Want to start your own venture in 2023-24? A checklist for things to avoid
3 min read . Updated: 13 Mar 2023, 11:29 AM IST
PremiumThere are a lot of reasons to start your own business, but following trends should not be one of them. A well-thought-out business plan is essential for any successful venture
Starting a new business in 2023-24 can be a daunting task, but with the right preparation and resources, it can be a successful endeavour. If you want to start your own venture, there are a few key steps you should take to ensure your success.
Sundeep Rana, Co-Founder NetSetGo Media shares a checklist of things to avoid
1) Don't pick a business concept that is overly competitive or challenging to break into. Research your market: Decide if your business is actually viable.
2) Don't forget to register your business with the relevant authorities. Register your business with the appropriate state and local agencies and obtain any necessary permits and licenses to operate your business legally.
3) Don’t forget to define your workplace. Be it virtual or physical, find a workspace that meets your needs and budget.
4) Don't forget to choose a legal structure. Choose the best legal structure for your business, such as a sole proprietorship, LLC, or corporation.
5) Don’t forget to create your brand and its assets. Develop a logo, website, and other materials to create a strong brand identity. Also, register your domain and social media handles.
6) Be aware of your business operations. From developing a pricing strategy to hiring the right people, from having customer service setup to defining sales channels, keeping a clear plan of your business operations is a must.
7) Don’t forget to keep a progress measuring matrix. Track your progress, and shortcomings and adjust your strategies as needed.
Don't start a business just because it's trendy
There are a lot of reasons to start your own business, but following trends should not be one of them. A well-thought-out business plan is essential for any successful venture. Without one, it will be difficult to track progress and make informed decisions about where to allocate resources. According to Lokendra Ranawat, Co-Founder & CEO, WoodenStreet, starting a company just because it's the latest thing can lead to several problems down the road. Additionally, starting a business just because it's trendy can also make it difficult to stand out from the competition. If everyone is doing the same thing, it'll be hard to make your business stand out.
Fear of failure is the biggest blunder folks could indeed end up making. Malfunction is vital for achievement, as well as combating your concerns is beneficial to your future sales. According to Dr. Deepak Jain, Founder, The Fragrance People, “The fundamental element of success is how you recover from failings but also gain insight from your errors. The second point is that a great deal of entrepreneurs proceed without even a basic strategy, and having failed to strategize is primarily making plans to screw up. A entrepreneurial plan ought to be created by a setup. It ought to cover how much it ends up costing to run a company, that however much they anticipate grossing, who might purchase their goods or even why."
According to Raghunandan Saraf, CEO and Founder of Insaraf.com, a widely known startup blunder is not grasping the market and otherwise consumers for the company you're planning to build. there's no way to know whether or not you're on the correct course unless you're progressively receiving input from current and potential consumers. It's indeed crucial to acknowledge that developing an outstanding product can sometimes not translate into a profitable business. Numerous businesses are finding themselves concentrating on a market that really is too tiny to accommodate a big venture.
Entrepreneurs frequently fall into the trap of thinking they really are alone, or individuals endeavour to function independently without pursuing sage advice. “Don’t attempt to oversee a new venture by oneself. Discover and recruit highly experienced consultants to assist you with your start up ideas, strategic planning, hurdles, as well as advancement. Knowledge and potential can indeed be identified with in richness of recommendation. Start encouraging multiple individuals to join ones venture as consultants in so you can get constant feedback and therefore end up making better progress," said Sahaj Chopra, Co-founder & Director, Fat Tiger.