Starting out on a new business venture can be challenging proposition but at the same time creatively satisfying. For those who pursue the path with focused vision, it is financially satisfying as well. Having a good saleable idea which is unique and innovative is the seed for all new business ventures. A professional approach and immediate set ups can make the idea into a possible reality. There are many aspects for starting a new venture and each has its own significance. While having a dedicated business plan is essential to clear out any possible flaws before embarking on a full time venture, having a dedicated team with similar visions can make the path more enjoyable and successful.
Here are some recommend tips that new startups must consider in great detail before taking a decision to start on their journey of entrepreneurship.
Have a Business Plan: Ideas bloomed but must be inked down in black and white to be considered as a workable proposition. Having a focused and detailed business plan is one of the basic steps. Business plans not only bring a structure on the likely potential of business growth, but also act as a blue print for the overall business development. It is helpful in taking the best road towards potential growth of the business. Also, a well drafted business plan play a major role in attracting potential investors as well as banks.
Synergic Team: While the seed idea may hold very prominent significance, the shaping of its future is equally depends on its dedicated and synergic team that has mutual foresight. Having a good core team allows the management of the startup in a more effective way, as a well oiled unit.
Refine Business Model: Startups with new and innovative business models are more likely to attain success compared to companies harboring the traditional line of thought. While doing things the old fashioned way might be a safe option but in this day and age of technology, startups using smarter and effective business models attain their goals far more easily and effectively. The company may have a killer product but if it’s ineffective in delivering it to the customers, the company is under achieving its potential. Such business intricacies can be resolved by incorporating a smarter and more effective and modern business model.
Register the Startup Enterprise: Registering the new venture must be given high priority before embarking on any business related activity. All companies in India are to be registered under the companies Act 1956. Private companies can be a single proprietary establishment or a private limited company depending on the quantum of business. After filing the respective forms available at the ministry of corporate affairs website, the entrepreneur can get the Certificate of Incorporation from the Registrar of Companies. Once registered, the company can then apply for Permanent Account Number (PAN) and Tax Account Number (TAN). For proprietary firms, only registration with under Shops and Establishment Act in their state or Municipal Corporation in case of a commercial establishment is mandatory.
Incorporate Potent Marketing Strategy: Having a potent marketing strategy is one of the most important aspects for startups to carve a niche by announcing their arrival to potential customers and clients. Startups with unique and innovative marketing campaigns are the ones that are really able to create a significant space for themselves in the market. Startups must focus on getting the initial marketing strategy depending on their product and potential client base. An experienced marketing team will also help to create a buzz amongst clients and rival organizations.
Set Up the Right Office: Having the right office space must be given due importance for all startup enterprises. Since most startup ventures operate at tight budgets and cannot afford prime office space in business hubs or elite areas, significant plan must be enforced to get the right office space that is within budget while being as close to their rival companies and market sector hubs.
Focus on IP Rights: Various aspects of intellectual property rights including patents, trademarks and copyrights must be given focused attention by all startup companies especially ones dealing in hi-tech or technology based industries. Licensing and transferring for relevant intellectual property rights must be planned carefully to avoid a foolproof workflow especially while the startup is planning to enter the market with an innovative product or service.
Don’t Give Up: Most startups start with a bang but fail in keeping the momentum going in the long run. The world is full of several success stories of companies that made big with time. So always kept a positive outlook and stay motivated yourself and spread that to your team. And most importantly give your best to get the best results.