Start-ups are the new trend which is empowering India as they are contributing a major part in the country’s economy. There have been a number of start-ups in the last two- three years, and our youth has been the major force behind this. Almost one in a ten among the youth have a start-up idea, but to convert this idea into a full-proof plan, and from plan to building a successful business it needs a lot of thing along with lots of passion which can keep one motivated and can drive them ahead.
Small and Independent companies have to struggle a lot to build up a name and presence in the commercial center or market.
Many of them face challenges like-difficulty in accessing finances for operating capital, high labor costs, excessive rules & regulation, lack of marketing knowledge, lack of a reliable advisers & mentors, less knowledge about the existing market and the rules and norms regarding taxes and all which are imposed by our government. In situation where 90% of the Start-ups faces these difficulties, it is even more difficult to them to get established, to survive and thrive.
However it is not that difficult to survive and thrive, should one follow a proper business plan & strategy to do so.
Tips for your Start-up Business to Survive & Thrive
A Proper Business Plan
A business plan is the most basic and important thing which is required to start a business. Just having a mental note of what you want to do does not guarantees the execution. You need to have a proper plan which contains all the plan of action. Before starting show your plan to an expert or an advisor whom you trust he/ she have a good knowledge about your business. This will prevent you from making mistakes and will help you to have a full proof plan.
Business Funding
Capital is the second important thing needed to start a business. Whether your venture or small or big, capital is the most require thing. There are a number of ventures which have failed only because of lack of capital. So, when you start a business, be sure about these with respect to your business capital- the source of it, list of expenditures, income, profit and the frequency of cash inflow.
There are many ways through which you can arrange funds for your business- saved up funds, borrowing from family and friends, business loans, crowd-funding and investors are some of them. A Startup Business Loan is a common option which one can get easily through many banks and NBFCs. Talking about the investors, if your business has the potential to survive & grow, investors will agree easily to lend you and provide you with funds.
Walk before you Run
When trying to convert your startup into a successful business, always make sure that you walk before you run. This means you need to start with the basics, and when you master those basics you can then add more to your business. Customer satisfaction should be the primary focus and the profits secondary. Once you start doing well, focus on other aspects such as good office, website redesigning and all.
Use Technology
Technology is a boon for any business. This is an era of digitization and if you want to succeed, your venture should not lack in technology. Use technology as an asset. Do digital marketing for your business. Email, SMS and Facebook campaigns are the one which can help you a lot. Make a responsive and attractive website for your venture so that it can attract more number of people.
Try to Start with a Virtual Office
A cool office space is not the most important thing needed, it needs lot of money to be paid as commercial rent which is a heavy cost for many start-ups to bear in the beginning. Use of a virtual office will give your business the chance to get mature.
With the use of Internet and office tools like Google Drive & Slack, one can manage their business easily from their laptops. This be done until your business is not having enough money to take a cool workplace. There are businessmen who are successful, having taken the advantage of starting a venture using just their laptop. This saves a huge amount of money which would have been spent on the rent. You can use this money on expanding your business or in many other thing which can be beneficial for your business.
