Steps before starting a startup

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Steps Before Starting A Start-up



Starting any business it big or small needs good foresight, great

planning and accumulation of right amount of resources for carrying out smooth and uninterrupted business activities.

Once you have good planning and execution strategies of any kind of business, there are little or no chances of failure. It is thus advisable to follow certain steps before starting small business:


Feasibility study It is advisable that one conducts

research in terms of the market, kind of competition, target audience preferences and the demand – supply pattern. Once this is done, the setting up of any business will be an easy affair. As these norms decide upon on how things are to be worked out and as to how business plans are to be weaved



Resources and plans Feasibility study will give you the

crystal clear picture of how much funds and other resources are required to start and carry the business. After the figure of resource is cornered, chalk out pointers for the business plans. This may include defining vision, defining mission, identifying objectives, outlining basic strategies and noting down the action plan that need to be transpired.



Decide on the legal entity

Filing paper work churns out dime from your pocket. Based on the entity whether you go for sole proprietorship or the partnership, the expenses of entity fees and other license fees vary. It is advisable to do research of about the filing fees for the city, country and other expenses. Also ask the area where the business is going to be carried out about any other permit that is to be taken.


Funds Cash or funds are the life line of any

business. Whatever be the entity, it is advisable to keep the business funds separate from the personal accounts. Hire an accountant to take care of your business accounts. It is the duty and responsibility of the accountant to see that there is true and fair use of business funds and the funds are used only for the business. Also hire a lawyer to take care of your legal business issues.


Get the website In today’s tech savvy world, it is mandatory

to have website of one’s own. Secure URL and go online. By doing this you will be able to capture the attention of large amount of target audience. Also you will be able to advertise and inform about the products to the customers easily and in a most economical manner. By incorporating your own domain, online shopping cart and secure payment gateway, you can encourage the customers to do online purchases.



Test sales As now there is enough foundation, one can

start testing the sales. In case you have service based business – get involved with local chamber of commerce or small business and share the information about your business. In case you have product based business test the viability of the product at local swap meets, farmers market and other community events to see what the target think of your product. Drive the traffic to the website through simple social media advertisements.



Trial and error Even if you are going to start your third

business, just expect to make mistakes but learn from them instead o brooding and overlooking them. Be open minded and creative, adapt and look for opportunities.Keeping the above pointers in mind will not only aid the proprietor in tabling proper business plans but also enable to carry our business smoothly.

http://www.forbes.com/sites/allbusiness/2013/10/03/big-legal-mistakes-made-by-start-ups/


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Steps before starting a startup