“You need three things to create a successful startup: to start with good people, to make something customers actually want, and to spend as little money as possible.”
― Paul Graham
Purshotam Company Private Limited, the leading distributor of laser marking and metal marking machines, has its own distinct business strategy. We take a lot of tips from big business owners and try to inculcate all those values, ethics, principles and working ways into our own administrative process. There are some crucial business lessons which we have learnt in our journey. These business lessons are useful for any new business.
Every company has begun as a startup. A startup requires some key factors to achieve the success and profits it visualizes. Most of these startups which are big industries today, have faced a lot of hurdles and failures in their path. If yours is a startup in today’s era, you are lucky to find content like this which can guide you.
Successful business owners do wish they had understood a few important lessons better when they had just begun. These lessons are:
- Administrative and regulatory requirements
- How to hire the right people
- How to better manage their time
- The need for capital and how to raise it
- A better understanding of customer behaviour
- A better understanding of the competitive landscape
So, if you are a new startup or are still in the planning stage of your business, here are some key factors to keep in mind before you embark on your journey.
Do your homework
It does not necessarily mean that an idea which you think is great is also perceived in the same way by your customers. You need to first conduct market research to see who your competitors are, analyze your target customers and think whether your idea will be bought by your target audience or not.
Keep in mind the administrative and regulatory requirements
Many times a business idea that may seem great to you, might not gel with the government administrative policies in your state or country. These can include permits and licenses to some local zone restrictions on the production or manufacture of the item you are planning. Also, if you have an idea brimming in your mind, see what you can first do to speak to the government authorities and proceed only after they give you a green signal.
Have adequate capital
Now this can be tough most of the times since your company is a startup. Insufficient capital is often the main reason for business failures. First, chalk out your budget and see what financial help you can source. Figure out where you can cut expenses and where it is important to spend. Having a clear cut budget will help you seek financial aid better and plan your funds in an appropriate way. Also, keep in mind, how you are going to manage your own income for some time. A new startup may take a year before it starts giving you profits.
Keep track of economic indicators and national budgets
Keeping track of local and national economy will help you plan the future of your business better. It will help you make smarter decisions such as when to purchase your raw materials or whom to pick as your supplier.
Pick the right location
The right location plays a crucial role in the success of a business. If your business suffers from adequate parking or not having enough foot traffic, you might have to shut down within a year. Do not get lured by low rents of a building, do your homework to find out the reason for the low rent.
Get help and guidance from experts
A good mentor can help you plan your business and flourish much better. Do not think twice about getting help from an established business leader or an entrepreneur. They might help you look at certain loopholes which you may miss completely. These established people can also help you get the capital you need, help you find the right location and also guide you in your strategies.
All these business lessons are important for a new business if it wants to grow and succeed. At Purshotam Company Private Limited, we ensure that we keep track of our competitors to know where we stand. We also take help and guidance from our mentors and clients periodically to rule out any possible obstacles. For more information about us and our metal and laser marking machines contact us today!
