Step by Step Guide For Starting a Business

Step by Step Guide For Starting a New Business

[Essential Steps for Starting a New Business.

This Guide for Small Business Startups will help you cover the essentials - and you will save time.

For more detailed coverage you may go through smallB.in - section by section.]

Business opportunities can stem from a variety of reasons - ranging from market inefficiencies, to Consumer's Desire to experience something new. Read further to understand some of the key factors which result into Business Opportunities.

Gain understanding of the Key Factors which have made other businesses successful. smallB analyses some of the most successful Startups from India and abroad. You will discover that some of the biggest corporations had very humble beginings. Read further & get Inspired

Take a look at smallB's "The Big List of Business Ideas" to see if anything excites you. The list has been chosen especially to spark your imagination.

Starting a new business from scratch can have Risks. There is every chance that your business might not perform as well as you expected. If you are concerned about the potential risks of your business, you may want to consider a franchise opportunity in your area.  Read further

You are excited about your business idea and you are already envisioning all the possibilities. Now is the time to make sure that your Business Idea is indeed viable and you not getting carried away by the sheer excitement.

  1. Use the Power of Search Engines to conduct a thorough Research on your chosen Business.
  2. Get Business & Industry Data from sources of published information
  3. Understand the Needs of End Customers
  4. Learn all about Competition & its Offerings
  5. Dig Deeper to find Gaps in Competition's Offerings and the Hassles faced by customers
  6. Analyse Strengths as well as Weaknesses of existing players; Analyse Opportunities as well as Threats to figure out whether a business opportunity exists.
  7. Make sure that the Business Opportunity is large enough to be attractive and the cost of doing business is reasonable enough for the business to be viable.
  8. Identify Various Customer Segments that exist

How to Research the Opportunity

Finding your Niche is Important

  •     It is important to find a target segment which values the benefits you offer significantly more than alternatives
  •     If the segment is distinct and its size economically viable, you may have discovered a profitable niche
  •     Finding your Niche is also important because you can't afford to be everything to everyone.
  •     A profitable product / service must stand out and find quick acceptance amongst happy & satisfied customers

Defining Your Niche

  •     What are you Selling?
  •     Who is your Target Customer?
  •     What benefits is your Target Customer Seeking?
  •     How is your Product or Service different from your Competitor's Offerings?
  •     How is your Product / Service Superior Vs Competition for the Target Segment?
  •     Which benefits / differentiators make your product unique?

 


 

Conduct a thorough research on Google as the first step. Find appropriate technologies and suppliers for the shortlisted business idea. Get in touch with several suppliers and get as much details on technologies as well as costs. This will be needed for your Business Plan. Get in touch with current users of the technology to ascertain their views, if appropriate.