Business start up
Hi there, I hope you are all doing well. So a friend of mine is setting up his own business and he asked me to help. I decided to do some research and thought that I would share my findings on here!
I guess first and for most you would need to make sure that your business idea is sound and has a strong usp (unique selling point). Businesses are being set up in India all of the time so any new business that wants to do well will need to decipher themselves from their competition. It is then important to write a business plan in which you explain your idea in depth – looking at how you are going to make the business successful with the necessary figures to back it up. Once you have all of your ideas and forecasts firmly set in place it is a good idea to seek some professional guidance to gain help with funding and to check over your business plan.
Assuming everything goes well and you are happy with moving on to the next step, a location for your business needs to be found. A good location is imperative to the success of your business, particularly when starting a new company without a previous client base. It is therefore important to assess the needs of your clients and where your business would be best located in order to fulfil those needs. Looking at local competition and the area they have chosen is also extremely important – is it worth choosing a location in direct competition with another business because demand is extremely high in that area or would it be best to move into an area with little competition. Market research is therefore ESSENTIAL.