Starting a new business in India or anywhere across the globe is surely a task. A prospective entrepreneur has to take full charge and be ready to test the waters. So, what is it that makes or breaks any business? We tell you top tips to kick start a bus
Be it food and beverage, retail, beauty, health, hospitality or any other industry, to start a business takes a lot. Few sectors involve more of paper and research work while others require more of rapport building. It totally depends on the sector you want to start a business in. There can be so many reasons to start a new business. May be you are unhappy with your current job, may be you have a great and bright idea or maybe you have lots of funding options available.
1) Market research
One of the most important elements before jumping into the trade ship is market study. You must know what all ideas already exist in the market. In case you want to start a food business, find out about all the existing players in the market and study about the loopholes to do even better. More study means, you will save yourself from doing the same mistakes, what your competitors already did. Vinay A. Bhopatkar, COO, Van Heusen says: “You must always associate with a proven brand and stick to it in case of franchise business. Study of the market is also vital.”
2) Always try and do it with a family member
People might think that after all the home work it is very easy to start the business, but it is not. During the initial phase, you may not be able to handle all of it alone. Make sure you have a family member involved in the business. It has two benefits- Firstly, in case of your absence, illness, etc he can manage it. And secondly, as they say it takes two to tango. That partner can be your best support system.
3) Make a list of your clientele
Obviously, you cannot start marketing in the initial phase but at least you can make a list of your contacts who can be a good clientele to you. Talk to them, meet them often and through them try contacting others also who might be helpful in your business. Even if the trade is a small scale business, the prior home work has to be done thoroughly.
4) Hunt for a prime location
Rent can be very high at a prime location and this can be a hindrance to start off your business. Always ask your family members, if you they have any property that can be of utility to start the business. If the location is not prime, try selling it off after a while and shift to a major location for your start up. Vinod Kapoor, Mult-iunit Franchisee, Titan says: “There’s nothing like having your own property. You can save so much instead of paying heavy rentals. One should try and open store on his own property.”
5) Hire professionals
Even if you own the business, you might not be an expert in every arena. There might be legal matters which you need to deal with or may be a financial advisor. Hire them to assist you better. In case you are already short of funds, hire them on contract or visiting basis.
6) SWOT analysis
S- strength, W-weakness, O-opportunities and T-threats. Know about your product. In case you want to launch a gifting brand or a food brand, try starting it during the time of festivities. During new year’s time, people purchase gifts in bulk and also sweet boxes. For example, your sweet shop can be only successful if you do the right campaigning and promotion at that time.