planning-a-startup

Important Factors to Consider While Planning A Startup!

We are living in an era of start-ups. It’s mind boggling to see the significant rise in the number of small start-ups turning into successful ventures.

The research cited Bureau of Labor Statistics (BLS) data shows the number of self-employed people in the United States has grown by nearly 150,000 since 2014 to 8,751,000—up from 8,602,000 by the end of 2016. (Source). While in India, the latest figures shared by DIPP indicate that 2017 was a year of growth with 6377 startups, a 12-fold increase from the previous year. (Source)

While the world of start-up looks absolutely promising and alluring, it comes with its own set of challenges. Some are able to pass through the trials and become a success, while some realize it’s not their cup of tea.

There is no such fixed formula for success, but there are certain rules of the start-up games which need to be fulfilled. Without having these in place, it’s difficult for any start up to even sustain. Here’s a list of 10 factors that you need to check on when planning a start-up:

What’s the problem you are solving? And how?

What’s the problem you are solving? And how?

This is the first step of any start-up. What’s the ‘idea’ behind your business? Ask yourself, what problem you are solving for the consumer. If you’re the first one to do it, brilliant! You have the first mover’s advantage. But it’s ok if there are others who have done it already. The point is how well you plan, market and execute it compared to the ones existing. The key lies in cracking the idea, while solving a consumer problem.

A Business Plan/Model

A Business Plan/Model

This is the ultimate document you need to have in place before anything else. What’s your business model? Is it B2C or B2B or both? What are your goals and targets and by when do you plan to achieve them? What are the marketing activities involved and how much do they cost? How do you plan to generate an ROI (return on investment) from each of your marketing activity? All your costs, marketing activities and growth rate are a part of your Business Plan.

The Right Leadership

The Right Leadership

If you don’t have the right leader, you don’t have the business. They are the ones who set the company’s vision and mission. They’re the inspiration which the employees or the team looks upto. A leader is the one who converts even an average idea into a million dollar business with his skills and passion. And the wrong ones can ruin even the best of ideas.

A Supportive & Passionate Team

A Supportive & Passionate Team

It’s not a one man army case here. A start-up cannot grow or even sustain without a supportive team. A team, who shares an equal level of passion, dedication and enthusiasm as the leaders, would work wonders for the business. A good team can win you the toughest battle but a bad team can ruin even a winning one.

The Capital

The Capital

There’s a capital requirement at each and every step of your business. From operations to marketing, from logistics to working capital – without money your start-up cannot survive. Don’t have an investor? Family and personal investment can come to the rescue. But make sure to keep your accounts updated and keep a track of the flow. You don’t want to turn good money into bad money, right?

The Launch Time

The Launch Time

Study the economic conditions, industry trends and future predictions (to a certain extent) to make sure you’re making the most of the timing factor. Instagram stories were launched way after Snapchat started, but it understood the likelihood of the rising trend of the stories and surpassed Snapchat. Timing does play an important role. (Source)

The Launch Time

The Launch Time

All the above comes to a standstill if the plan is not executed as ‘planned’. Break your goals into smaller tasks and set practical deadlines. Keep things under your possibilities. Start small. Once you start executing, you will start having an understanding of what’s correct and what’s not working as per your thoughts and logic. This helps you take alternate routes whenever needed.

Josh James

“When you find an Idea that you just can’t stop thinking about, that’s probably a good one to pursue” – Josh James

And if you have a great idea, we have a great team to help you start right. Let our experience and your idea come together to bring out the best in your start-up!