Life is all about experiences & it results in the human Mindset. Here we set the frequency of our brain at a certain level. The brain programming starts from the day one we start learning. A small baby cries if he/she needs something because his mind is programmed with his/her experience of crying.
Across the world, we all work for the fulfilment of our needs & desires. At the initial stage of professional life, most of us start from a Job. With the due course of time in the job, our brain gets programmed, which creates a mind block for our own start-up. The first thing for every person is to make his mind to go for a start-up. There are more than 100 of steps we need to plan & check for a new venture.
We can divide all those steps into few broad steps or the area’s to be covered. The major steps to start a wonderful business setup are:
- Thought on Paper
- Financial Need Analysis
- Task Alignment
- Advertisement & Branding
- Business Cycle & Trade Cycle
- Thought on Paper: Initially, after making your mind start writing your thought on the paper. This will give you the opportunity to see the realistic part & you will be able to show your thought to somebody else. Here we should go in depth of every single thing involved till the business start.
- What is your annual Business strategy?
- What all markets you will cover.
- Research about the prospect customers.
- Our product should be market fit.
- What will be our Distribution model?
- Is our product fit in the competition?
- What is the competition market share? (Customer/Revenue) & many more.
- Financial Need Analysis: The financial need of the start-up will depend upon the Business strategy & the Reach you are planning to. In any case, you must plan for the three months working capital (Means funds for the three months to run the show). We should also plan the operational expenses (OPEX). There should be a planned budget for every tentative expense.
- Task Alignment: This is the most important planning which needs to be done. We should pen down every single task on the paper or excel.
Then, assign every task to a person & the department as well. Every work would have a responsible person. This will also help to increase the productivity of the people involved.
- Branding & Advertising: There are two types of sales strategies, Push Sales & Pull Sales. In Push sales, we hire the sales team & In Pull sales, we do branding & advertising. We arrange the stock at the shelves. The demand arises due to ad & branding. A customer comes & buys the product.
Branding has some specific factors like BTL, ATL & TTL. This means below the line, above the line & through the line. If we talk about advertisement then it should as per the product we are selling. For example: If you are making kids diapers, The advertisement on News channel will never give results. You should go for Cartoon channels because prospect customer will meet you there. We must work upon the terms Media & Media Channel.
- Business Cycle & Trade Cycle: If you are clear about your vision if you really want to create a big empire in few years, and then work on the business cycle & the trade cycle. First will help you run the smooth operations & the second will fix the number of times your money will rotate. The money rotation means cycles of your profit generation.