TIPS FOR START-UP BUSINESS PLAN
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It is sound too interesting. Yaa? Obviously, because it has a feel-good condition. We verbally became an entrepreneur in our own imagination. So, students appeared in MBA who are interested or aimed to be acting as an entrepreneur in near future, must be focused on this topic. It is because, through learning business plan, you can get the necessary essence of how to be a successful entrepreneur. But wait, please! Though it sounds good its implementation, in reality, is too hard. It is too technical to use in every step in contemporary market and get your desired result from it.
For suppose, you want to be a café owner. Then, your primary targeted customers must be between ages 15-45. Here I have used ‘primary’ word because these age groups are fond of coffee and more or less every day they visit their nearest and favourite, friendly café. Therefore, your café location must be in any posh area or in any college or university campus. Right? But, if your café will open in any slum area or local areas then? No, it doesn’t work good and not give you the desired result. So, before starting up your business, planning of its technicalities are too much important otherwise single mistake is enough to shift your dream into ash. So, please go through with our following tips before planning your start-up business.
Select startup business:
First look into your passion. What you want to open and why? Ask yourself first are you ok with your planned business. Have you all those support that you need for your future business. Select your business after getting answer these entire question otherwise, it will demolish in its first move. Try to get answers from your insight and plan your business accordingly.
Do market analysis:
Next thing is proper market research. You must have to know your planned business could get any appreciation in the contemporary market or not. If yes, then plan for next step but if not, then start from the beginning. You have to select other business options. Other than that, you can do a little survey that why your previous entrepreneurs are failed to start up your planned business. Is there any loopholes in their strategy or the market itself not needs that. Analyse your previous entrepreneur’s strategy first and try to find out their strategic issue. If there any issue, then try for a demo project. If not, then you have to plan for something else.
It is like your research paper. When you try to find out any issue, you first have to complete your literature review to know previous author’s viewpoint. Market analysis is similar to the literature review. After getting understand previous entrepreneur’s viewpoint, only after you can proceed to next step.
Select targeted customers:
Check once, are there any targeted customers for your start-up business or not. Please be specific to your targeted customers. Start it from their age groups. Try to fix your target in specific age group. It will helpful for you to continue your startup business. It is too similar to a pilot study in a dissertation. Through pilot study, you can get understand the possible outcomes of your entire research paper. Similarly, through targeting any specific age group, you also can be understood the possible success of your business plan.
Check financial support:
Now its time for checking your financial support. Survey a lot that how much you need to start up your business and then check your fund. If you have not sufficient, then you have to manage it before implementing your business plan.
Project financial condition:
Yes, here is the section to apply your all-academic knowledge that you have learned through finishing your finance assignment or report. Budget analysis, profit and loss statement, break-even point development all are needed to be projected in this area that will indicate whether your project will be successful in near future or not. Whatever you may do, just remind it must and must be realistic.
Build your management team:
It is time for building your management team for your start-up business. Please remind your MBA module guide and assignments. Who do you need? Yes, accountant, human resource, market analyst and one IT person. One or two of these members must be experienced otherwise it will be difficult for you to continue your business. Project your financial analysis to them. Take their views. If all, are they agreed then you may start your business. However, just remind, always don’t rely on other’s statement. Here is the phase to apply your own knowledge and academics in real implementation.
Develop company description:
Now, the time is come to develop your company description. Design your website and prepare your company description. It’s the tome for preparing newsletters and sending mail burst. Rest is ‘waiting for your best’.
Be ready. Time is come to fulfil your all desires and dreams. it’s the time to project your capability towards the world. Plan properly; be confident and implement your business plan. Hope you will do your best. Good Luck!!!