The pandemic has reshaped our society’s age-old perspective. Even though it has been tough for the working and the middle class, several communities have bounced back innovatively. Brazen budding entrepreneurs and small-business owners have truly adapted to the new way of life. According to statistics, more than 60,000 start-ups are recognised in India as of January 2022. Starting a small business has become even more achievable owing to the internet and upcoming TV shows. Take, for instance, the ‘Shark Tank’ sensation that has swept the nation.
The versatility, skill, and talent of the several entrepreneurs and businesses seen on the show reflect the Indian entrepreneurs’ potential for innovation. It shows a new breed of small business entrepreneurs eager to shift paradigms and break glass ceilings. Their innovative ways of starting a business sailing through the tough times are just inspirational.
Not all brilliant ideas turn into successful businesses. Not only do you need the right idea at the right time, but you also need guidance, capital, and the right market! India’s market size is growing steadily and if you have been thinking of starting a business for a while, this is the right time!
Here are a few tips for Starting a New Business in 2022 –
1. Find a Problem, and provide a Solution
The first step on the ladder of a successful business is the concept. If your product or service solves a unique problem faced by your target audience, nothing can stop it from becoming a crowd-puller! Identifying an undiscovered problem in the niche that you’re comfortable with and providing a unique solution with the help of your skills is the best way forward.
This is the foundation of your business, and you need to make it as strong and robust as possible. It will set the tone and become your source of motivation along the way. If you hit the bullseye at this stage, the rest of the start-up game becomes rather simple.
A huge misconception about starting a business is that getting ideas is easier than executing them. Well, the reality is quite the opposite. Identifying an idea, finding a solution, and planning it in a financially profitable way is the trickier part. Once you get that out of the way, execution gets easier and faster with motivation from all the planning!
Start-up business ideas that truly change the game and grow ten-fold require a lot of patience, understanding, creativity, and skills. Find your niche, identify what you want your business to do, plan carefully with all the details, and embark on the crazy journey!
2. Perfect your Elevator Pitch
An Elevator Pitch, Elevator Speech, or Elevator Statement is a way of explaining your business in such a way that the listener understands it in a short time.Perfecting that will help you incredibly- you can use it to convert investors, inform friends and family, and market your business. Networking is a huge part of gaining traction in this day and age. Being prepared is, therefore, an absolute must.
The elevator pitch is a great way to understand your business more deeply. A perfect example of where to pitch your business would be ‘Clubhouse’. It is a Social Audio App that lets you talk to strangers on a topic of your choice. The variety of the audience there is mind-boggling. There are numerous other platforms for budding entrepreneurs and small business enthusiasts to showcase their talents and market their enterprise.
3. Become a Pro-Multitasker
A more serious but vital stage of starting a business is when you need to do everything by yourself- engaging with clients, sourcing material, looking after costs and sales, and so much more! Creativity is the more fun and lively part of the process, but understanding the financial side of the business will help you leaps and bounds. An entrepreneur has to wear many hats, and developing the skills to be your own marketer, accountant, researcher, etc. will set you apart from your competition. It may sound scary in the beginning, but there are several informative podcasts, YouTube videos, and articles with helpful tips for budding entrepreneurs.
Dedicating some time to learning these skills will help you handle your business with great ease. Diving face-first into starting a business and just dealing with problems on a day-to-day basis may work, but it is not sustainable. Instead, to quote Roman philosopher Seneca, “Luck is what happens when preparation meets opportunity.” – should be your mantra when you are looking to start a new business.
4. Build an Online Presence for your Business
Once you have truly researched the market and come up with a great business plan and strategy, there is another element you should incorporate in your business- going digital. Making your workplace digital, listing your product or service online will help you in building a strong customer base. It helps by cutting costs, boosting efficiency, and raising sales immensely. There is the hurdle of learning to use digital platforms, but it is easy- especially now!
In these times of the pandemic, going digital will ensure that your business will be less vulnerable to external circumstances simply out of your control. Take advantage of the online boom in India and find the ideal digital tools for your business.
The Indian economy has been on a steady growth rate for a long time now. Even during the pandemic, India has survived the waves despite its wide market. With over a billion people in the country, even 0.1% account for a large target audience. Offering quality products and services along with fair prices ensures a successful business. The diversity of the Indian population and its increased spending power makes Starting a Business in 2022 a great idea.
The resilience of Indian entrepreneurs through these trying times should be encouraged. Ultimately, the adaptability and dedication of the entrepreneur lead to the success of a business in the long run.
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