Business planning

How Will You Make Your Business Idea a Reality with Right Guidance?

If you have been planning to give shape to your business idea for a long period of time, all you need is the right kind of guidance. And if you have this, you are sure to reach heights and boast of huge clientele list.

In this write-up, let us quickly look at the few people you ought to consult prior to investing in the business. So, who are these people that you must consult before drawing up that business model? Let us find out.

  • Legal professional

A lawyer is second in line among people that you must meet or consult prior to taking the plunge in your business and to plan out your business content strategies as far as legalities are concerned. Most importantly, you must find out that whether the business name or company name you have settled for already exists or not. These are issues pertaining to patent and copyright.

A lawyer will also throw light on taxes, business name registration, and various other legal aspects that you must pay heed to so that you can avoid getting tangled in any legal issues. Remember, it is not a very good feeling if your competitor files a lawsuit, only few months when you have started operating your business.

  • Spouse/Partner

Your spouse is one of the first people you must share your idea with or ask regarding “what should I do with my life”. And why is it so? Your spouse is one that will give you honest ideas and will share your worries, fear, the positive outcome of business too. As such, it is best to draw up SWOT analysis and discuss the different parameters that will play a crucial role in forming the business plan.

  • Accountant

He is one professional that you must consult when you are deciding upon the budget and investment amount. There are several aspects that you must consider while deciding upon your finances, namely, your taxes, registration charges for a domain name, trade license, and any other form of tax that your business might attract.

  • Business consultant

You will come across many business strategy consultants that will guide you in your day to day business operations. You can hire the services against a fee that can be paid either upfront or once your business operations kick off. They are of immense help especially if you do not have anyone to fall back upon as far as taking decisions and working out business model is concerned.

Avail services of a company that has been in this business for several years now. The credibility of the service provider matters and if possible, try to get the client list. By doing so, you are in a better position to assess what you can expect from their services.

  • Banker

It is very important to get in touch with a banking institution, one that has a great track record and has not been involved in scam. It is best to consult banker from the bank where you already have an account, or you have been their customer for several years.

After all, you have been an esteemed customer and you can expect to avail financial aid in the form of a business loan with good terms and conditions.

Also, you will receive the right guidance as far as opting for rate of interest is concerned. The financial coach or business consultant will guide you to select between variable rate of interest or whether you must opt for fixed rate of interest.

Important areas of discussion for your business

Aside from the ones that you plan to meet for your business consultation, you can meet your peers, family and friends to get an overview of how you must operate and the prospects.

  • Nature of products and services

Most importantly, you must decide upon the products and services that you wish to offer to your customers. Do thorough research on the market conditions and demand and supply ratio of the same.

Also, decide whether the products are perishable or fall in the category of FMCG or Fast Moving Consumer Goods.

  • Target audience

Which age group are you offering your business product to? Decide upon that.

  • Marketing strategies

Regardless of whether it is business content strategies or digital marketing plans, working out a sound layout for your business model is important. What is important is that it should be realistic and an objective that is attainable.

Many businesses collapsed because they adopted ideas and concepts that were ‘utopian’. This kind of attitude only leads to disappointment and loss of motivation in the long run.

As such, be positive, have the right state of mind, and you are sure to conquer the market eventually.

If you have any questions, please ask below!