A business can be started with an Idea, an opportunity, a demand or simply a product or service that makes doing things easier. There are literally thousands of such ideas that can be converted into a business and all you need is to understand and implement these basic steps before you jump into your venture.
1. Market Research
Market research is a very broad term so let’s simplify it into
· Product / Service study
· Competition Study
· Case Studies
Document each and every detail and develop a business plan. You may seek guidance from industry experts, advisor or mentors to proofread and get valuable feedback and suggestions from them. This will give you pretty much a basic understanding whether is it worth starting a business or move on to another idea.
2. Get a Co-founder / Core Team:
A good company is made by a great team, and this is one of the major points to consider when you are starting a business. Find team members who share a similar vision and offer right type of knowledge / experience of your business.
3. Financial Planning
Now that you have decided to start a venture, let’s talk about getting it up and running.
A business would need funds to get it from drawing board to startup. Your business plan should have a strong financial plan which will let you determine the strength to get yourself going.
You may be bootstrapping, self-funding, getting seed or angel investment; and when you have a detailed financial plan you know how to manage & grow your business, seek additional funding from different sources (banks, PE or VC companies etc)
4. Learn Business Legalities
It’s very important for an entrepreneur to know about the legalities involved with your business. This will help you secure your business from unforeseen issues in future.You would need to Register your company, brand-name, trademark, logo, website as well as get your Intellectual properties secured by applying for patents or any other form of legal binding agreements.
5. Get an accountant
Managing funds is a very important factor for the success of your business and it is very well advised to hire an accountant that understands your business very well.
6. Choose a business structure
Choosing a right business structure helps you in a long way. There are many options available such as One Person Company, Proprietorship, Partnership Firm, Limited Liability Company, Private Limited Company, Non-Profit Company, Trust etc. Depending upon your business needs and future goals, you may choose an appropriate business structure.
7. Decide a business name
This is a very exciting part of your business journey; you would need to find a name that suits your business. You may also want to ensure that the name that you have chosen is available for registration at your govt. registry as well as suitable domain name and social media account is available if you want to build an online presence.