Celebrating womenhood and telling the most powerful tales of all the women from around the world, March 8 is celebrated as International Women’s Day. And on this occasion, Delhi Magazine also got a chance to catch up with a woman entrepreneur and know the insights of her journey as an entrepreneur. Architect Bhawna Khanna who is the Founding Director of Studio Astrid Pvt. Ltd., shares most important points that a start up needs to know before starting.
5 Important Tips to Keep in Mind While Starting with Start-up
1. Write a Business Plan:
Starting a business is difficult and risky; it’s not easy to spend all your time and resources at it. Before you start, figure out what type of business you will have. Will it be a sole proprietorship, partnership, corporation, or LLC? Then put together your plan.
Having a written plan with your projected results and personal goals is the best way to stay on track.
2. Understand Your Own Strengths, Skills, and Time Available:
It is important that you identify and appreciate what you consider to be your skills, abilities, and personal qualities. Only when you do this can you then confidently demonstrate these to market yourself effectively to potential customers.
An added advantage of assessing yourself is that you will be able to identify your weaknesses, and thereby plan to improve and upgrade them.
3. Start Small and Grow:
If possible, self-fund your business idea and then go for funding when you can create a growth story. This might cause you to break up your product/service offering into smaller pieces so you can fund the early stages and get some traction and experience.
4. Have a Passion for What You Are Doing
Being a business founder can be very lonely and there are not enough hours in the day to accomplish everything.
From big successes to large letdowns, if you’re not fueled by passion at every step of the way, your job becomes that much harder. Remember why you started your business and let your passion drive you continuously.
5. Know Your Numbers:
Have a good grasp of the numbers that tell you how your business is doing and what you can expect. These include your start-up costs, sales, projected profits, cash flow, and much more, depending on the nature of your business and how you define success.