STARTUP BUSINESS PLAN
Followings are some areas under STARTUP BUSINESS PLAN for starting a business in smooth manner. You just have to follow these steps or process ,and you get your business started.
1.TYPE OF BUSINESS: –
For starting up a business we must think about type of business which we want to start like retail, manufacturing, construction etc. Type of business also demands upon what we sell or purchases.
2.LEGAL ORGANIZATION: –
We must discuss about legal organization of business. If we want to separate business and personal liability than corporation is one type of that. A Limited Liability Company is another way to separate business interest from personal. Other forms include the sole proprietorship, partnership. Type of business you choose will have legal and tax implications so, implications so, be sure that research must be done about business type.
3.TARGETED MARKET: –
After deciding the business type you have to research market, to which you want to approach. This will help you to recognize the demographics of customer means age, gender, location, income group, interest etc. You have to check that your targeted market(customers) how much willing to pay for product.
4.BUSINESS LOCATION: –
You must think about your business location. Because location of your business decides your customers, income, competitors etc. Sometimes business owner not have much money to spend in rent expense so they use their house for business. So, house location also matters.
5.LICENSES AND PERMITS: –
Business start-up also includes information on local ordinances that pertain to your business, as well as licenses and permits you have obtained or need to obtain. Licenses and permits depend on your business type not all business required licenses.
6.HUMAN RESOURCES: –
Human resources are most important in working of business. Humans are integral part for all business types. What you have to decide is that which type of humans you needed: –
* their experience
*their skills
*amount you want to pay
*number of humans required to run business
7.COMPETITORS STUDY: –
Competitors play a crucial role in your business success or business income. You must have checked your competitors’ strengths and weakness. And you have to also decide your unique selling point (USP). USP means your business attractive feature which attract people for purchasing your product.
8.FINANCIAL MANAGEMENT: –
Financial management is required for running your business smoothly. You must have to know how much amount required for your business. What are the sources for company’s finance? you have to control your variable and fixed cost. Business type in which inflow increase outflow are the idle business type.
9.VENDORS & SUPPLIERS: –
All the business type like manufacturing, trading, service providers all are required a set of reliable vendors and suppliers. Suppliers are 2 types regular basis and special types. You have to fix your regular suppliers who gives you regularly raw material at a low price.
10.LEGALITIES & COMPLIANCES: –
Startup business legalities involve some type of registrations: –
*GST registration
*ROC filing
*Accounting
*Trademarking of brand
*Copyright of content
*All legal compliances, etc
11.OPERATING PLAN: –
You must have decided your business day-to-day operation. You describe how your business will operate on a daily basis. What production process will be used? What will you do to market and sell products and services? What hours will you be open? Also includes that which type of computer and technological systems used in your business.
