10 Things Startup Should Know Before Starting Business

Things Startup Should Know Before Starting Business

Things startup should know before starting business

If you are about to start a startup business, you should follow below 10 things:

1.Check Whether Your Business Has Market:It is important to find out whether your business has a good demand in the market by selling products / services where your customer do not like is not a good factor to consider to start your own startup business. Conduct a market research and identify the trending products / services in your niche and also identify your customer painpoints before setting up your own startup business.

2.What Problem Are You Solving?: One of the most important questions to ask yourself when starting a new company is “What problem are you trying to solve?”. Answering this question will guide your entire company’s direction. To answer this question, you have to take a hard look at the problems in your industry and in your target market. Think about why people buy the products you’re selling, and what they’re looking for in a product.  What are the pain points that your target market is facing?

3.Findout the licenses required to start your own startup business: Every business requires a license before starting their own startup business. For example if you are about to start a food business, you may require licenses such as FSSAI, Trade License, Liqour License, Pollution clearance, Licenses required for playing music and audio, GST and so on. Similarly identify the licenses that you may require to setup your own startup business.

4.Determine if you should go solo or find a co-founder: Starting a startup business is not an easy task. Whether you go at it alone or with a co-founder, business ownership can be a lot of work and a lot of stress.  Before you decide, consider the benefits and drawbacks of both options. Consider what would be best for you and your business. Here are some questions to help you decide:

Would you rather be the boss, the leader and the face of your business, or would you rather focus your energy and attention on the business’ day-to-day operations? Being a boss means you set the tone and the direction, while a partner means you need to make concessions and give up some control. Would you rather make all the decisions, or would you rather work with someone who shares your vision and passion and can help you make decisions? 

Do you need help with any specific areas of your business? Perhaps you could outsource that work to someone you trust instead of bringing on a partner for that particular area. If you need a certain level of capital to start a business  and you don’t have a partner who can contribute starting a business with a partner could be a way to get the funding you need

5.Have a Financial Plan / Blueprint: When we start a new business we do not really know what we are doing and we often do not know what we do not know. This is why it is so important to have a financial plan and a blueprint of how to start a startup business. All of us who have started a business, have done it without having a financial plan. Since we did not know where we were going to end up, we did not know where to start. This is why many businesses fail in the first year. It is also the reason why many businesses do not grow to their full potential.

6.Build a website and create an online presence: It’s all about digital life, online presence, online business, online marketing, online promotion, online store, online store, online shopping, website design, web design, web development. You must have heard of these terms quite often. So, if you are thinking of starting a new business, starting a new website or starting a blog, you must have to consider all these terms.

7.Identify your first product: First, let’s look at how to identify the right market. Then we’ll look at how to identify a problem in that market. Then we’ll look at how to identify a solution to that problem. Finally, we’ll look at how to design a business that will solve that problem.

 But if you want to start a business, you’re going to need to get that product or service up and running. You’re also going to need to be able to explain it to other people, get them excited about it, get the word out to the rest of the world, and get them to buy it. That’s why it’s so important to figure out what your first product should be.

8.Findout Someone Who Can Code And Is Business Savy: When you do decide to start a business, whether it be online or offline, there are a few things that you should know beforehand that will most likely save you time and money down the road. Find someone that is good at coding and is business savvy. Although you might be the most genius businessperson out there, if you can’t code your website, it isn’t going to do you much good. Hire a good designer and programmer to work with you on your website. You want someone who is going to be honest with you and is going to give you the best quality work they can

9.Register your business in startup India: First thing before getting started with your startup business you need to incorporate your business as private limited or limited liability partnership. After incorporating your business you need to register under startup India scheme. Also make sure you have documents such as recomendation letter along with registration form. For more information click on this link  https://www.startupindia.gov.in/content/sih/en/startup-scheme.html
Set up social media accounts: If you’re planning on starting a business, you’ll probably want to set up social media accounts. Social media accounts are great for communicating with customers, getting feedback on your products or services, announcing news, and directing traffic to your site. Popular social media platforms include facebook, instagram, linkedin,twitter, pinterest, tumblr, youtube. Check out our remaining blog by clicking on this link

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