Starting a business venture is a dream for many people in the world. This article gives you great insights on what needs to be done to succeed in your small business venture.
Clarity on the Business Idea
Business idea is the most important factor in starting a business venture. Of course there are a lot of ideas in your mind but you need to choose the field in which you enjoy the most. If you like the programming and coding, you can not just go and start some interior design work. First step to succeed in the business is the clarity on the idea and whether you are suitable for the idea. If you do what you love, you can realize the results very sooner.
Ground Work in the Chosen Field
The market analysis is very important to know the potential of the product. You may love your idea but you should know whether your customer likes the idea. Even if your customer likes the idea, whether he is willing pay for your product or service? You need to carry a thorough marketing research on this so that you will have better chances to succeed.
Get Customer First
Just don't jump into all office setting work in the initial stage. The focus should be on getting clients. The money has to pour in from the customers. There is a lot of difference between spending your own money against customer money on setting up initial stages. Ensure you have at 3 to 4 clients so that you can start thinking about setting office and scaling up.
Finding a Mentor
Mentor plays an important role in your success. You need to have some senior person to help you in the catch-22 situations that you normally face in day-to-day business operations.
Keeping Enough Money in Hand
You should keep enough money for daily operations in the business. Ensure you get good amount of money lined up by which you should survive at least one year when your business is in doldrums. Many small business operations fail because of the cash flow problems. They could not able to sustain because of lack of money for the basic company needs.
Get your Legal Documents
Get the registration and tax related documents ready as many customers will ask for these documents. The probability of loosing a client is high if you don't have all these documents. Approach any near by Charted Accountant to finish this process as early as possible.
Never navigate from the idea. Perseverance is the most important factor for an entrepreneur. You need to wait till the business gets the breakthrough. Know your commitments, and tune to your idea irrespective of fatty opportunities and handsome salaries. Then only the zeal towards your idea fulfills.
Get the Right Partners
Be careful in choosing the partners. Get a partner, who should tolerate your idea, able to pull back you when you are out of the line.
Recruit the Best Candidates
Man power is the most important asset for the company. Recruit the people who can align their goals with company goals.
Values in the Business
Remember the quote by Azim Premji, famous Indian billionaire and Chairman of Wipro Software Company "I was brought up to believe that values are more important than Money". Just don't break values just for sake of earning money and getting customers.