Starting a business is hard, very hard. Not only do you need to be in the business but you also need to be on the business to ensure that the direction it is going in is right. But if you get it right, it’s phenomenal.
The first step is to ensure that you have a good business plan – you won’t know everything from the word go, hence it should not be treated as a document that you refer to once it is done but rather as a working document that you keep changing. You need to be able to add in information as you find it or change/remove things that are not working so that you can make informed decisions quickly.
When making your plan, look at it holistically – many people think making a plan is just doing the numbers but it is actually about knowing your industry, your market and the regulations that govern it, your customers, your competitors, your operational strategy, your marketing strategy, your positioning, your unique selling point (USP), aspirations of those that you may employ and your finances.
You need to understand how your business would make money, what kind of capital is required and when would you get your (or that of your investors) investment back. Your idea could be great but if it doesn’t make money it’s not a business.
Think about where you are going to get the capital – are you the sole investor, will it be sufficient to get your family or friends involved, do you need to approach a bank or a venture capitalist. Once you have decided whom you need to approach, you need to plan your approach and gather the information accordingly (watch out for more on this on the next blog post).
Surround yourself with the right advisors. It’s the most important. Your plan can be not so perfect but your advisors have to be. If you don’t know anyone who can guide you, hire them – it’s money worth spending.
And finally, recheck your facts and your assumptions. Run them by your advisors and/or different people to ensure they stack up.
Author; Palak Tewary
Palak Tewary, along with being an ardent part-time writer, is a travel buff and photography enthusiast. She blogs at www.palaktewary.wordpress.com and tweets/instagrams at @palaktewary.