Swaraj Sahu Is an entrepreneur & digital marketer from Odisha, India. Who loves technology and writes about entrepreneurship & startup culture. On his free days, he loves to write and read poetry. He helps startups, celebrities, and public figures to grow online their presence in Online Media and Social media. He Is the founder of Accustra. Company Provides Digital Advertisement, Websites Development, SEO like Services.
In today’s article, Swaraj is going to share “How to Plan Business For Early Startup Owners” as he is also a successful startup owner. Scroll down to read more.
1. Plan finances in the business plan
Starting a business may or may not require a lot of money. Still, the company will need an initial investment sufficient to support operations and cover current expenses.
Also, it is unlikely that it will make a profit right away. Because of this, you must establish excellent financial planning.
When making a financial plan, you can take advantage of specific software or use a spreadsheet.
You will need to estimate the costs of opening the business (licenses, rents, acquisitions, renovations, insurance, stocks, records, etc.), as well as the amount you will need to keep it running. All of this based on projections of income and expenses, established for at least 12 months.
Also remember to list the costs of marketing and advertising, production and replenishment of inventory. As well as travel expenses, salaries of the hired professionals, your own salary (pro-labour) etc.
Together, all of these amounts will represent the initial investment and working capital needed by the company.
The financial plan is still important for raising capital. Investors need guarantees that their business will make them money.
For the bank, the guarantee is another. He needs to know that you will be able to honour the payments of the loans and financing contracted.
2. Think about your company’s registration
Your company’s fancy name will play a key role in almost every aspect of the business. So, think carefully before choosing it.
Once defined, the name should be checked for availability. In the territory of a state, there cannot be two companies with the same name. This restriction exists for companies that operate in the same industry.
3. Assess the required licenses
There is no way: the bureaucratic part is part of the process of opening a company. Depending on the segment of activity, there is a multitude of licenses, declarations, records and other standards. The rules must be complied with in order for the entrepreneur to keep the business running legally.
4. Consider obtaining management software
Good management software integrates the main information of the company, facilitating its access.
Any business can work more efficiently if an operating system is adopted.
In this sense, one of the most important systems for a company is accounting software. It should be integrated with your finances and will be able to create and manage budgets, set prices, issue invoices, declare and record the payment of taxes, etc.
Even if you outsource the function to an accounting firm, records will be required and a financial management system will be critical.
5. Assess the need for professionals
Make sure to outline the job positions you need to fill. As well as the responsibilities that each position will assume.
Based on this information, you can define a hiring strategy. It should align the job’s needs with the candidates’ knowledge, skills, qualifications and experiences.
If you do not need to hire but outsource services, care should be even greater. Define criteria for the best possible choice of suppliers.
6. Plan the opening of your business
Your business plan should even include a launch strategy. This includes strong publicity and ways to attract the desired audience’s attention to its opening.
With your company running, use the marketing strategies defined in the business plan. They should attract more and more customers and, preferably, retain them.
7. Write your business plan
The entrepreneur needs a written plan to make his idea something real. A business plan will serve as a model to be followed, from the start-up phase to the establishment and growth of the company. Thus, it is indispensable for all types of business.
In addition, the company’s planning will serve other purposes. If you intend to seek financial support from an investor or financial institution, a complete business plan is a must.
Just like the financial plan, a business plan will serve to show investors and banks how the profitability of the business will be obtained. So, after collecting all the information, set up the plan and make it official.Follow Swaraj Sahu on facebook.