How to Grow your Business Guide: 01

Starting a business is filled with tough choices and outcomes. Business management and finances are huge tasks that need to be handled with thorough research. Legal documentation, strategic growth and accounting are a few subjects of matter that need special attention. Intuitive understanding in turning your idea into a successful business won't be enough help.

Therefore, growing a business has a pattern that forms a graph of results. It has setbacks and small achievements at every step and thus it takes lots of effort and time. In this series of How to grow your business guide, this article will talk about the first step of building a business idea.

Business Idea Buildup

Business always starts with an idea and loops around that same instinct. A business idea follows 4 Ws that is What, Why, Where, Whom. But what goes around finalising that idea, let's find out.

• What: The initial step to start a business is to find out what your business is about? What does your business help with? What is your business model? A business idea should always justify what it stands for. When you are able to identify this you go on to explain many more logical questions.

• Why: When you find out the idea that you wanna start a business for, ask why that idea is unique. Why is it needed? A business idea should always bring something new to the market or otherwise, it becomes very difficult to compete with competitors. For example, if you start a marketing company that works exactly like any other company that has been in the market for several years, the probability of success in just a few years becomes very less. Uniqueness is what sells the most in a coast of competitors.

•Where: You should be clear about where your business is aimed at. It makes a lot of difference when you decide a region your business is going to work in as a part of diverse culture and values. For example, if your business is to start a monsoon clothing brand in a place like Bangalore, India, there are chances of success in that region as it has unpredictable rain probability.

•Whom: Knowing the target customers plays a huge role in growing your business. A deep understanding of the market and the audience you may deal with helps in creating a brand name and growth. Clarifying your target audience filters out business activities and business products and services.

Define your Name

When you decide on an idea that is unique on its own and has the capability to target an audience, the name of your business organisation enhances it to another level. The only thing you need to keep in mind while defining a name for your business is to find the relatability and attractiveness of it with the business idea you have proposed. This also goes with the logo and signs you use for the company.

The journey of a business takes a lot of twists and turns that require a permanent commitment to mend and blend in the market for success. When you set up your business idea and name you are ready to step on to the next gap.

Workbell is a business app to help maintain your business records and daily activities. Try it out now and stay tuned for more such articles.

Also Read: 5 Apps to Grow your Business.