There are a few things in life that don't come with instruction manuals like home, kids, start-ups etc. Starting a business is on the bucket list of almost anyone that has previously worked for other startups. Now, to start a business, you must have a plan. Even the most well-thought business plan is just a stack of paper if it isn't coupled with clear goals on your path toward implementation of the business plan. The execution plan is the section of objectives, assign task with deadlines, and chart your progress toward reaching your vision and milestones that will signal the growth of your business.
For an entrepreneur, it is usually easier to come up with different ideas for new ventures and more difficult to execute those concepts. A company concept is a bridge between an idea and a business plan. It focuses one's thinking so that the businessperson can identify the specifics of his/her proposed venture.
We have made a list of seven ways through which you can implement your business idea. Keep reading to know what they are.
1.Make a Business Plan
Making a business plan is a vital step toward successful implementation. The concepts, strategies, goal, requirements, and financial planning must be included in the blueprint. While working on getting the organization up and running, it is important not to lose focus and swivel away from the planning a proper business structure in front of you will help adhere to basic groundwork.
2.Understand the Market Demands and Adapt to it
Next important step is to research. Make thorough market research of your target audience, buying pattern, micro and macro factors, demographics that could affect your business, will help you go a long way in getting you leads because you have already tested the viability of your merchandise and service. But remember, being monotonous towards your approach is not the ultimate strategy, be ready to adopt change.
3.Actively Networking and Conducting Trade Shows
For business setup in Dubai, networking and meeting like-minded people from your business sector, entrepreneur, and even entrepreneurs from other industries can help you guide and provide the required support that you may have neglected. Go to all related networking meet-ups, trade shows, webinars, and industry groups where you can find potential customers, vendors, and promoters for your business.
4.Define Your USP
Once you are through with your market research, know who you are competing with, and have a good picture of all the existing products and services in the market, it is time to ask yourself two important questions-
- What makes your product/services unique?
- Why are you uniquely capable of bringing an idea to market?
Answering these questions will define your USP, through which you can survive in the competitive market.
5.Calculate the Cost Factor
Finance is the most underrated department in any company. You have to arrange finance to convert your dream into reality. If you do not have ready stocks, then you will also need to search the option of taking out a loan. Calculating the interest payable on that loan is vital to your business's long-term viability. A proper financial and technical plan is also essential if you do not want to go out of reserves after a couple of months.
6.Create Your Market Plan
Once you have successfully filtered and validated your idea, it is now the time to finally get down to business, literally! Even though things never go as planned and everything will most likely take twice as long and cost twice as must as you expect, it is still important to make a precise project plan for bringing your business idea to life. This will help you in understanding the estimated scope and cost of the project and make proper decisions about who to hire and how to pay for everything.
7.Stomp on the Start-Up Accelerator
Finally, with a market-tested plan and support in place, it's time to expand. Make sure your team understands and believes in where you are going. Check that everyone understands what's expected and that they have what they need to get it done
While the aforementioned steps may seem like overkill, the early days of implementation in a startup are critically important. It’s a time when good management patterns are set and also probably a lean era when revenue has yet to start rolling in. The more productively you start executing a plan for your business, the more likely it is that you will survive this early period.
We at Commitbiz can help you, once you decide to implement your dream business. We provide business setup services, visa, IP, PRO, and licenses to entrepreneurs wanting to start their business in the UAE and its Emirates. Our advisors have years of experience in helping entrepreneurs like you register their business. So, what are you waiting for? Contact us today and avail of our services.