Friday, August 18, 2017

10 Things You Need to Know Before Starting Up

A number of things need to be considered before plunging into a start-up business in India. In a land of stark diversities, lots of factors come into play for the smooth running of a business. Mentioned below are few points that need to be taken into perspective before a start-up business can be established.

Know the Competition and Available Space in the Market

Starting a business to serve people and their need is a great step towards excellence in life. However, the first step is to check out companies offering similar services to know about the industry and where one’s idea stands against competitors. If the concept is new in the residential country then also there is a chance of a company providing similar services existing for a long time in some other country, therefore, thorough market research is a must.

Know the Future of the Targeted Industry

There are so many thoughtful leaders in the industry who mainly or usually predict the future of the market value of different industries. This will help in predicting the future of your start- up company in some way.

Know the Target Customer and Calculate the Cost to Reach Them

Decide on the customer pool for the product or services of the company being established, and search for ways to reach out to them with the price of the product or services being provided.  A business will only be successful if customers are interested in it and can be convinced to try it. For this, a buyer is needed who can easily identify the requirements of customers and help in implementing a strategy to fulfill their requirements with all possible efforts.

Find Out the Pain Points of Customers

All companies in this world can’t satisfy or fulfill all the customer’s requirements and needs, and so this is the chance to try to do it. When the given product is launched in the market, try bringing relief to customer’s pain points and this will go a long way in establishing loyal customers for the business. Remember one thing, when a company grows and becomes a bigger brand, it can’t always satisfy their customer with the same dedication but the success ies in trying to find ways to do it.

Ask for Feedback from Customers

When a customer buys the said product or uses the services of one’s company, asking them regarding some kind of feedback about the service or products is a good idea to know about how the business stands in the market. Some might have been satisfied while some might not have been satisfied and the company can then work to correct these flaws.

Differentiate from your Competitor

If the start-up is entirely a clone of the industry leader, the possibility of getting found will be lower than one expects. So, find a way out to be different from the competitor by adding some uniqueness to the service or product. It will give you a lot of exposure amongst everyone. It is important for all new startups to ensure that a huge number of people know about their business.

Be a Friend to the Customer Not Just a Service Provider

If a user is using the service multiple times then make sure that a healthy relation is maintained with them to retain the loyal customer. When a good relationship apart from the business relationship exists, it will help in retaining the customer and the chance of getting exposure from word of mouth will be high as well as helpful in growing the business. This is a powerful tactic of CRM (Customer Relationship Management) to improve business.

Don’t Hesitate or Hold back to implement a New Idea

A lot of startup companies are doing the mistake of not implementing a new idea. If they are running smoothly and getting sales for their products and service, they might think about a few great new ideas, but they don’t end up implementing them due to some issues. This should not be the case and start-ups must be confident to implement new ideas.

Do Not Expect ROI as Money

In the initial stage, do not expect ROI as money because if that is the case then there would be a failure of business strategies.

Plan for a Long Time, Not for the Short Term

Plan for a long time and don’t make a short plan for the start-up or business because long term plans will lead to a long distance or long period of time and help in surviving as well as growing in the industry.
Keep these things in mind before venturing into a start-up business to ensure a successful and smooth process.


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