It does not matter if your business venture
is big or small – the amount of hard work that goes into establishing a
note-worthy business is the same. The preliminary round to starting a business
is to ask yourself why you wish to do it. If the answer is solely to earn “big
cash” or because that is what is expected of you, you may want to sit back and
rethink your strategy. Nothing but passion for your work, directly or
indirectly associated with your business, can help you get through the vortex
of work a start-up calls for.
Survey your local market to identify
lacking or lagging elements, needs to be met. This will furnish you with ideas,
and provide direction to further efforts. Locate resources that are to be
brought together to realize your idea of a business. Many infantile businesses
have collapsed for lack of funds. Therefore, a ballpark figure of the start-up
fund required must be gauged from research of the industry of your choice and
the requirements of your target audience. Do not plan only till the launching
of your business. Since an initial lukewarm response to your products or
services is a rational possibility, space out funds to tide you through the
first two months of business as well.
Chart out a plan of action. This is the most
important part of your project. You are aware of the funds at hand, the output
to be generated and the time frame by which this must be accomplished. Drafting
a plan of action with all the diverse elements involved will also help raise
funds for the project, as well as serve as a referral to gauge progress.
Location hunting is the next major hurdle
to tackle. Properties in prime area of urban areas cost a fortune, and are
extremely hard to find. Scour your locality or the region where your target
audience resides and try to observe movement to ascertain the foot-fall on the
streets. Setting up shop in a visible location accounts for a considerable part
of the rate of success. Being tucked away in the backstreets spells doom for a
new business.
Second only to the importance of a prime
location is the name and logo of a business. The creativity and the relevance
of a name to the industry it is a part of, and the products / services extended
by it speak of quality. A well named business that is easily registered in the
minds of consumers is more successful than a badly or complexly named one.
Arguably more important than the name of a company is the logo. Pictures draw
attention faster than words, and an attractive logo that catches the interest of
a passerby will encourage him to pay attention to the business too.
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