Planning to start a new business? Tips to start a successful one.
Want to start your own startup? Confused where to begin? Here is a little something that you need to know before you start one.
1. Start with a fascinating idea
2. Plot a Business Strategy
3. Create a marketing strategy
4. Obtain the necessary funding
5. Build a strong team
6. Find a good workspace
1. Start with a fascinating idea
Think of an idea that you feel might interest the present generation, something which can attract customers towards you and you think might succeed. Get the assistance and advice of your family and friends, and their feedback on your proposal, to help you make the required changes. Your main motive must be to give the people something they are lacking in the present world. However, the idea is just a start.
2. Plot a Business Strategy
It is very essential to make a plan, a plan is necessary for the smooth execution of the idea, and the plan must cover every aspect, from finance to marketing. You have a big edge if your business plan is effective. Make a plan outlining your goals for the company and what solutions or ideas you have for each step.
3. Create a marketing strategy
The next step is to let the public know that there is something new in the market and establish your identity, and to achieve this you need to have a complete marketing plan ready. Build a website for your company and by that, it means not a usual website but a more creative one that can engage the audience and keep it active. It can be anything Advertising, Social Media Marketing, Blogging and there are many others too. Try everything and keep statistics on what works best for your company. Marketing is the key to a successful business.
4. Obtain the necessary funding
Find means to secure the required funding needed to launch the project. You should start raising funds by analyzing your needs. Each industry has a different launch cost. Look for ways like Friends and Family Investors, try applying for a loan, Angel investor, Crowdfunding, Venture Capitalist, and many more. The type of business you are starting also influences the investor.
5. Build a strong team
Do complete research on what are the manual and intellectual labor you will need to start the company. After which start building a team, your team needs people who are open to new ideas and can assist in solving challenging problems. Your startup needs a team of individuals who can think out of the box. Team building helps to boost efficiency and promotes teamwork.
6. Find a good workspace
Coming to one of the main topics, and what usually uses up most of the initial investment, a good workspace. It is necessary to find a suitable work environment for your team, as all businesses: SMEs, a startup, or MNCs, need an office. There are various options when looking for a workspace some of them are :
- Leased Office Spaces
This is the common choice of most startups. Mainly because the lease contract gives you stability, it is cost-effective when compared to an owned workspace. There is a lower initial outlay and less obligation than buying an office. But it has its drawback since most lease contracts are up to 3-5 years and you cannot back out if you change your mind to shift to a new location or shut down the whole business, leased offices also have other drawbacks.
- Owned Office Spaces:
This is also another option that people can choose when starting a new business, owned offices can be an option if you have an unused space that you own, if you are financially sound, or if you are willing to take the risk, as the initial investment is very high when compared to the other types of workspaces.
- Home Offices:
This is an option if you are the only one involved in the startup, there is no investment required. Most startups indeed started in the garage or the parking lot of your own house, but that cannot be a long-term solution. Home offices may seem to distract at times, and you can easily lose focus.
- Co-Working Spaces:
Many people are not aware of this concept, but it has become increasingly popular in the present world, where a company, a startup, an MNC, an SME, or a freelancer can rent office spaces according to their needs, and can work at these offices for a particular period and they are free to choose from a multitude of leasing plans, monthly, weekly, daily and so on. Shared office space is by far the best option for a startup business, as there is significantly less investment required, and you get the corporate setup infrastructure, that can help you build your motivation as you are in a room full of people from other companies who are also working and so there is no room for distraction.
Co-Working Spaces can increase your networking within your workspace itself as you will be able to find a lot of like-minded people who might be of great help for your new business. Another advantage is that you don’t have to worry about the basic amenities like internet, printing service, air conditioner, uninterrupted power supply and so on, as all this will be provided along with your lease contract, and these workspaces also provide meeting rooms and conference halls or even customize the office space according to your needs. Co-working space is a solution to almost all the disadvantages the other office spaces may pose. Pulsebay is one such co-working space, which can be a great choice if you are looking for one. They have many options to choose from, and also customize the office according to your needs and they are open 24/7 which is a great benefit if you want to work night shifts.
Don’t be scared to try new things, but don’t let the search for the perfect setting distract you from your work
