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How To Launch A Business Through These Steps




When you are launching a new business, there is so much to do and such little time to achieve your goals. From finding your first investors to getting the business off the ground to finding customers who are going to be loyal to your business, there is a lot to do! You have done the groundwork and when you are waiting for the business to become the success you know it will, these steps are your yellow brick road to success!

1. Evaluate and reevaluate yourself 

Before you launch your business plan, evaluate yourself and your ideas. Is your business plan really viable? Is your regular work causing you anxiety and not letting you focus on your dream? Think of the following things before you jump off the cliff:

  • Do you have the skills to match your business idea?
  • Can you afford the spend if your business does fail?
  • Do you have a backup plan for your backup?
  • Do you have the required number of people to help run your business?
  • Do you know for a fact your investors will back you up no matter what?

Think of these things before you take the leap of faith and invest in your business, therefore making sure all your ducks are in order!

2. Know that your business plan is not the be all and end all 

Even if you have put in the required amount of work into your business plan, it is not the be all and end all of your business founding. The real process is the amount of research, the groundwork and the preparation you put into making your business dream come true. In depth preparation is like climbing the much needed steps to launching a new business and when you do not have backup plans for your original, you know you are getting too arrogant for your own good.

3. Test your plan on a focus group 

After you have a plan in place and your ducks in a row, it is time to test your plan on a focus group. Get a group of people from different backgrounds together and pitch the ideas to them. Ask them for the pros and cons, for their honest opinions and to give you as brutal a feedback as they can. This will help you assess the strength of your business and will also help you establish a target audience. Furthermore, if you launch your business without getting public opinion, then you tend to miss the flaws you may have overlooked.

4. Know your market 

One of the other objectives of testing your business on a focus group is for it to give you a clear understanding on who your target audience is going to be. Ask as many questions as you can think of, conduct an extensive research and know exactly how your potential customers are going to react to your product. This helps in giving your product/business the much needed edge and helps in making the splash your business needs!

5. Create a schedule and make sure you follow it 

While your idea may not go according to the plan all the time, it is still important to create a schedule. Plug in all the necessary dates, the timelines and the steps needed to create the right impact. Make sure when you are creating your schedule, you know exactly what is important for your plan and how to execute it when needed!

Every business needs a particular map and nothing can just be done on a whim. Dot the i’s, cross the t’s and make a list of everything you need! Ensuring your business grows to the success it is meant to is important and you are the only one who can make that happen!

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How To

How To Onboard The Right Investor For Your Startup




How To Onboard The Right Investor For Your Startup

Most startups begin with the founders investing a startup capital to get their business up and running.  As a startup slowly refines its business model in order to complement their sales model and start generating revenue, the founders would then be focused on expanding and growing the startup.  It is at this point having an investor on board would be a huge help for the health of the startup. An investor would provide the much needed capital to expand a startup and scale up the business model, in order to amplify demand and increase supply to match it.  But finding an investor is not always an easy task but, there are some simple steps which can be used to maximise probability of finding the right investor.


Have A Product or Demo Ready

Investors need to know where they are investing their money and therefore they will always request a demonstration (demo) of the product before investing.  Therefore, it is important to have a working demo along with the sales pitch in order for the investor to make a calculated decision.

Research on investor portfolio

It is important to research prospective investors as in what kind of portfolios they have invested their money.  Learning about an investor portfolio gives an insight into the health of an investment company. If an investor has experience with handling similar startups to yours in the past, they would be able to provide guidance and mentorship.  However, the most important reason for research is to see if the investors have a similar kind of startup in their portfolio, which would mean the investor would be reluctant to invest because the startup in question would be a direct competitor to your startup.

Finding a mentor and a core team

A mentor in this case is someone who has prior experience navigating the choppy waters of the startup industry.  FInding a mentor will be invaluable in the long run as a mentor brings their experience to the forefront and would be able to guide the founders by nudging them in the right direction.  A good mentor will also be able to attract investors through their network as well. A core team should consist of skills not just from the technical side but also from the business and revenue perspective.  A good example here would be Larry Ellison, the founder of Oracle and Marc Benioff, founder of Salesforce. Ellison mentored Benioff during the initial days of Salesforce by providing valuable technical and business inputs and even investing in Salesforce, which paid off in multiples later on in the future.  Benioff founded Salesforce while he was still working at Oracle and Larry Ellison was supportive of the endeavour so much that he let Benioff split work so that he can work on Salesforce in the mornings and at Oracle in the afternoons.

Proven Business Model

Investors are more likely to invest in a startup which would be able to show a proven business model complemented with numbers.  The business model need not be elaborate and can instead focus on a small demographic which would provide a lot of valuable data useful for scalability like revenue forecasting, sales and marketing demographics, overheads, burnout rates, processes which can be automated and troubleshooting, but more importantly it offers investors a glimpse into the revenue model.  

Prepare for due diligence and have documentation ready

Startups need to be ready for a due diligence check by an investor and therefore ensure they have all the documentation ready and up to date.  There would be due diligence checks on various fronts. If a startup is building a software, investors will be running various scripts to check compliance and software licensing requirements.   Important documentation includes product roadmap (from demo to live,) timelines, cash burnout rate and financial projections for the future among others.

A startup should have a clear goal and define specific outcomes with their investors in order to achieve the maximum output from the partnership.  Onboarding investors is the first major hurdle any startup should clear and then focus on scaling up, in order to increase a startup valuation which in turn will attract more investors.  Following these steps will help finetune the search to identify a potential investor which would go a long way in scaling up a startup.


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How To

How To Increase Online Sales Of A Business




How To Increase Online Sales,Online Sales Business,Increase Online Sales Business,Startup Stories,Latest Business News 2020,Increase Online Sales 2020,How To Increase Sales,Increase Online Sales Tips,Online Business Sales Tips

Sales is an important part of any establishment or organisation as it is a major revenue contributor.  A product or service can be sold any number of ways, but mostly it falls under either offline or online sales.  The present consumer is increasingly relying on technology to make their purchases and that is the reason why almost every company or organisation has an online presence on an aggregator platform or via their own in house app.

Online sales can be made consistent by following some simple tips given below.

1.Show customer testimonials

Testimonials are an important way for a new user to get an understanding of the product or service they plan to buy.  Testimonials offer customers a sense of confidence that they are making an informed decision about their purchase. Good testimonials are a way to convert impressions into sales.  Amazon has reviews for every product it offers on its platform and urges customers to leave a review as well after making a purchase.

2. Money back guarantees

Most online sales happen without the customer physically inspecting a product or service before making a purchase.  Therefore, it is a good practice to offer some form of money back guarantee for a sale, in case a customer is not satisfied with their purchase.  Having a money back guarantee is also a form of conveying the strength and quality of the product being sold. Online clothing store Myntra has a return policy where, if a customer is not satisfied with their purchase, they can return it back and the cost of the transaction is reverted back to the customer’s account.

3. Create a call to action

Creating a sense of urgency or a call to action is a very subtle way of guiding a customer to make an online purchase.  This can be achieved in many ways like offering a product bundle for a discounted price or creating a discount sales campaign.  Showcasing high selling products or the most recommended products are some other ways to make the customer make their choice quicker.  Food delivery platform Swiggy has an option called Swiggy Pop which has a curated list of meals for one person at attractive prices. This spares the customer the hassle of browsing through multiple restaurants and making a decision.

4. Streamline the checkout process

The checkout process is the most important part of a purchase.  Items in an online shopping cart are often left in the cart itself as the checkout process is time taking.  Lengthy information fields are most often a hassle and make a customer abandon their product in the cart and instead look for other alternatives elsewhere.  Having a secure payment gateway, which does not interrupt transactions midway, is a must have for the customer to trust the brand.

5. Offer multiple payment options

Have multiple payment options like cash on delivery, netbanking, online wallets, credit and debit cards.  The present day customer has many options at their disposal to make a payment and they would like to be able to make that choice in choosing how they would like to pay.  In India, almost every online marketplace offers a plethora of alternatives for payment, like Paytm, Google Pay and credit/debit card transactions from multiple banks, from which the customer can choose.

While there are multiple tweaks and ways to increase the online sales of a product, following these tips can help streamline the sales process and offer a sense of understanding from a revenue standpoint as well.

Learn more about how to increase sales of a business here: 4 Tips For A Business To Increase Sales


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How To

4 Tips For A Business To Increase Sales




4 Tips For A Business To Increase Sales,Startup Stories,Proven Sales Strategies to Increase Sales,Tips to Boost Your Sales,Tips to Improve Retail Sales When They're Down,How to Increase Sales in Retail,Ways to Increase Online Sales

Any business, once established, needs to generate revenue in order to sustain itself.  Sales are the major revenue generating stream for any business. In the current business landscape, it is highly imperative to have stable sales revenue.  A good product will automatically generate sales if it has a target audience who like what they are purchasing. However, any product or service always has scope for improvement and generating more sales.

Let us have a look at some tips for a business to increase sales.

1. Invest in a good sales team

Any business needs a sales team which can look after pitching the product or service to the target demographic.  Providing resources and training to the sales team will go a long way in generating a healthy sales forecast. Elevator pitches, quarterly audits and target based competition will generate a healthy atmosphere and a zeal to perform.  Leading software as a service (SaaS) company Salesforce currently has one of the best sales teams in the world and they invest a lot on them by offering them training at an event called ‘Dreamforce.’ The sales team is trained by leading industry experts and Salesforce executives.

2. Generate positive reviews

A business needs constant feedback to know the needs and wants of the customer in order to optimise its offering to suit their audience.  One of the easiest ways to do it is to go online and register on a reviewing site relevant to the industry in which the business is. Constant feedback, especially positive feedback, is important as it increases the likelihood of generating more traffic and demand for your product/service.  Google is one of the best platforms to get reviews as it is used by almost everyone. For example, a business which is in the food service space can focus on reviews on platforms like Zomato or Yelp.

3. Create packages or bundles

Creating packages or bundles of products or services clubbed together is a good way to maximize sales.  Clubbing together products or services which deal with the same issue or action increases the convenience and seem more useful to customers, who may believe they are getting more value out of a purchase.  E commerce giant Amazon offers suggestions based on user purchases, which show similar products that will be useful with a purchase. For example, if a customer purchases a mobile phone, Amazon’s suggestions may include a screen guard and a mobile phone case.

4. Partner with other businesses

A business can explore the possibility of partnering with another business if investing in research, development and infrastructure is expensive.  Partnering up with a business can create unique products which need less development time and investment because existing businesses have the necessary infrastructure in place and only need collaboration.  Microsoft is a good example in this instance. Microsoft was notorious for its reputation of not offering its products on Apple’s Linux platforms because Apple is a competitor.  However, Satya Nadella, when he was made CEO, decided Microsoft would partner with Apple and release a Linux compatible Microsoft Office suite for the iPad, the iMac, the iPhone and the MacBook.  This move drastically increased the sales of Microsoft.

A business can adopt these tips to come up with a sales plan which creates a revenue stream.  While these do not guarantee immediate results, they can provide an organic growth in sales traffic.  A good product should be able to elicit a definite answer from the audience and these tips should always go along with a call to action for the customer. 

Read more about how to increase business opportunities here: Five Steps Entrepreneurs Can Follow To Identify New Business Opportunities

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