The recent advent of SharkTank India has bitten most of the millennials, to start off their own business. This is supported by the previously non-supportive family members and parents. But now, things are changing. More and more individuals are looking to get out of their corporate bound rat race to experiment with things on their own. We believe that is a good start. But, it is important to note that, it is a roller coaster ride, that requires the person to be mentally prepared to handle the ups and downs that may come through. We try to give you a better perspective on things that could help you, hoping that at the end of the article, you have a plan set.
Having no plan and just taking the plunge may be a thin line between a risk-taker and a risk-averse person. But, if you are looking at the longer run, it is very much important to get your basics right from figuring out your budget, your future company growth, exit plan, and also Legal Compliance.
The Idea Checklist: What will be a good idea?
Figure out what you are good at : Everyone is good at something. All that it takes to hone them and make sure you create a market that wants to buy your product or your service.
- Make a list of the business ideas you thought of or felt passionate about.
- Figure out what will make you excited to get up every day and look forward to the day. Because every great entrepreneur in history made their success; doing what they love and loving what they do.
- Brainstorm, narrow down and decide.
- Brainstorm ideas with friends, family, potential co-workers, etc., and narrow down a business model. Make your final decision based on what suits you the best and makes you feel confident & comfortable.
2. Market Analysis
Once you have decided on a business idea, understand the market by doing an end to end research on what the market sentiment is. For example, there has been a sudden spike in NFT purchases; the reason being the hype that has been made. A great entrepreneur is one who takes the opportunity when presented with one.
a. Analyze the customers.
Market analysis is an extremely crucial step in setting up a new small business. Talk about the product or services you wish to offer to potential customers. This step will help you check if there is a demand for your business in the area. If you have done the analysis and feel there is a demand for your business, then you should work further on the technical analysis, manpower requirement analysis, financial requirement, etc.
b. Analyze the competition.
Do a SWOT analysis to check the level of competition you will have in the area where you are likely to establish your business.
c. Analyze the opportunities.
Check and analyze the monetary requirements to set up your business and work on a financial projection. Check the possible risk factors your business can face as well as the level of benefits your business can receive, once you set up store at the decided place.
3. Business Plan Checklist: The final step before launch!
This step is often forgotten by entrepreneurs; but, if done properly, it can help you quickly find customers, obtain a bank loan or private equity investment to build a successful business.
a. Choose a business name for your venture :Ensure the business name is in line with your business idea or based on LLP naming guidelines. Get the business name trademarked or have a domain name available for your website.
b. Prepare a short and succinct introduction to your business: Keep it short. Preferably less than five lines.
c. Prepare a mission and vision statement : This step is important and the mission and vision statement should be written down.
d. Write an introduction about the promoters: Provide information like educational background, work experience, expertise, etc.,
e. Provide information about the business model: The problem your business is trying to solve.
f. How your business is expecting to solve the challenges.
g. Existing solutions.
h. How big is the market for your business?
i. How will your business make money?
j. Operational strategy and marketing strategy.
k. Compile financial estimates : This is a mandatory and a very important step in establishing a new business. Prepare cash-flow statements with the amount of money the business will generate, the estimated expenditure, etc., It is important to plan for funding wherever there is a shortfall of funds.
j. Add a professional touch by creating a PowerPoint presentation for your business : Make a long presentation with about 15 slides and a short presentation with about 5 slides. This will help you immensely while raising funds for your startup.
Once you are completely set with the above-mentioned points, you will need an online presence. Online presence is as important as brick-and-mortar stores. That’s when VYAANI comes into the picture. We help by creating a website for your business and helping with your integrations with payment and delivery services and providing real-time analysis on how the product is being sold in the market.
As we understand the requirements, we are very much flexible with our charges to help you set up your online store. In the end, Vyaani is looking at a long-term relationship with you to be able to assist you with the challenges that you, as a start-up, would ideally come across.