The new year brings in new resolutions and it’s already that month of the year where we set out goals and objectives for the entire year. An entrepreneur’s life is nothing less than a topsy-turvy ride because nothing ever goes according to plan but yet if you don’t plan, you just end up failing. For cash-strapped new entrepreneurs, there is nothing more enticing than the fact of starting your own venture without any outside help.
While it’s easy to say that taking the right decisions is the key to growth but often, choosing what’s right is not always easy. So, the bigger question is, what does one commit to in setting up a successful startup? In this post, we look at some of the important tips that have been handed out by self-made entrepreneurs for new startups:
Conduct a market research and survey:
Before you put your foot into anything, make sure that you conduct a proper market research and to ensure that the idea you wish to sell is really feasible or not. Does it have the potential to become a successful business in the future? Will it be able to earn suitable revenues for itself? These are some of the questions that needs to be tackled beforehand and the best way to go about this is to conduct a market research. Gather information from potential customers and existing businesses. This will help the business gain a competitive advantage over its competitors.
Chalk out a business plan:
The second most important tip is to chalk out a comprehensive plan for your business. A business plan needs to concentrate on areas like what the business is, where should it be located, how is it to be operated and what are the measures that it will use to attract customers and earn more money? Jotting down all points in a chronological order will also help you secure a business loan for your venture. Most businesses today have what we call a single page executive summary of the business plan which holds important details like name of the business, the kind of business being run, the different products and services being provided, marketing plan and financial projections of the business in question. All this data helps form the crux of the business.
Secure a funding for your business:
This is the age of startups and every entrepreneur wants to jump into the fray and realize their dream of becoming a successful venture. The next step in setting up your business is to secure a funding for your business. Many entrepreneurs go for bootstrapping their businesses with their own money while some ask for loans from family and friends while some ask for loans from financial institutions. Whatever may be your source of funding, ensure that you have a robust plan in hand that attracts people to invest in your business in the first place. A chalked out, well-written plan as mentioned above goes a long way helping you secure a funding for your business. Are you on the lookout for any home and office décor and office interiors for your business. If yes, then be sure to find out more about ready-made decorations that won’t just fit your budget nicely, but also save you time.
Make your mark in the market with a unique USP:
It is imperative that you position your products as per the needs of the customers. The customers in the 21st century are fairly smarter than earlier predecessors and know what they want from the money they will be shilling for a product or a service. As a business, you need to ensure that your product provides the best benefit in the market that is even better than that of your competitor. As you position yourself as a brand that looks to benefit more customers, you automatically place your business in the limelight. Your in-depth analysis and surveys done earlier will be helpful here that will help you find a Unique Selling Point (USP) for your business.
Develop your brand presence online:
This is the age of internet and long gone are the days of flyers and storefront selling alone that could cut it for you. As a business, you need to ensure that you have a brand presence online and that potential customers actually know of your offering. Come up with a suitable logo for the business, including an online website wherein you can sell your products online. Advertise yourself more on active social platforms like Facebook, Twitter, Instagram, Reddit etc. You also need to ensure that the website you are making is laced up with fully optimized search engines.
So there we have the best tips for new businesses and startups to become successful in the year 2018. At the end of the day, it’s the small changes that you make that will help decide the fate and future of your business. Make sure to go through them all.