Launching a New Business? Here’s a Quick Checklist
Launching a new business is a daunting task. New businesses face unique challenges like generating a business idea, understanding the market, choosing the right business structure, establishing cash resources, gathering data and many more. “Planning meticulously before launching a startup is not merely limited to preparing a business plan,” says Bruce Bachenheimer, Director of the Entrepreneurship Lab at Pace University in New York City.
Without any further delay, here’s a quick checklist to plan your new business carefully:
1. In-depth understanding and gathering data of respective business domain:
Thorough know-how of the targeted business domain is essential. Several big data, web scraping and data acquisition techniques are helping the startup owners to gain an intrinsic understanding of their respective business domain. Launching a new business can be a hard lesson for those not having enough experience in the respective domain.
2. Going beyond the business plan:
Having a business plan and working on it is not enough. The business plan should be flexible enough to be adapted regularly. Creating a business plan with financial projections is one of the prime checklist points while initiating a start-up. Revisions in business plan are inevitable every time you meet a potential investor. Sophisticated investors ask questions that make the owners rethink about their business plan.
3. Validating your idea:
Businesses need to thoroughly analyze the market demand before working on a business idea. Startups need to carry out thorough research before working on an idea. According to Einas Ibrahim, founder of a New York based startup consultancy – Talem Advisory, “Don’t work on the business until you’ve validated the idea.” She further adds the biggest mistake entrepreneurs make is starting to work on a business idea before confirming that there is market demand. Entrepreneurs of the startups need to have a long-term vision of customers’ need.
4. Understanding the market:
Users generate more and more data on internet in the form of social media posts, online forms and surveys and blogs which acts as a goldmine for businesses. Startups can leverage big data and web scraping techniques for predictive analytics and competitive analysis. This data is being used to offer customized products and services to the customers by understanding the market.
Several online data scraping companies are analyzing marketplaces, data from online directories (and more) to gain leads. Web Scraping is being used to monitor how your competitors are performing and gathering precious business insights. Data acquisition through web scraping techniques helps in understanding market, which helps companies gain competitive advantage through significant business insights.
5. Understanding your future customer:
In the present scenario, businesses are well-positioned to collect enormous information about consumer’s preferences, requirements and understanding their future customers. Understanding your future customers is critical for start-ups aiming to become unicorns. Einas Ibrahim says, “Startups needs to conduct an in-depth analysis of customer’s requirements.” A large amount of data is being generated on social networking websites and this data can help in understanding the customers.
Startups are using behavior analysis as an important tool to analyze customer’s online behavior and devise marketing strategies accordingly. Business applications for web scraping are enhancing at a fast pace and startups are unleashing its potential in an innovative manner to offer value to their customer base and future clientele.
6. Establishing cash resources:
Usually, startups take more than the expected time to start off the ground. The founding team must have a distinct idea about where your living expense will come from for the first year. Some startups depend on owners’ capital while others look towards investors. Some startup owners also raise funds from colleagues, friends and family members. Developing a cash-flow statement that estimates expenses and income is a good option. In India, Startups are making their presence felt with the government’s “Make in India” initiative offering some tax exemptions to the startups.
7. Choosing the right business structure:
One of the crucial aspects of a business is to select appropriate corporate structure for having proper tax and legal implications. The corporate structure helps in determining future decisions, such as raising capital. Big data plays a pivotal role in choosing the most appropriate business structure by gathering of data over years.
Future entrepreneurs and startup owners can keep this checklist handy to gain strategic business insights. These days, more and more startups are unleashing the advantages of innovative web scraping and big data solutions to ensure better decision-making. Today’s business ventures are gathering data using sophisticated web scraping solutions and further extract the value out of it to ensure happy customers.