Start your own venture

Leaving a job to begin a new venture can be a thrilling prospect. Even with the internet's easier access to expert business advice and customer engagement tools, giving up a steady earnings to start your own venture is a risky strategy that does not always result in success. The entrepreneurial bug, especially for launching startups is biting lots of youngsters in recent years.

Have a flexible plan

You need to put your business plan on paper. Putting together a business plan prior to actually taking the plunge will be a critical success factor. You will present your business plan to potential investors, partners, and other company stakeholders.

Funding and budget

The next critical factor to consider is how your business will be funded. You must properly identify the sources from which you will obtain funding for your business. Raising finance is an important part of starting a business; in fact, it is one of the most difficult obstacles to overcome.

Setting up a team and your target market

It is important for your team to understand your long-term vision. To get a team ready, it is very important to first analyze your strengths and weaknesses. The next step is to get on board with those you can compensate for your weaknesses and learn from your strengths.

Conduct extensive market research and learn everything you can about your ideal client. Understand who they are, what they require, and the language they use to express it, and then tailor your offerings to meet their requirements.

Forecast your revenue

Create a revenue forecast with several options for your pricing and possible outcomes. Consider your potential business expenses while being mindful of your personal expenses as well. This will help you develop your game plan and determine the audience you want to attract.

(The author is the Founder, Spacemantra)