Thing to keep in Mind before the Launch of Startup Company

Narendra Kumar

06 Jul, 2019

In the world of cut-throat competition and a tough economy, establishing a successful Startup Company isn’t an easy task. Almost, every one of us has ideas. Some of them are excellent, while others may not be so appealing.

Even if you have a great idea, it doesn’t mean you will achieve success. To be successful, you need to have strong strategies and clear insights.

Through this blog, you will get an idea on what things are supposed to be kept in mind while launching a startup company.

Top Factors to Consider before Launching a Startup Company

Starting a business could be really a daunting task in today’s world, but it’s not impossible. Below, we have enlisted a few critical factors that one must consider before launching a startup company. They are as follows:

Create a strong Business Plan

There’s a significant difference between having a business idea and turning into a business. A legitimate business plan is what all required to start a company successfully.

With a complete and proper business plan, you can easily get a loan, investment capital and grow your business. A business plan consists of several aspects such as goal of the company, objective, executive summary, etc.

Typically, a business plan sketches the business strategy of any company for the first 3 to 5 years. Therefore, it should be the first thing on your to-do-list so that you can move ahead in a proper and organized way. 

Take a Dig on your Industry

Going into a deep research on the type of industry you are going to start is a paramount to success. Therefore, after making a business plan, take a dig on your industry and find out how it is doing.

Furthermore, you need to check out for the following things:

• Whether there’s a demand of what you are going to start?
• Whether your customers are present in the location of your business?
• Is your product different from others?
• How your competitors are doing in the market?
• What strategies are they using?

Similarly, there are several other questions that you must find out before commencing a business. This will aid you with clear insights on what you are going to do.

Size up the Competition

It’s pretty crucial to keep an eye on what your competitors are doing. Hence, visit their stores or locations where they sell their products. Visit their website in incognito mode and subscribe to their newsletters.

This way you will be always aware of what they are up to, what they are doing, what prices they offer, and many such things. Besides, you will come to know what marketing tactics they are using to impress their customers.

Once you are completely aware of your competition, you can proceed in the right way.

Obtain Company Registration

Before you really start your business, you must obtain company registration to avoid any legal complications. With company registration, your company becomes a separate legal entity and you receive several benefits of it.

In India, one needs to register his/her business with the Ministry of Corporate Affairs (MCA) under the Companies Act, 2013. There are various types of business structures in India.

However, depending upon your needs and resources available, you can choose any of the forms to register your business:

• Private Limited Company;
• Public Limited Company;
• One Person Company;
• Limited Liability Partnership.

Other business forms are as follows:

• Partnership Firm;
• Sole Proprietorship

All of the above-discussed business forms have their own pros and cons. Therefore, first discover what you have and want and then, register your business.

Give your Startup Company a suitable name and get it trademarked

The name of the company reveals the identity of the company. Therefore, one must get a unique as well as relevant company name for his/her startup. Once you have chosen a name, you need to protect it or others may use it.

Trademark registration is recommended for everybody who starts a company. When somebody else steals your company name, it degrades your brand value.

Therefore, getting it trademarked will help you protect your brand identity from being stolen by others. In case someone uses it without your consent, you have the power to take legal action against that person.

Secure Funding

No business is started for free. Even if you open a small shop, you will require some capital. Therefore, when you’re going to start a company, you will need a significant amount of money to get yourself off the ground.

Undoubtedly, the startup cost varies from industry to industry. Therefore, your startup will require more or less funding depending on the type of business.

But do you know what the primary source of funding is. Yes, it’s the entrepreneur’s pocket. But the cost of starting a business is exactly more than what we estimate. So, from where would you get the funding? You need to find investors who can be from any of these:

• Family
• Friends
• Angel investors
• Venture capitalists

Make a great business plan, describe the objective of your business and executive summary properly and then, make a pitch.

Once you have secured the appropriate funding, you can, unhesitatingly, proceed on to the next step to launching your startup company.

Connect Yourself with the Right People

Nobody can start a company alone. In fact, you will require some trustworthy, skilled, and experienced people who can contribute ample time as well efforts for the start-up.

Connecting with the right people is one of the crucial things to fuel your startup company towards the success. They will guide you and use their expertise to help your business bloom.

You can find such people either on social media platforms such as LinkedIn, Twitter, etc. or can also connect with the people you know.

Get a Physical Address as well as Web Address

Obviously, for starting a company you will require an office or retail space, etc. to operate your business. But that’s not enough. You must get a web address as well. In today’s world, creating an online presence is extremely important.

The reason behind the same is that nowadays people are technology savvy. Therefore, for everything they go online and search for the particular product or service. Hence, you must let your customers know that you exist.

Furthermore, websites are a great way to earn income. People can directly make pre-orders there or can schedule an appointment with you. Besides, you can utilize the following social media platforms to grow your business:

• Twitter
• Facebook
• Instagram
• Snapchat

Market your Product

Even if you are following everything, but have skipped marketing, then believe us, you are going to experience failure. If you don’t know how to market your product, then learn it or hire some experts.

You could have the best product/service in the world, but your startup won’t ever succeed if nobody knows about it. You can use digital marketing tactics such as:

• Content marketing
• Email marketing
• Affiliate marketing
• Pay-per-click advertising (PPC)
• Search engine optimization (SEO)
• Search engine marketing (SEM)
• Social media marketing (SMM)

However, if you’re beginning with a small business at a small place, you can try the following methods to succeed:

• Television
• Radio advertisements
• Print advertising
• Billboards

While these methods can be productive, outbound marketing efforts are not as effective as they used to be.

Create a Customer Base

If you’re already proceeding in the above-described order, then you are surely on the right track to creating a customer base.

Now that you have started a website, established your digital presence, and made effective marketing strategy, it’s time to examine your efforts.

Always keep your doors open for business. However, acquiring customers for purchase is the foremost step, it isn’t enough. You must keep them coming back.

And the secret to the same is better customer service. Customers should be your main priority and hence, they must be treated nice. Once you have established a customer base, you can surely have advantage of it.

Old customers often bring more revenue than the new ones. Therefore, maintaining a customer base will aid your startup company off the ground.

Delight your Customers

Every business exists due to its customers. Customers are the lifeblood for every business. Therefore, only customer satisfaction isn’t enough. In fact, you need to wow them.

One can do so by providing them gifts such as discounts, coupon, freebie such as a piece of content or swag or early access to a promotion/event. However, the simplest way to delight them is to send them a handwritten thank-you note.

Challenges faced by the Startup Company

It is certainly an age where entrepreneurs are having sheer enthusiasm for starting businesses. They are leaving no opportunity to prove their worth.

While some of them succeed, a few of them thrive to succeed and get lost into oblivion. Here are some of the challenges that are often faced by the startup companies:

• Lack of business expertise
• Poor business planning
• Lack of proper Marketing Tactics
• Strong Competition
• Poor Finance

However, all these can be solved if one proceed with proper strategies.

Concluding Thoughts

From the above discussion, it’s quite evident that launching a startup company isn’t a cup of tea for everybody.

For anybody who tries to begin is first required to determine whether his/her idea is worth converting into a business. Furthermore, one must know what it takes to be an entrepreneur.

With a proper guideline and comprehensive business plan, one can conquer the start-up. Besides, capital and proper financial planning are other most significant requirements for starting a business.

Lastly, don’t forget to register your business. It will provide your company a legal identity. If you have any query regarding start-up, just leave a comment below.

Also Read: Startup India Registration Process – The Complete Guide