The world in the past few years has become the home to entrepreneurs of all backgrounds with age no bar. However, few start-up businesses flourish while a majority of them fail. Have you ever wondered why the rate of failure is more than that of success? Why only a handful of people are successful and have their business still surviving? Is it a safe option to launch a new business?
Well, honestly it is easier for an established business, for example, a local grocery store, to operate, expand, and grow but the same is not true when it comes to a start-up organization or any new business. This is because there are a lot of elements that get mixed in the birth, initiation, and maturation stage of a new idea.
Here is a simple secret guide on how to kick-start your dream project and most importantly how to continuously fund the project to ensure it remains sustainable.
- Before even taking the first leap into launching your business idea and way before using excel sheet to frame your business model, carry out an extensive research using the freely available tools and resources to evaluate the feasibility of your project.
- Always incorporate numbers into your plan. It is not Disney’s Magical Land where everything runs with a swish of a wand. It is the reality. Hence, ensure to record every detail in terms of inputs and outputs and check if the numbers tally.
- Chalk out a short-term and a long-term plan and when you do so make sure that all future projections are practical and not based on unrealistic assumptions.
- Be very careful while doing the math for the first year of the business. There will be more outputs than you can imagine.
- Make time to plan your marketing strategy. Marketing is very these days as customers are provided with a wide variety of choices and competition is really stiff.
- Identify the different segments of the target society and divide your audience into groups. This will help you customize your products/services as per each group’s preference rather than developing standard products/services.
- Identify potential threats and understand your competitors’ strategies. Never underestimate your competition even if you have an innovative product in hand.
- Lastly and the most important part is that you ensure you are fully capable of providing excellent after-sales service. This is very important in terms of brand loyalty and customer satisfaction.
Hence, a full-proof business model backed up with a good marketing strategy should be good enough to take your business to greater heights.