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“If you have a great idea”, then discuss it with the right people.

 

Your idea may be a unique one and your family and friends might not be aware of what you are talking about; it is possible for them to give a negative feedback about your idea, which will lead you no further.  This can happen where there is a knowledge gap and when they don’t know enough about a particular industry.

Use your networks and loops prudently.  This can be done by getting in touch with people who started a business in the very same industry as that of yours.  Initiate talks and discussion with them and try to learn from all entrepreneurs who are passionate towards business. They are the people who will give you genuine feedback, motivation, and support. If you own a million dollar idea, they might be ready become investors for your business.   

More importantly, they will guide you to develop your idea.

Developing an idea for a business plan:

Research online and offline about your business competitors, what they do, what problem needs to be solved, what we can do better, how we can be unique from others and other important information!

Put everything in to lean business plan document. The lean plan is formal plan easy to make, very efficient because it doesn’t include summaries, description and detailed information about your organization.

Now, you will get a clear idea about your business vision, missions, and services.

This plan helps you to work productively toward your short-term goals. There are different types of a business plan; it is based on planning objective.

Choosing a brand or business name:

Choose your business and brand name wisely. It should emphasize your business vision and service. Write a list of business name of your choice in a paper and discuss it with the right people and also check the availability of name and domain. Take some time in choosing the name because it is an important part of all business, which will be identified by all people.  Choosing a slogan is also very important as it represents your brand value and brand message.

 

Creating a logo and trademark:

The logo is a word, symbol or a small graphic design which represents your organization. Identify your creative designer who can illustrate your idea into a visual.   Draw your initial design to show your idea and expectation to your graphic designer. Choose appropriate color and size. The best way is to mention your complete requirement. This will, in fact, help you in understanding how you can express your idea and design.

Legal registration:

Business registration is one of the important parts of starting a new business, which could be done by legal lawyers. Find an expert in your network to help you with this process. The registration process is based on your business objective. It could be a private limited company, limited liability partnership, partnership, proprietorship firm and one Person Company. It will protect and hold your company name and services. 

Tax registration is also an important part that needs to be on mind while starting a business; we have to learn how taxation is working, like GST (goods & Service tax registration), Vat registration, service tax registration, professional tax registration.

Workspace:

To identify the best workspace is based on your budget and investment. If its retail you have to search for the place in main areas or where people walk through if its service industry you can set up your business in any trade towers, which should connect all the junction and more should have vast parking facilities. If it’s manufacturing industry, we can search location which is far from cities, and real estate cost will also be low.

Don’t forget to build brand environment throughout the space. This is the most important thing that needs to be remembered.

Hiring a right team:

Hiring a right startup team is essential. You can start your business with your school and college buddies who are passionate toward business. Make sure they match your professional requirements. To become a successful entrepreneur, it is advised to be surrounded by like-minded people. Initially, you can hire freelancers to support your business and its development.

Select an accountant:

Select a young account who can work and guide you throughout the business. Make sure to check your networks for talented accountants. Build a strong relationship in order to share knowledge.

Current bank account:

Take a list of local banks and contact the marketing team, they will give you an immediate callback and schedule meeting to discuss the requirements. They will provide you with all information you need, like the document needed, address proof, minimum balance requirement, etc. Choose the bank which could match your business process.

Identify partners:

This is one of the main requirement of a startup business, identifying a right person who matches your vision is a difficult part. Look out for a partner who is financially and professionally strong. Make sure he/she helps you to build your business. Opting out for a known person is always better than relying on a complete stranger.  

You can also look for successful entrepreneurs who know you well. Prepare a creative business plan which will showcase all your ideas about the business.

Develop your website:

The website is an online tool to communicate with your target audience which also reflects your business in a positive way. People instantly look for your business if they happen to hear of it somewhere. This is done by searching online. If you have not made your presence there, then it eventually creates a bad impression about your brand on the whole.

Online presence will increase the trust of your audience and will help you to improve your business scale. Make sure your website has features like SEO, proper landing page, appropriate content etc. Creating a creative website gets your business a successful online presence.

When you plan to start a business, there is a lot of hope and strings attached to it. Hence, choose each and every step of yours wisely before actionizing it. With dream comes responsibility, and you need to bag it all.

Are you looking for a business consultant and development company around Chennai. Just check our Business from Scratch services 

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