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10 essential steps necessary to start your own ingenious business

To ensure success in your new business you need to combine your imaginative ability with your entrepreneurial thinking. People with a creative streak looking to start a business need to ask themselves these key questions to clarify their goal. 

1. Identify the problem you will be solving

Identify the problem that you will be solving for your customers. 

2. Experiment your product

Irrespective of your business idea the most significant stage is to test how appealing is your business idea to the customers. This could be found out at the market research stage where you assess your potential customers and how they feel about your business/ idea. 

3. Classify your customers

While setting up a new business it is essential to identify your target market. It is so because your marketing strategy will be highly dependent upon it. 

4. Explore your competitors

List down your competitors and identify their strengths and weaknesses and look for areas where you can out-compete them.

 

5. Come up with a business model

Try think of an Innovative business model that fulfils your business requirements. Try ensuring the fact that you have a one, three and five-year business model plan for your business.

6. Develop one-year, three-year and five-year plans

Facts state that 90% of the new business survive first year but after 5 years around 60% of them collapse. Thus it is recommended to ensure realistic milestones for sales, profits and expansion for a period of 5 years. You should also make sure you add in your own living expenses into those plans.

7. Raise finance

Without finance you cannot run a business. Try figuring out the sources that would be used to finance your business. 

8. Big bang, slow burn or delayed launch?

If you are bringing something unique to the market then giving a Big Bang launch is not a bad idea as it can help maximize publicity. 

9. Cashflow! Cashflow! Cashflow!

Timely payments are essential for business success. For a successful business it is significant to mould your sales projections according to the payments. 

10. How can you bootstrap?

Check if you can run your business without external funding and extract finance from your activities into your business.

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