Before you start your own business, here are some very important to-do list which are basic to a business start-up that intends to stay in the market.
Make a business plan
A solid business plan will guide you going forward. It will be needed for presenting your idea to potential investors. A business plan is a document that contains a detailed information about plan for the company for the future. It should contain a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation. Preparing this document forces you to organize your business idea properly. You can’t just start a business because something is in vogue and you think commercializing it will make money. Develop a business concept that you’re passionate about. Next, come up with a product or service that you believe can enhance the people’s lives.
Define Your Market
You also need to be informed about your market. Determine the demand for the product that you are planning to offer the market. Again study your competition to figure out how your product can be different and unique to set a pace for competition.
You have to prepare yourself mentally. Starting a company is not easy. You need to prep yourself to withstand the challenges it comes with and be ready to travel the long journey. Every entrepreneur encounters rejection or unexpected problems, so prepare yourself to handle issues head on. Be prepared to deal with setbacks.
Do the Math
Calculate the amount required for your startup. Every start up requires an initial fund. “Cut your coat acceding to your size“. Start with the little you have. Another alternative is to go in for bank loan. But that is not advisable because, bank loans are expensive and it gives you a limited time to pay with huge interest. Starting a new business, you cannot afford to use your first profit to settle bank debt. 95% of small businesses fail before the 5th year. If you start with the little you have you can use your profit to revamp your business. That way your business start to grow to make more profits for you.
Branding is very important. Create a unique identity for your product through building and internalizing your elevator pitch. Meaning you know just what to explain to anyone who may ask what your company does, in detail.
Then make sure you secure your product. Establish Ownership of your product brand. You can register your product (trademark or copyright). It would be very sad if someone steals your product and take credit for all your hard work.
Now go and start work.