In this competitive world, it is very difficult to start a business and target a group of masses with a particular product and services. There are many business giants present in the market and growing with a tremendous growth rate. The trends of the market are changing day by day with the variation in taste and preferences of the people. It leads to a tough competition in the market among the business houses to differentiate with one another by developing a variety of products and services. People are demanding and choosy about their taste and preferences now a days.
To start a business, we need to think some creative ideas which will leads to the uniqueness of our product and services. We should get aware of the product and services available in the market which comes under our segmented products.
To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you:
To start a business, we have to follow few steps:
Step 1:- Idea generation
It is the first and a basic step to start up a new business. The idea must be unique and suitable for the market. It should be made according to the trends going in the market so that the people can easily adapt the product and services.
Step 2:- Set exit expectation
Outside investors will most-likely require much faster growth and a clear roadmap to exit for their investment after around five years. Whereas, you may be personally fine building a small revenue business that covers your desired lifestyle, without the hassle of outside investors.
Step 3:-Research your market
You have to research the market on the basis of size, competition, fund analysis and venture capital. You want to make sure you know what you are getting yourself into before you start. You are practically trying to kill your startup before you start, and if you can’t find a good reason to kill it, you are off to the races.
Step 4:-Business planning
After finishing the market research, you need to build a business plan, determine your revenue model, build a sales and marketing plan and build a budget for your business. You make sure that you leave enough budget to test your sales and marketing efforts and achieve a profitable cost of customer acquisition and proof of concept that will appeal to future investors.
Step 5:- Business formation
Once you are sure you have a good and well-researched idea and business/financial model that makes sense, you should be in a position to launch your business. This includes answering frequent legal questions of startups (e.g., determining corporate structure, intellectual property protection, state of formation).
Step 6:- Product development
You should develop your product with the uniqueness having minimum cost of production so that it could be easily affordable in the market. In building your product or service, you will need to decide if better to build your startup with in-house employees or third-party contractors. In all cases, you will want to build a minimum viable product with which to test and to optimize over time.
Step 7:- Staffing
You need to build your startup team, and determine your team’s roles and responsibilities. Proper allocation of work should be done so that each employee could perform his work according to their full potential. In different cases, make sure you hire people that are well-suited to fast-moving, nimble startup environments, preferably with a proven track record at prior start ups.
Step 8:- Fund raising
The last piece of the puzzle, which is required for any startup, is capital. For very early stage businesses, if not your own money, this most likely means finding angel investors for your startup and other boot rapping financing techniques.