Start-up businesses

The initial stage of starting a business is writing a business plan. Starting a business requires many steps, and it certainly does not happen overnight. An entrepreneur must be willing to dedicate most of his time to the process.

Nepal is a developing country and has many diverse sectors where start-ups can flourish. Nepal has a good potential for start-ups in information technology, hospitality, small business and agriculture sectors among others. Urban farming and waste management are other areas where start-ups can do wonders. Of late, some start-up businesses that have made their foray into the Nepali market are doing quite a good job.

What is most important in a start-up business is one has to invest a considerable amount of time to research the market and the target group, or customers. Market research helps to determine the demand for products or services. On top of this, a start-up business requires a comprehensive business plan, outlining mission statement, future visions and goals as well as management and marketing strategies.

It is also crucial for entrepreneurs to classify their business type, as they need to decide whether their business should be online or they are going to sell services from home or office. This depends on the products or services being offered. Apart from this, a technology start-up selling virtual reality hardware may need a physical storefront to give customers a face-to-face demonstration of the products’ complex features. Most importantly, start-ups need to consider what legal structure best fits their entities. These are the most important things one should take into consideration before launching new products or services.

Any business, small, medium or large, needs capital. Those interested in start-up businesses must meticulously calculate their finances.

New businesses often tend to fail because oftentimes they run out of money. Keeping expenses as low as possible is one of the best ways to keep one’s business floating. Start-up business aspirants can even choose to forego an office as long as they can sell their products or services without one. The first year of a start-up business is said to be the most critical period, so aspiring entrepreneurs should work hard to make sure their businesses survive for at least one year.

To help start-up entrepreneurs, the government can play a crucial role by facilitating them.