Planning for a Startup

There has been a surge of entrepreneurial ventures across the world in the last few years. It seems like one in every five companies you come across in a block is either a startup company in initial stages or a late start up. This trend has been catching up ever since Investors started showing confidence in startups as against influential setups, as these companies gave the confidence to the investors through delivering the best.

Reason for this trend

The education system can be one of the main reasons for this trend, to start with. With more individuals aspiring for a management course, it is but natural that the course instills confidence in the students and also provides avenues to realize business plans. Top management institutes now provide an avenue where the institutes nurture and guide startups by providing pointers and grooming the budding entrepreneurs. Add to this, the market scenario where there is a need for new ideas in the domains of food, entertainment, retail healthcare, etc and you have an array of new business opportunities.

What it takes

What are the points to be addressed before starting up on a business case?

1. Be sure to conduct a thorough research on the domain you plan to make a business case for. Gather data for a significant duration.

2. With this data, you will be able to identify the gaps and needs for improvement.

3. Weigh them against the Return on Investment (ROI) & analyze them to identify the key points for your business case.

4. Identify the target audience for your business. Who would be your key customers? What would be the market segment you would want to attract?

5. Estimate the duration in which you plan to establish this dream venture. Put down milestones that are time-bound and goal-bound, to help you measure your success or assess if you are on the right track.

6. Put down the risks, a mitigation plan and a contingency plan.

7. With all the above inputs, prepare a business case and present it to a group that you know will evaluate and assess your plan, to provide constructive inputs.

8. Part of this evaluation group can be your prospective investors. It is important that you get their buy-in.

9. Once the above is done, go ahead with the execution of the plan.

Remember, the success of any venture is proportional to your commitment and hard work in the venture. Any startup takes time to be established and to start churning out returns.

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