Factors influencing start-ups

When we plan for a new start-up, we should think from both sides, in short, every start-up is full of thrills and promises, and excitement. Another side is start-ups may be uncertain or even risky if not planned well. Therefore, we need to focus on major factors which influence the overall start-up journey, these are listed below.

Unique Idea-

                 Your business or start-up idea can make or break your business means you should assess the idea from all angles which is called Idea Viability. You must conduct an idea viability study to avoid unnecessary headaches ahead, you will come to know the commercial aspects of your idea.

Your idea should be very unique and solve the problems of society or fulfill society’s needs, you should find out what is the USP of your idea, which will make it different from others. 

Leadership

                     When you start your business, your leadership plays a big role. This means how you interact with your employees and the ways of delegating powers. If you are too much strict with your employees then it may create retention problems for your employees. But t other side is if are too loose and offer unnecessary power to your employees, there are chances that these powers can be misused.

The best way to deal with your employees is, to try to identify their skills and knowledge base and provide them the job roles accordingly. Also, find out where they are deficient in work performance and where they are getting more success and counsel accordingly. After all, you are the whole and sole for your start-up hence your experience and manpower handling skills will work well.  

Even if your much talented you cannot do anything on your own , you need a team that thinks about how to achieve the vision and target of your company. In short, you need to hire the right kind of talent for your start-ups and adopt different strategies to retain them.

Plan and execution of idea-

If you want to survive for a long time with your business idea, you must plan everything for your business. This plan may include your short-term goal long-term goals, production and delivery plans, policy and ethics, and mission and vision statements. Plans are nothing but the tracks of your business on which your idea will move ahead.

Now if we consider the part of the execution of your idea, it is the most sensitive step because even if you do an excellent plan but if it’s not executed properly then you may face heavy losses in the business. On the other hand, if you have sufficient planning and if it’s executed well then you can achieve set targets in a very short time. In short, planning how to go ahead with the idea and raising sufficient resources to execute is well are the 2 sides of a coin.

The good execution of your idea, always requires sufficient marketing, advertisement, and promotion of your product or service.

Disruption strategies

Disruption is nothing but something new or innovative enters in the market as a competitor to you, which if not taken into account by you, will shift your customer base to your competitors, and make your product absolute.

To avoid this, we should always design disruption strategies, and find out which new technology and innovations can hamper our business model. This is continuous work from start, till you wish to run the business.

Financial planning –

Before execution of your idea your need to identify the key financial elements like how much working capital is required, what are assets and investments, break-even analysis, and overheads required.

A proper financial plan won’t put you in trouble later, you can take help from a financial advisor.

Location Study

Before executing your idea, you must find out the proper location for setting up your unit, this study is applicable to both product and service sectors. Location study will reveal the on-site reach of your product from the production unit or in the case of the service sector how much customers are attracted to your service.

This will also open ups the financial facts connected with the delivery of the products, like transportation costs

In short, we should do a details study of factors that are influential for start-ups, this study will reveal different factors, and confirm the viability of the idea and commercial aspects of the idea.