Tips for starting a business and business plan works

by Muhammad Inam Ul Haq
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Tips for starting a business and business plan works

Anyone wanting to found a company is first faced with a real Herculean task:

  • Intensive planning
  • extensive research
  • Search for suitable financing options

These are many steps on the long way to implementing the company idea. Even if your optimism only bodes well, you should not lose sight of reality and observe the following crucial tips to bypass stones and hurdles safely.

What stands in the way of the dream of starting a business? The rose-colored glasses!

In the ideal of the future young entrepreneur, everything usually runs smoothly. He assumes the optimum in all conceivable areas and is sure to achieve this. The innovative idea stands and is highly promising. Several investors have already registered who would like to support the future company financially.

Everyone involved works quickly hand in hand to implement the plans as soon as possible. If problems occur, they are seen as challenges and are readily overcome with a high degree of drive. Even a “no” or “does not work” are no cause for concern because there is always another, in the end, perhaps even better, turnoff on the way to your destination.

The entrepreneur is wholly focused on himself and his vision and does not constantly look at what others are saying or doing. Your drive is the decisive factor! Even if doubts and criticism arise from all sides, he does not allow himself to be disturbed but remains true to his idea and avoids these pessimistic influences as much as possible. He does not want to be put off but wants to launch his company with quick steps successfully. When the starting shot is finally given, customers will be queuing up within a short time, and the former idea has become a powerful sales generator.

The founders’ reality is harsh: failure or even failure

So much for the ideal, but the truth is different. There are many curves, intersections, and inclines to wait on the way to success.

Don’t rush: detailed research is the be-all and end-all

Some people come up with a new product or service while they sleep, but a keen mind is required for the further process and the final implementation.

The first step is in-depth and extensive research to check the idea for its actual feasibility. Important questions are:

  • Which competitors are there, and what are their priorities?
  • Does the market have enough space for another player?
  • What makes me different from the competition?
  • Can I offer added value that you don’t have?

If you consider that there were already 302,529 start-ups in this country in 2013, the need for real added value becomes apparent. In addition, it is crucial whether the business model is suitable for securing the existence – in other words, can it be monetized?

Ultimately, these questions can only be answered with a high degree of objectivity and professionalism. Therefore, it is essential to seek dialogue with other experienced founders and allow critical voices from your environment to have their say. This is the only way to come across possible inconsistencies that would otherwise remain hidden.

Structuring the business plan sensibly: Here’s how

If the research was successful and the idea has taken on a concrete form, the next step in the program is the business plan consultant. This is unavoidable – regardless of whether you finance the financing yourself or are looking for investors.

1. The idea

In the first step, the basic idea is presented – with all its strengths and weaknesses. The main topics here are:

  • the suitability and knowledge of the founder and other parties involved

2. More detailed description, goals & measures

Next is a detailed description of the product or service. In addition, it should contain:

  • the individual peculiarities
  • the short and long term goals
  • the possible measures

3. Target group & competition

The current market situation is also of great importance. Questions that will be clarified here are:

  • What does the target group look like?
  • The characteristics of the competitors’ customers?
  • What are their needs and preferences?
  • In addition, competitive analysis is indispensable at this point to clarify these points:
  • the latest developments
  • the pricing on the market

4. The location

Once these points have been clarified, it should be explained why the chosen commercial location is the right one for the project.

Particular attention should be paid to a suitable, well-developed infrastructure with which the choice of location can be justified.

5. A qualified team

Even if the founder wants to realize his business idea independently, it is advisable to consider possible additional staff. To do this, you should always keep an eye on the current labor market situation so that, in case of doubt, you do not fail due to a lack of qualified specialists.

6. The legal form of the company

You should also be clear about the legal form of the company in advance. Each shape has its peculiarities and requirements, which you have to be fully informed about to make the right decision.

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