According to startupindia.gov.in, the growth rate in the Indian business start-up ecosystem was 15% year-on-year in 2018. An impressive growth of 11% in the total number of incubators and accelerators has also been registered in that same year. Hence, it is indisputably the best time to start a small business and see it grow.
Are you soon launching your own company? If yes, we are pleased to hear that. Before You Start-Up is a platform where we help entrepreneurs like you set up your business the right way.
Today, we shall briefly go over 8 major lessons to learn before you launch.
Here you go:
- Business Name
The business name is the identity of your start-up. It should be easy to spell and pronounce. Also, pick a name that’s broader in sense. This creates room for experimentation in case your initial product or service does not work well. For example, if you start a shoe brand and it fails, you may shift to clothing or cosmetics. On the other hand, if your brand name specifically indicates a shoe then moving to clothing or cosmetics would be a complicated affair.
Keep it simple, keep it broad!
- A Blue Print
A blueprint is your action plan for launching your business. We must know business plans for startups must be relevant to micro or medium-sized enterprises. Find a company that operates within your proposed budget and observe its strategies. Read books on start-ups to strengthen your plans and goals. Remember your blueprint must be flexible. Along the way, you must be willing to make changes if the situation calls for that.
- A Website
It does not matter what the nature of your business would be, a website for startups is one of the cornerstones of branding. When you start-up a business, give yourself a platform where potential customers may visit and gather information. Be mindful to take care of the aesthetics, functionality, and content of the website. If your idea is product-based, get an e-commerce website. This is absolutely an uncomplicated step. simply get in touch with a web developer to have it all done.
- Investment and Investors
Often young entrepreneurial minds get scared when it comes to investment and investors. We completely understand. It is not easy but with the right guidance, you can figure it out. Here, we explain each point on this topic, comprehensively.
- Your Initial Employees
At the start, in a business start-up, there shall be a core team consisting of the founders and some additional members. According to the book, “The Manual for Indian Start-ups”, a handy how-to start-a-business book, it is best to have 5 or fewer team members. The best team is the one with expertise spanning over the product, operations, and business.
