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How to transform dreams to start-ups

You have an idea! Congratulations for that. And you want to convert that into a real business. And a business must be registered, it must have heavy balance sheets showing your assets, a capital investment, a super office space in one of the poshest localities of the city… wait wait! If we tell you that this is what is all about business, do you think you will read this anymore?

Because you do not need these things right away! To start your business first, there are a couple of not so much talked about things and let us get you started with that first.

Fit your talent like a mosaic: Do not jump into something which others have started. You are unique and so are your talents. In this slow economy, think about what you can offer that people will buy even when they are trying to be a little miserly and save some pockets.

For example, some of the things that will still hold good as new business ideas 2020 is wellness. A healthy food brand that can offer door to door service, or an online session for young mothers to sit at home and learn how to take care of themselves. These will sell even in most tough times.

Assess the competition: Just like a predator you need to mark your territory. After assessing what you can offer, find out

  • who else is offering something similar in and around?
  • To whom are they offering
  • At what rate are they offering?
  • How can you offer the same with a bit of twist to attract more?

Sniff it with a bit of survey: Did your pals, colleagues and cousins already tell you “aww! Its great”. Cool enough! Ask them to take your survey. There are many online survey tools like survey monkey for your home-based business ideas and all available where you can frame your questions and ask your friends to fill up.

You never know friend, that you can be surprised, maybe not all these people whom you thought you can depend upon to sell your first fresh juice are not so interested when it comes to buying it.

Money avenues: Is your idea self-sustainable? Like if you wish to coach. Do you have the space and equipment readily available with you? Or does your low investment business idea require some small loans or an angel investor to stand beside you?

We suggest you talk to friends and family who are entrepreneurs themselves and guide you by giving contacts of funding. Even better, they identify with your aspirations and do not mind give you a small loan in exchange for just good wishes or maybe a small share of your revenues.

Catch hold of a mentor: This may not sound absolutely necessary and we will not even push you with that initially. But a good Samaritan, can boost your confidence, give industry-specific trade secrets and help with networking. Never mind if you do not find one. We are still there!

What’s in a Name? While you are harping o your idea, and honing your skills to enter the market, do put on your thinking caps to get a name for your company. If you thought, “oh that can be taken care of later!”. Read here, why is it so important and how to go about it.

Test your water: Try and give a test run of your idea on weekends maybe. A small demo can be streamed online or be shared with your flatmates or the people from whom you have received positive response in the survey that you conducted.

The above will help you sort out many big challenges as this is a reality bite to start a business.

Fix your back up resources at home: You may be a full-time office goer, or a full-time active mother scurrying behind an even more active toddler. Who takes care of your home and side-work a bit while you work on your ideas?

  • Are there family members who can help taking care of your household?
  • can your boyfriend help with cooking?
  • Can your husband do the dishes and soak the clothes in a line?
  • Can your little monster stay without you and be happy?
  • Can your wife help you a little bit with the packaging of the product?

Find out a little bit on these and work out your arrangements.

Identify your pillars of success: Before you get down all unkempt working on your business idea, try scouting for volunteers and prospective employees. And overlook none. Do not be surprised if I tell you it can be your maid or the boy who carries your tennis equipment when you go for a friendly tournament. You never know they can work for some passive income and readily help you.

Do not ignore your ex-colleague who had a fair knowledge of market stocks and shares. Anyone and everyone can be useful.

Do not get your hands or head full: Very few people around you may be as enterprising as you. But do not get complacent about that so soon. We also know you are serious about your business but ensure that you do not slog like a mule. No, that is not required as this is the perceived idea of entrepreneurship. Keep some time in a day, or a week always dedicated to your business homework and plan your resources ahead (who does what when you work on your idea).

Keep a write-up ready: Before the number crunching starts, or you work on addressing the elephant in the room, maybe you can prepare on the introduction about your online business idea. Work on some brochures and pamphlets which can act as a foreword before your grand entry. If you need some ideas on how to go about this, we are here.

So before getting started with the actual works, ensure you have all the above in place a few months ahead to head start with your business idea.