New startup nowadays listens to this word increases day by day. Many youngsters come with a new idea to start their career in a startup. Some get success and remaining fails. Whether you are interested in this way also face some risk. Don’t fear about the risk the success behinds the risk. Everyday new startup increases the competition also. Youngsters have some dreams to start a company and make like their own boss. When they think about the risk they spray water on their hopes.
Many persons still have many ideas, new innovative. But they don’t have dared to face and take the risk. Only a few peoples want to take the risk by their bad experience or inspire by someone. Due to the lack of some proper knowledge, many youngsters fail in a new startup. Technology changes everything even good/bad. Nowadays have many chances to start and develop a business due to technology. The online business increases day by day. Starting every business door to door delivery system to send any product/service to the customer. In the future, this system creates a revolution and creates a big opportunity for youngsters. By the lack of some suggestions, many youngsters face problems in starting days. I will give you some suggestions for a new startup.
1.You Must Have Passion of New Startup
To start any new startup you must have some passion for a particular field. Based on your passion the idea included on that. The idea comes by seeing peoples problem or by your bad experience in that field. When you face a problem in your life it gives an idea to open a new door for your career. Defeat does not come alonely its also bring amazing opportunities for you. You don’t need job experience to start it. If you have job experience good if not it’s ok. Your failures and mistakes give you the best lessons for your new startup. You must think and focus one thing your passion(idea) possible and have a great future. The future very important to run your business smoothly. Don’t listen to what others say they always try to put down. If you have an interest in new startup go and work for it. Don’t lose your hopes until you get success.
2.Observe the World How They Run
In the world, many new startup comes in different ways. Check how they work,run, the technology uses,manpower,robotics,etc. Based on the world you can gain some knowledge about how they run. The successful startup person idea,suggestions,failures give you many lessons. Based on the country they follow a different procedure to start and run their business. You can check on the internet how successful persons in the world starts. Talk successful persons and check their companies physically if possible. This advice only to get a basic idea to start your new startup.
3.Prepare a Budget
Budget is very important in your day to day life. We not only prepare a budget for our house needs also for a new startup. Based on your budget your business location changes. Your budget decides your business location where to start. Your idea gives a basic budget. Put your budget on paper to decide how much money need for different needs. Maintain some cash reserve in your budget it’s very helpful in a difficult situation. Maintain your budget amount of 10 to 20% surplus in each field. Based on your budget utilize your amount in each field simply. From my advice prepare a low budget to start as a small in starting days. Don’t prepare a heavy budget which you do not bare in case anything happens. Increase your budget when your business gets profits.
4.Bring Funds for Your New Startup
Many opportunities welcome to a new startup. There are have many alternatives to bring funds. To raise funds you can contact your banks. Many schemes have for a new startup to encourage them. Ask your bank for loans which state/central govt established. They give amount with a subsidy or low-interest rates. If not enough you can contact private finance also. Take money from your house,friends,relatives, etc who believe you and who not ask in a difficult situation. Don’t ask money for private persons who are coming under money lenders. They charge heavy interest rates,insult and damage you when you do not pay in the right time. Avoid giving partnership to your friends/money lenders in your business. It’s very dangerous and has a chance to takeout your company. In the case friend means who comes to invest(unknown) and real friend (who do you not trust). So many big companies invest in new startup to encourage them. You can also register your company in the stock market to raise funds. Many big companies already did this to develop their business.
5.Maintain Equipment&Records System
To start a new startup you need some equipment like pc,furnitures,business,manpower etc. Buy products which are mandatory. Always try to buy any products at less cost with less number. Don’t compromise to buy products which are mandatory to avoid disturbance in your work. As a starter, you can recruit zero or 2 to 4 candidates in your business. One thing doesn’t forget to take insurance over your equipments. If any incident happened you damage heavily. When comes to records system maintain records from the first day. Write every transaction which is in and out from your office. Hide transactions everything by physically and digitally. Audit your account for every 3 months by the auditor if possible or you can also check. Based on your P&L account you can take necessary actions to increase profits. You must be attention don’t tell any secrets related your business to outsiders. Always keep an eye on your employes if you have any doubt.
6.Make a Website
Technology changes everything. To start a new startup you must need a website. Still, so many companies try to maintain a website for their business. Website very useful to check the customer which products/services you offer. Maintain your website with an attractive design and simple steps to buy anything easily. Also, create an app because more peoples interesting to click a single button instead of browsing. Show your customer experience(feedback) to encourage new ones. Now every new startup creates a website and app to reach any information to the customer directly. With a minimum budget, you can create a website/app with a small company or by freelancing sites. If any customer has doubt firstly checks your website on the internet. Maintain a website/app with positive feedback.
7.Satisfies Your Customers
Can your product/service satisfies your customer?. No business cant run without customer satisfaction. So focus on this point to run your new startup in a smooth way. Customer gain satisfaction when the quality&quantity product reaches incorrect time. Time delay very disappoints to every customer. So maintain a good relationship with offline/online stores when is need. Take feedback from customers indirectly/another way for better user experience. Give training to your employees on how to interact with your customers. Any customer doesn’t like bad/trash talking. So if your mouth talking is good business also good. Customer satisfaction is the main one to develop your business. One negative feedback is enough to collapse your business. Get a better relationship with the customer in any manner.
To start a new startup you don’t need big buildings,furnitures and heavy amount. You can start your startup as a small company with one or two computers in a single room. When your business grows you can expand and hire candidates. Don’t hire experienced candidates they demand high salaries. Always try to hire fresh graduates with low salaries. They can easily join and work based on your rules. Every year many new startup forms but how much run?. Check new startup stories in any tv programs,newspapers,magazines and the internet. You can get basic information,ideas,advice,suggestions, etc. Talk with them if possible. Keep an eye on your competitors nowadays it’s mandatory to face the competition. In your starting days have a chance to do mistakes but don’t repeat in the future and take lessons from it. Keep a positive mindset always to stay in a competitive world. You can also buy a startup company who wants to wind up. From my advice read failures stories it gives more information than success stories. Finally, one thing takes success&failures equally. I hope that our suggestions are very helpful to you.
All the Best