Factors to Consider before Launching a Successful Business
How to get ready to start your business? Find out some of the key factors to consider before launching a successful business.
This is the fact that that there are ¾ startups that fails within few years after they started. How to get your business out of failure startups’ list? What are the key factors you need to consider before launching your business? “Start doing things on weekends to give a base to your business without burning your own money.” This could be very helping for all those startups who want to a start business with limited sources. Like this there are many other factors to consider before launching a business.
Hardik Dhamija, Co-founder & Coo, EduRev shared, “We started thinking about EduRev much before launching it. Though we were not well aware about the market at that time but, we were passionate about the idea as we wanted to make tech education available to all online. Gradually, we came to know that the gap between the online and offline ed-tech space is huge and it need to fill for education revolution.” Hardik Dhamija and Kunaal Satija launched this startup officially in May 2015 after spending months on idea incubation and understanding of various other related factors. Personal experiences and struggles motivated Dhamija and Satija to create a course for helping other startups. So they are coming up with an app to provide online help courses for new business owners, startups and entrepreneurs globally and PAN India. Through this course multidisciplinary knowledge will be shared with all who want to do a business successfully. The app will be launched in the association of JAARVIS, Hong Kong and Chitkara Innovation Incubator Foundation very soon.
Some of the factors which startups and business owners need to think before launching a business are given below;
Business Idea Testing
Too often the businesses fail because founders rush to launch an idea without testing it. So, idea testing is very important for checking that it will work or not in the future. Online research and surveys can be done easily by using free resources. Apart from using online resources or googling, you can talk to the people who are already in this business or related to same segment to know their opinion.
Know about the market and Challenges
People who are already in the market can share their experiences about the real market opportunities and challenges. To know the market inside and outside, talk to distributors and suppliers as none other than can help you to know the real picture of niche market.
Understand Your Target Customers’ Nature and Taste
Beyond everything, the customers are main key to ensure success in a business. What will appeal them to buy your products or services is more important than paying attention to the factors that what technology you have used and how financing and other sourcing managed. You may need to spend extra time to understand what exactly will make you different from others and going to drive customers interest to your business.
Better to Think Beyond a Normal Business Plan
Business planning is not an easy exercise. In-depth market research will help you to understand all things systematically while by writing a business plan you can think on many related factors thoroughly. For better business planning, you can consider taking help from experts who can analyze it critically.
Consider Financials and Think of establishing cash resources
How to manage financials? This is most important question every future business owner needs to ask from him! Consider your personal financial resources all along bootstrapping till revenue or funding gaining. To know how much money you need for a particular time period, make an estimate. For fulfilling business needs, you can think of establishing new resources that might be you have not thought of.
Think About Challenges and Losses
New businesses have tax liabilities to fulfill and this can give extra burden on business owners’ pockets. Also, other unexpected challenges can hurdle you entrepreneurship journey.
The idea planning and processing is very important for executing a unique business idea successfully. For example if you are thinking of coming up with a unique product range, try out them among the people you know or public who may sooner or later become your customers.