STARTING ANEW...

I always wanted to start my very own business instead of working under someone.It is indeed a tempting thought for everyone. But what is difficult is to put the ideas together and turn it into a profitable business model. To be your own boss is no easy task.

Experts say that the first year of a venture is the most crucial. It can make or break the business. You make one mistake and it will run over the business
Here are the list of things with which I went forward.

1. Market Research      whether you decide to do it formally or informally, you will need data on the size of the potential customer base, competition and external business environment, to be able to clearly define your revenue channels. Even though the idea may sound novel, it is possible that the market is not ready for it. A thorough research will not only reveal the potential , but also point out the limitations of the idea.
2. Moving ahead on flawed assumptions  Even thorough research can't guarantee success . There could still be a few bugs in your business model, often in the initial financial projections and the whole business math around it.Simple solution is to beta test your prototype to find and fix the faults before the product is launched. This is also a great way to get feedback from users. It always pays to go back to the drawing board if the feedback is negative 
3.  Keep tabs on expenses  Keeping the overhead costs low is essential for a start-up . Whether it is on furnishing the office or buying machinery, you have to be as frugal as you can be.
4.  Underestimating Manpower needs The golden rule of entrepreneurship is not to waste time on something that can be done by someone in a faster, better and, perhaps, cheaper manner. To run the business, you need a team that can take care of various peripheral aspects and leave you with the core functions. 
5. Maintain a financial Buffer  Many people hesitate to start a venture because they are the sole breadwinners for their families and the loss of a regular monthly income can pose problems. This is why you must estimate how long it will it be before the business can earn money. Experts say you should have a contingency fund to take care of 6-8 months of expenses. If possible , prepay any outstanding loans. If prepaying isn't an option, make sure you at least have the liability insured. Being debt-free will also help you in case you need funding for your venture .