Are you someone from a small city of India, who has big dreams and innovative business ideas designed for small towns? Though with determination and passion anything can be possible, it can be hard to figure out from where to start with a small-town business idea.
There are many types of entrepreneurs. Where some want to start their own small startup business in their hometown purely out of a passion for what they are doing, others want to resolve a problem that they have just figured out in the marketplace.
So whether you want to start a dance studio, wellness center, or simply a business consulting firm, starting a new venture can be immensely intimidating. For those who want to start anything new in the small Indian towns—how can you ensure that you do it right?
1. Create Your List
Anyone who is planning to start a startup identifying a gap in a small town is as simple as a Google search followed by taking a walk. To start your own small business in your town will require in-depth research. And if you can take a business coaching program customized according to your needs, the road will become quite smooth.
Check out the local businesses that could be your competitors and observe what they are offering to the customers and where they are lacking.
If you don`t stay in the town where you are planning to open a small startup business, spend a weekend there. There might be restaurants with a full-fledged menu, but not a small café that exudes cozy vibes, hardware, and a beauty shop, but what else would you be interested in having there?
How can you provide a solution to the locals through your product or service will give you a great idea to come out with a great startup business plan.
2. Find out the other side
Once you have made your list, that`s just the beginning. Creating a list on your own is just one perspective. This brings us to the next step- asking the customer what it wants! Take a walk, greet, meet, and talk with random people. Ask them about their burning problems. Do they have to go far to buy fresh vegetables or do they love quality organic food, but don`t have a café that serves it?
Don`t just ask a group of people; ask as many people as you can. You can carry this task by driving around the high-traffic areas and spending a couple of hours asking questions and recording their replies. You will be surprised to hear the same ideas repeat.
By talking to a lot of people, you will also begin to build connections and relationships that might come in handy and will speed up the process of launching your startup business in small cities.
3. Figure Out the Gap Best For Your Business
Whether you are an independent business consultant looking to open your consulting services or a baker who wants to run her bakery, you need to make a list of businesses that will make sense for you.
For instance, maybe you have everything that is required to open a bakery shop, but you don`t want to open it. In that case, it is completely okay to cross it off the list. The aim is to find the three objectives that fit the 3 criteria:
a). What does your town or city need?
b). What do you enjoy the most?
c). What would you like to do
All you need to do is align these 3 things and you are on your way.
4. Protect Your Downside
Now that you have asked a lot of questions, created a list, and know which business you would like to start, it is time to ask structural questions to evaluate and validate the idea. One must find out and address all the challenges before launching a business through various questions.
Can you start on a smaller scale? Can you take a small place on rent instead of taking over an entire spot yourself? Can you get customers to sign up ahead of time?
If you find out that there are more challenges than you are comfortable with taking on then either you need to find out a better solution or head back to your list to fill the gap. If you have figured yours, addressed it why it wouldn’t work and you are still ready to move forward that brings us to the next step.
5. Startup Business Plan
If you have decided to move forward with your business plan, you might need to come up with a full startup business plan. Thanks to all the work that you have done earlier, you can create a great business plan, quickly.
So iron out an interesting business plan and always remember that it is a dynamic document. It keeps evolving and improvising. Find the gaps, refine the gaps, figure out what is best for you, manage downside risk, plan & execute.
Find the gaps, refine the gaps and figure out what will be the best for you and your niche market. To understand the dynamics of the business market, you can also join business coaching program for entrepreneurs. Learn from the industry leaders to understand how you can start a startup and run it successfully.
To know more about this course, visit www.badabusiness.com