Starting new business?
Startup, building my own business, making a venture are words we hear more and more now, specially with the after COVID-19 era; as many professional has been laid off and the chances are less and less every day.
The after effect of the Coronavirus resulting in economic slowdown forced many people to think of starting their own business. Dreaming about good luck and a chance to grow like amazon or WhatsApp … in no time!
In here we simplify the starting of a new business, yet putting reality in perspective, to save the frustration and wasting time and money.
Starting new business involves planning, making key financial decisions and completing a series of legal requirements.
It is especially important to understand that every business venture, regardless of the economic situation and market conditions, has some risks. These risks can be controlled and reduced by following the right steps and actions.
What are these steps?
1. Market research:
Market research will help you determine if your idea can be turned into a successful business.
- Research similar businesses:
You need to check similar businesses / location / advertising / staff requirements and potential customer’s needs. These information and analysis will help you evaluate your business idea and the right approach / budget.
- Evaluate current market trends.
What seemed like a good idea in the past few months may have been a fad.
- Know your strength and preferences
Check if you can fill in the gaps by either hiring a staff member or using a consultant
- Know how the changes in the economy will affect your business
Will Inflation affect your business? Can your business perform in various economic conditions? Is your business seasonal?
2. Business Plan Canvas:
The business plan canvas will help you shape your business and will become a valuable management tool in running your business. The business plan will explain the structure, path, and growth for your business. It will help you have a better outlook of your plan, for investors and potential business partners as well.
Business plans will help in setting your finances and required budgets. Based on the estimated amount, you could either finance it yourself or look for investors.
3. Choose a business structure:
The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability.
Choosing the right marketing strategy will lead to an increase in business sales. This directly impacts the revenue generated, as the more you reach out to people, the more they reach out to your business or brand.
Startup is not just a good idea, startup needs structured business steps to be done, whether you are starting up a completely new business or opening new opportunity or market.
How can Pinnacle help you start your business?
We at Pinnacle, as external experts, can help you achieve all above-mentioned steps in order to start your new business by providing market research, business plans, budget consultancy, marketing consultancy, strategy, and planning.