In the modern era, everybody wants to be free, everyone wants to be their own bosses and the 9 to 6 hour job is not made for this internet generation. Everybody is interested in earning money from their talents and services they can provide and that’s how start-up ideas come.
What is a start-up?
A start-up is a business in its early days yet to make much progress, which is founded by one or several entrepreneurs to make some products or provide services. A start-up can be making and selling a small pin to selling flight and ship parts, from providing service like carpenter, etc. to providing services in IT sector, from retailer shops to restaurants. Any business that has the potential to be profitable can be termed as a start-up. Basically, the start-up is a business in its initial stage.
Start-up over job.
At a job, there is always a boss who gets to govern you all the time, who tells you to get the work done; there are always deadlines and so many burdens. You never get the respect that is due but in a start-up, you are the boss, you get to govern people, there are no deadlines for you. Job provides you with a definite salary and it’s not likely you are getting a raise soon. Start-up provides you to earn as much as your potential, your idea and business plan decides how much you will make but if one does it right, it will be better than any salary; although a salary is definite but there are always risks with start-ups.
Every business that is successful today was once a start-up with an entrepreneur wondering if he can get it successful. Every start-up which was based on hard work and an amazing idea is successful today.
How to start a start-up?
1) The first and the foremost step is to have a business idea
One should always come up with an intriguing and unique business idea as it tends to get more success but that’s not always necessary, even if you are doing a business everybody else has, that’s not going to decrease your chances of being successful. For Example, restaurants like KFC, MC’D are everywhere and people love to dine out. One day, an entrepreneur gets the idea of opening a new MC’D in his locality, the business will be successful but if there is already another one in the area, it will just bring the market down of both. So, try to make your idea unique, do something out of the box.
2) Make a business plan
The second stage is to make a business plan for your start-up. Plan everything required to start, from where the resources will come, what audience to target, which market to target, where the set-up will be, where the manufacturing will start. From scratch to every last ounce of the idea needs to be planned out. Without proper planning, it is most likely the start-up will fail.
3) Secure the funding required
This is one of the most important steps. One needs to have enough funding to start the Start-up and have it going for some-time even if it is not earning anything. There are various ways of getting the funding; easiest are taking loans from a bank, saving your own money, have some family members invest in your idea, find a shark (a person who earns by investing in start-ups) that is willing to invest.
4) Find a location
For a business to be successful, one always need a proper location to start with. Different kinds of start-ups need a different kind of locations. For a start-up that is based on selling a product, the location should be around the market, so that transportation can be negotiated.
5) Become a marketing expert
Someone who owns a start-up has to become an expert in marketing their product. They should learn the market trends, how their product will attract audience, how will they sell the product and everything.
6) Popularize your start-up
In this internet era, the best thing a start-up needs is popularity. Making a website and selling anything online is quite easy nowadays. If you are providing a service, give an online discount that buyers can never ignore. It is very easy and necessary to popularize your product/service to boost up the sales.
7) Always keep an eye out for competitors
There are always competitors in every field even if your idea is unique, someone will be there to steal and try to give you competition. Always keep your eyes open to competition. Try to provide the best to the customers and at reasonable rates.
8) Grow your start-up towards a successful business.
When your start-up starts to provide you with enough gains. Just don’t get stuck at it, try to gain more and expand. Try new markets, and grow your business.
Reason why start-ups fail: -
There are various reasons why the start-ups fail. The most commons are: - funding, wrong marketing strategy, loosing focus on the core of the start-up etc.
Funding/money related issues come on top of the list of why most of the start-ups fail, after a while, most of the start-ups run out of money or the investors don’t see potential in the idea anymore and stop the funding which results in shutdown. The problem is very common, among all the failed start-ups, 40% are shut down due to money related problems.
Next is the marketing strategy, many start-ups have a product which has the potential but still fails because the marketing strategy comes out wrong, wrong audience are targeted. One can never sell a kitchen item in a men’s market. Sometimes the entrepreneurs lose the sole focus of their start-up and tend to make more profit which results in failure after a while.
Start-up in 2020:
Starting something from scratch is not easy and sometimes making it successful is much more complicated than one can anticipate but still, the start-up is the way ahead in today’s world. People are confused if there is any scope of start-ups being successful after this Corona pandemic. Yes, there is much more than there ever was. Many governments around the world are helping start-ups now as they are always a key to the economy of a country.
In India, there are schemes to help people with their start-ups. Schemes that solely focus on start-ups, One is being ‘start-up India’. With the economy being down in the middle of the year, there is a huge chance that it will rise back up by the end of the year. Even the government will provide you with easy loan options to start-up something now and make it big in future. With the boycott china products movement in the Indian market, there will a huge demand of goods which are made in India. So, start-up now and be the boss you always dreamt to be.
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