In initial steps to start a business includes the first three aspects Patience, Persistence, and Passion. If you lack in any of these then it will become a little difficult to sustain in business, and the most important of these 3 is ‘Passion’. if you are not passionate and committed to making your business larger or about to your industry under which you are working, then soon your business may ruin also. But don’t worry we are hear to help you out with your problems.
#. 6 initial steps which can help you to give a healthy start to your business and it will become a monopoly in your industry :
1. Find the industry that you are passionate about :
you can convert your smallest of small passions into a profitable large-scale business like cooking, gymming, playing games, etc.
Example: there was a company that started as a blog, this blog was all about cooking after some time few foodies got attracted to this blog, and the food community started networking with each other, after some time this company started reviewing restaurants and within 5 years this company became a unicorn company of INDIA called Zomato.com. This shows that the passion for anything motivates you to give extra time and hard work on it.
But always remember that your passion should be based on MARKET NEEDS.
2. Conduct Market Research :
Conduct market research and test your products in the Market. This is one of the most important steps because it tells about customers’ needs and feedback. If customers are not satisfied with your product, they are complaining about your product or service then hold these customers and take more deep feedback like:
- 1. why you don’t like the product?
- 2. how can we make it better? etc.
Brainstorm with your complaining customers, because when they are complaining it means, they don’t want to leave you, they like your product/service. But there are some glitches, after you solve their problem, they are surely going to be with you, whereas noncomplaining customers are not loyal to your business. So always listen to your customer’s feedback with a full heart.
Find ideal customers for your product and service, and find a perfect market fit where you can fill the market gap with your product. You should also know more about competitors in your industry.
- how are they performing?
- what are their products?
- who are their customers?
- Are they in loss or profit? etc.
The better you know about your competitors, the better you will perform in your business.
3. Develop A solid Business Plan :
This should include all your market analysis, product details, customer need, feedback, testing reports, and detailing of your products, everything should be explained very well, outline your marketing and sales strategies, describe your management and organizational structures, and include risk analysis and potential challenges.
4. Find like-minded people :
- Start finding like-minded people who are passionate about your vision,
- focus as much as you can on Building a good team,
- also for better performance in the market and networking with the right people,
- getting mentored by proper people.
5. Grind yourself in your business :
Start grinding yourself, and work 18 hours a day, In the initial days when the business and funds are small, most of the things you handle yourself in your business so the pressure is high in initial days, as you start becoming big, start delegating your task to the experts and focus on sustainability and scalability of the business.
6. Focus on sustainability :
In the initial days focus on sustainability rather than scalability. Sustain a business in a local area or a region and get regular feedback from customers, always get connected to your customer, give them an exclusive feeling, and install chatbots and CRM to get in touch with these points, which will help you a lot for starting a business.
Business is also a game of patience and persistence. And every failure is a step towards business success. So keep learning and growing with us.