Most entrepreneurs spend more time on their products than they do getting to know the competition and market knowledge. If you ever apply for outside and inside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach and new market strategy.

A business plan is a dynamic thinking that serves as a roadmap for establishing a new business. This thinking makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan

• Executive summary:
• Company description:
• Market analysis:
• Organization and structure:
• Mission and goals:
• Products or services:
• Background summary:
• Marketing plan:
• Financial plan:

When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.

(Some business structure’s)

• Limited Liability company (LLC)
• Limited Liability Partnership (LLP)
• PRIVATE LIMITED FIRM
• Sole Proprietorship

There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:

Registration & Licenses Example: -

• GST
• PAN CARD
• CURRENT ACCOUNT
• IMPORT EXPORT CODE (IEC)
• Registration-Cum Membership Certificate (RCMC)

There are many different ways to fund your business—some require considerable effort, while others are easier to obtain. Two categories of funding exist: internal and external.

Internal funding includes:

• Personal savings
• Credit cards & Business Loan’s
• Funds from friends and family

You need to have insurance for your business, even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees.

Business tools can help make your business easier and make your business run more smoothly. The right tools can help you save time and time wasted investment, automate tasks and make better decisions.

Some tools mandatory for your business:

• Product management software
• Product branding
• Digital marketing
• Online promotion activities
• Backlink generation
• Right business knowledge advice

Many business owners spend so much money creating their products that there isn’t a marketing budget by the time they’ve launched. Alternatively, they’ve spent so much time developing the product that marketing is an afterthought.

• Create a Website
• Optimize Your Site for SEO
• Create Relevant Content
• Get Listed in Online market business leads
• Develop a Social Media Strategy

To scale your business, you need to grow your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with The Real Business creators or adding new products or services that complement what you already offer.