How to start a business
How to start a business
Starting a business is not a very easy or very hard task, it’s about the game of knowledge, condition, planning, and vision.
But this stage is so crucial because it plays an important role in any business’s success and growth in a long term
This stage will prevent the business or startup from failing in the first stage.
And here we can say that there should be a strong framework
that will make the business or startup do exactly
and help in making good decisions for better growth.
Why it is important to know how to start a business
As I talked about above it’s a role in business growth,
and you can also think that if you want a huge response and brand equity from the first day
you need to plan it better otherwise you will not be visible in the crowd.
What are the most important mistakes peoples do while starting a business?
Generally, what happened, is many people start businesses without vision and ignore the learning,
and here are the biggest mistakes they do,
not just small smes but the startups also
although startups know the importance of problem-solving products,usp model, branding, etc.
but they do not know how to process and stabilize it, and the small smes even don’t know this.
And they all just go with the mentality of what crowds do
just simple like creating or getting a product then
marketing and then finally selling
and 90% time they do not plan for anything with exact and appropriate knowledge.
and more than 90% of business fails because of it,
Thus every business cannot succeed with unorganized planning.
Key steps to how to start a scalable business:-
- Do market research:-
Here the market research is not as deep as actually requires market research,
it will contain research on finding the product, growth of the products industry,
market, competition, problems, and services required as per research for creating uniqueness.
All over that this research will occur to find
a) market opportunity
c)competition in that idea
This research will give the numbers of these three things in any form of four categories:
a)Low, Low, Low
b)Low, Low, High
c)High, High, High
d)High, High, Low
- Then test the product and services
After selecting some ideas you have to test those ideas using technology very easily.
for testing you can follow these simple steps:-
- Give a name to that idea and create a logo for it
- Buy 1 to 6 months (depends on case to case) hosting, and domain name and launch your website.
- Use cms like WordPress, Wix, etc if you don’t know to code for creating an interactive web page or, you can take the help of any tech person for doing all these things for you.
- Explain your idea, product services, and what problems you are solving
- Write one engaging statement where you can get the visitor’s contact details through the form.
- After launching your product create a profile of your business on Instagram or, any other social media and run paid ads for it.
- After running ads track the visitors and how much time they spend, how many of them are sharing it, what comments they are putting, and in total how many visitors are giving their contact details
- Review the demand & feedback after testing
Then check all the feedback carefully
and see the demand for your idea
by numbers of visitors giving their details.
- After deciding on the product, service and market start making a plan.
After all of that, you got your product and services now,
So it’s time to plan to create a visionary plan for scalable business
through learning and research and convert it into the business model
- According to your plan start implementing it with low-cost operations
Now in this stage, you have to analyze your plan
and according to it start hiring, purchasing, setting up, etc ..
as per your business.
like one manufacturer will hire an employee for creating a product
and one retailer will start with setting up a place to a shop and then purchasing a good and so on..
- Connect with your customer while setting up your business for creating demand around your usp, PSP model.
Then during your setup, you can start creating a brand name for your business
by using social media and trying to interact with the visitors who had filled the form
and tell them about what you had improved till now
and remind them about your PSP,usp
and give them some pre-launch offers and benefits and create the values for trust.
- After creating or getting your beta model tries to give away the product and services for feedback and branding
On having the beta model of your product
if you are a manufacturer or any product-based company,
or having the pre-products before launching in your retail shop, etc…
You have to do some give away of your product
and services benefits
and get the feedback of your customer
it will not just give you feedback,
it will reduce your cost of customer acquisition and also separate you from the market.
Customers can convert into loyal customers from starting onwards etc..
- Improve your plans as per the feedback and response
After this immediately work on the feedback given by the customer
and inform customers as well that through
With your valuable feedback, we had improved our product
and now you can try it for a better experience.
- Try to generate a lead before launching with low-cost marketing
Although the above-mentioned points will definitely generate some leads
but we have to plan some interesting events, methods
through which we can attract customers.
- Try to attract customers on the first day of business
Create your brand name in the market
with this simple branding method –
attracts customers with some offers, events, etc. as customer benefits
and show the uniqueness, impacts, and benefits of your product and services
on the day of inauguration according to your budget.
- Make a compulsory and active costumers retention department from starting onwards
This is one of the most important parts of a successful business
that they all have this customer-focused department
where they all work on retaining customer
With the help of the customer loyalty program which contains all those things
which is related to connecting the customer, improving his/her experience, satisfaction, etc.
- And manage your number of employees as per requirement, response growth, and compulsiveness
It’s a crucial part of maintaining your budget as well as business stability,
because you have to always be careful that employee numbers should always as per requirement,
but yes what is required for the best result that number should be maintained from staring onwards
Unless over-hiring or not hiring is required for business benefits
- From starting only try to balance your assets and finance
As this is the pillar of your business so,
always be sharp in your finance department
because here one mistake can destroy your business
- In starting to try to suffer loss if required for customer acquisition
Also if required for better business then
you can suffer the loss,
but before implementing this technique balance your assets for that suffering.
- And last and final with how to start a business continue with learning, planning, and implementing with scaling as a target
And all that in last I can say
that now you have to continue with
learning, planning, and implementing because
this is the only key to creating a successful business.