June 21, 2019
It is not easy to start a small business and to run it successfully. In fact, most businesses fail to make the five-year milestone. But does that mean you will fail at it too? Absolutely not! With right guidance and perseverance, anyone can achieve the heights they set out for.
Here are the quick 5-step approach that is tried and tested. You can use these approaches to build a roadmap for your business success.
1. Market analysis
One of the biggest challenges new businesses face is to identify the “What” element of their business. To answer that question, you must analyse the market to see if your business can solve an existing problem or fulfil what the market wants. Once you know what you will do and why you are doing it, you can move on to the next steps.
Planning is extremely crucial in the initial stages as it determines the success of your business at its execution stage. Since you are starting a new business, it should all be defined in a business plan. Define specific goals and write them down. You should also devote time and energy to key tasks such as identifying the target market, determining the strategies, forecast expenditures etc.
3. Legal steps and compliance
Next step is to legitimise your business and get it registered. Depending upon the nature of your business, you can setup an LLP or a Private Limited company. If you are looking to scale your business to new heights, which usually is the objective, you should aim for private limited company. It is very easy to register a company that can be done within a week. Additionally, you must also get a trademark and GST registration to start and conduct your business with ease. Once the company is registered, you can open a current back account as the last step.
4. Building the Team
A successful entrepreneur is the one who knows when to delegate the task to subject matter experts. You may be a good seller but you cannot be an operations manager, an accountant, a legal expert, MSME Loans expert etc. If you want to get the job done, then hire the right team!
5. Arranging the Funding
This is the last and the most crucial step in your business. if you don't have the financing to start your business, then SME Loans in Bangalore will be your best bet. Financing is like the oxygen for your business that keeps breathing life into it.
If you are looking for funding for your new business, Nitstone Finserv is your best bet. We offer loans for small and medium-sized businesses. Contact us for more details.