What you need to know before Starting-up.

A start-up always has an idea as its seed. An idea is what inspires a person to move forward. But idea has its own limitations, because idea is something that cultivates a dream but in reality you need a plan to turn it to success.  A business plan is well thought advanced form of idea that includes all aspects of the business that would serve as the factor in decision making. A business plan constitutes of various key features, which are important to be known.

♦ Figure out the problems you are solving.

First, you need to completely understand what are the problems that you intend to solve with the start-up/business you’re running or about to run? This will take you to the next step.

♦ Evaluate what will be the sector of your clients.

Once you’ve established what your business will be about, then you need to realize who would be your potential clients. Their Age/Interest/Occupation/Hobby/Gender/Location. Anything and everything matters.

♦ How will you reach those clients? 

Now comes the problem that has the juice to wipe your business out. No client, No profit and down goes the business. So, before starting-up you need to understand and plan out  how to approach the potential clients and turn them into you long term clients?

♦ What will be the investment in terms of money & resources?

Once you have it all planed out you will then easily be able to assess what resources/manpower you would need and what will be the investment to acquire those resources.

♦ Evaluating the profit by the amount of investment?

This is the anchor that will make the decision of whether or not you should move forward with your plan. Once you know the investment you need to make in order to start-up a business, you must calculate the interest on that amount & evaluate whether the interest amount is less than the profit or not. If not then there is no reason to start-up a business because firstly you’re getting lesser return on your investment as you would have received more, secondly there is no return of your efforts. So it is better to rather keep the money on interest and work on something else as every effort must generate a return.

Keep calm strategize everything and work out every detail.

You can get a lot further with working smart than with just working hard.