Plan B – Bada Business

5 Steps You Can Take to Get Your Business Off the Ground

Mumbai, November 17: Starting a business can be a daunting task and more so amid the coronavirus outbreak. There are several things which one needs to take care of, from the right idea to proper marketing, everything needs to fall in place for a business to take off.

The process of starting a business is always filled with challenges. Therefore, it is very important that you should be prepared before you take the final leap. The success of a business is never guaranteed, but there are few changes which you can do to reduce the risks and improve the chances of your business in being successful.

We have curated a list of 5 steps which you need to take before you get your business off the ground:

1. Think of a unique and a great idea: Think of a unique idea for your business and ask yourself how will my product be different from thousands of products which have already cluttered the market. Try to offer the customers something which they haven’t experienced before. Also, the product should solve the customer’s problem and then only will they be able to relate with your product.

2. Define your business: This is another critical step. Before you start a business, it is very important to understand how much time (and money) you’re willing to devote to your new venture. Also, a few other questions which you need to answer is that will you have a brick and mortar store or only have an online presence.

3. Study the market & competition: Do extensive study before launching a product in the market. Try to understand if there is a demand for your product. Never underestimate your competition. Always learn from their strength and also be aware of their weakness and understand the space where your product will be able to enter.

4. Check your finances: It is very important to track your finances from the get-go. Spend wisely and only on things that are required. Every business takes time to start off. The initial few days to a year might be full of struggles, so save your finances for tough times ahead. Keep an eye on your finances, so that midway, you don’t have to wind up your business and exit the market.

5. Keep Your Plan B Ready: Always keep a plan B ready before you start your business. One can never predict the challenges which can crop up and pose a hurdle in the path of growth. For e.g. no one could predict that coronavirus could get the world to a grinding halt. Several businesses shut due to the lockdown and thousands were left jobless. However, the ones which had a plan B ready could sail through the crisis period.

We hope that these steps will come in handy when you are thinking to get the business off the ground.

4 Business Lessons Which Every Entrepreneur Should Take From the COVID-19 Situation

Mumbai, October 21: The coronavirus pandemic has affected every business around the world. Several companies have been shut, people have been fired and many are on the verge of closing down. The pandemic has taught entrepreneurs some harsh lessons which every owner needs to keep in mind before starting a business.

The coronavirus pandemic has caused changes in mindset, attitude, direction, and the behaviour for organisations, according to CISCO.

Here are 4 lessons which entrepreneurs need to keep in mind after the coronavirus pandemic:

Keep a plan B ready:

No one expected that coronavirus pandemic will have this massive impact and the effect will be lasting this long. Due to the coronavirus pandemic, strict lockdowns were enforced and there were several restrictions. This was not an ideal scenario for businesses to run smoothly. Here comes a plan B in handy, on which you can fall back on if your initial plan doesn’t work.

Every day is not going to be the same. Therefore, as an entrepreneur, if you’re struggling to cope with ups and down of the entrepreneurial journey then it is critical for you to have a Plan B in place.

Hire carefully: Allocate a set budget and then hire accordingly. Don’t overspend on resources which can easily be done with limited resources.

Keep a contingency fund ready: Prepare a contingency fund for emergency purpose. This fund is cash or other assets reserved to address unforeseen circumstances or losses in a business. The role of the contingency fund is to improve a company’s financial stability by developing a safety net that the firm can use to fill emergency needs.

Be Open to accepting new technology: The virus has emphasised the importance of technology, as it was relied on more than ever for companies to conduct work. From work from home to business meetings, closing deals and interviews, everything was done online with the help of technology amid the pandemic.