Wednesday, 13 April 2016

Guide for Start Up ventures

India is the one of the fastest growing economies of the world with a youth population of about 70%. Millions of students get graduated every year with some dreams and aims of life. But this is also true that increasing competition and lesser jobs in PSU’s have created havoc in the country. As a result, most of the young lads fly abroad, join some private ventures or open their own business.

Entrepreneurship has recently come into the limelight in India. Young lads are trying their future with new start-ups. According to a survey, in past 5 years, the number of start-ups has drastically increased. On an average 30 out of 100 are either planning to start a new venture or is opening their own start-up at this very moment. Although, there are so many start-ups but most of them can’t even operate for even 1 year.  Only 5 out of 100 start-ups can reach up to their 5-year vision. And after 5 years these ventures can easily sustain the market. 

For a start-up first, 4 years are very much crucial. To sustain these 4 years several marketing strategies and planning needs to be followed because Indian market is drifting every day and thanks to TVC’s and other Luring Advertisements for these swings.

There are several things that need to be followed by a Start-up owner in order to sustain in the market and some of them are as follows:

Budget: This is one of the most important factors for a start-up. Strict budgeting is a must for a start-up venture. It is always suggested to borrow money from the bank or other financing institutions to start a venture and earn.  No matter whether you have bundles of notes at your home but believe us borrowing money from outside is the best option. Always set a budget before starting up a venture. Remember this budget must include all of your registration charges, office rents , operational cost and marketing expenses for 6 months only. If a start-up is just spending money for 6 months and getting nothing from the market then that venture will not sustain for long. 

ROI: Always remember that ROI is the most important thing. ROI stands for Returns on Investment.  If you are investing money on something then you must count it in terms of earning. In simple words, ROI states that if you’re investing 100 INR then you must earn 130 INR from that investment.   ROI is purely calculated in terms of money. 

 The working place: If you are starting up with a new venture then it is suggested that you must start working from a small place with basic needs. If you are having your own property then it is good to start from that venue but while purchasing, purchase the basic components that could satisfy your needs rather than materials for show off.

 Market research: Spend your first two months on market research. Market research will enable you to form strategies and implement them effectively in the market. This is the toughest phase because all of your future will be decided on a deep market research. 

 Recruitment: A venture needs people to work for it. So recruit wisely, with lesser salaries. India is full of talent and unemployment. So pay less for your recruiting needs. Once this venture starts earning, you can pay them accordingly. 

 Advertisement: Advertisement plays an important role to create awareness among masses. It is suggested that don’t opt for expensive advertising mediums. Use social sites, online promotions, and word of mouth promotions for creating awareness.  It is recommended not to spend too much that could affect the running cost of the company. Most of the Start-ups opt to invest on hoardings, FM ads, Cinema Ads, Sponsorship events in the initial stage but ROI needs to be calculated. Will you be able to earn more then you have spent for them in the short duration? If you can then also it is not recommended to spend from the pocket. You can spend but from your profit earnings. Indian market tends to forget things, so advertisement is a continuous and long run process. So invest bit by bit for advertising purpose. 

Advice: it is always beneficial to seek advice from professionals. Advice will help you to invest effectively and earn accordingly. Don’t rush into anything, always wait for the right time and stay positive. But it is also not recommended to wait for too long.

These are some of the tips that can help you in succeeding your business venture. For more queries you can use our comment box below.

Ashish Chugh, Creative Sources

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