledge in the domain you intend to venture into.
- Start building:- Start with a professional website. Get a professional email ID. Print a business card. If you don’t have an office, use a shared office space and co-work with others.
- Find a good lawyer:- Talk to a legal expert to make sure whatever you are doing is within the purview of the law!
- Be frugal:- Never spend money when it isn’t necessary. Avoid committing to any loan, even defaulting on credit card payments. A poor credit score can prevent you from getting essential loans.
Once you have everything set, and are looking to commence operations, a space to work out of becomes first priority. Startups usually love working out of serviced offices, since these spaces already come pre-equipped with essential amenities. Startups in Bangalore, using the shared office in Bangalore have advantages such as video-conferencing, secretarial services, continuous support and more. Those startups based around the Delhi-NCR region can use the facilities in the Serviced office space for rent in Delhi. So what are you waiting for? Get your checklist ready, and start operations immediately!