So you have set your mind on starting a new business or as it generally called a ‘Start up’ but wait you have an idea and more then that you have nothing.
You are lost in this wide world of business where you have heard everything is cut throat and it is a matter of survival but you don’t know how to start survival for you comes later on.
If that is the case then it is time to take a step back and understand what exactly are you doing and what exactly you want to do.
Like with everything in life you need a plan and more so in business. You will be investing a lot of money in it and if you don’t plan a purpose for every dollar you spend you will burn yourself out and left in open.
To combat this burn out you need a plan and you need a good plan, a plan that works in your favor for the long term. No business becomes positive within months of launching and that is a fact so keeping that in mind you have to plan for your expenses in the long term.
Things like stationery, internet and other basic stuff might seem like small expenses but they all add up very quickly so it is important that you are spending only according to your plan and keeping a record for your expenses.
After you have started dealing with the small expenses it is time to take on the big expenses such as office space, employees etc.
So before you start your plan think about this:-
How much money do you have to allocate to this plan? And only assume you have half of it. When it comes to business, plans go out the window way to fast and you should not want that to happen with you.
Will the money that you are investing in this venture interfere with your personal life? If so how much? Business can create lot of tension and it doesn’t matter how well you think the idea will work it will be very stressful till the time it actually does well in the market.
This can mean you can hold your glass of wine, take out a notebook and start writing every little expense that you can face in this venture going ahead.
Remember! Lot’s of businesses or start ups fail because of no plan or oversight into what they will be doing or achieving. You can avoid all of this by planning ahead and being smart about it.
This is the second part of your start up, you have planned considered all costs and now it is time to execute. A lot of times you can plan and plan but without execution there won’t be much that you will be achieving.
In the next part of the series we will talk about executing your business plan and how you can achieve more then ever!