As you may already know, the business sector in India is growing at a crazy pace, and the number of startups will soon be the largest in just one country.

However, many start-ups often can not find solutions to the particular needs of their project, and only recently established business begins to burn against a dozen emerging projects, especially in such fierce competition.

Any business project passes through specific stages of growth in the course of its life. Knowing these stages of business development and understanding how to behave in them is the basis for increasing the chances of expanding the company and improving its financial performance.

It doesn’t matter whether you have an online home appliance store, a restaurant, or a clothing factory. In all these areas there are similar problems and nuances. If you want to understand such subtleties and strengthen your position in the modern market, read our article.

Finding companions

Any business is teamwork, and you need to be ready to get in touch with your team quickly, especially in critical situations. In such situations, the iMind video conferencing service can help you, ensuring ease of use and security.

In the first stage of business development, you also register your team because you are a law-abiding person who pays taxes and looks for new clients. At this point, the project needs funding. There are different ways to find it, depending on the type of business and your idea of how the business should develop.

Determining the direction

This is a complicated moment. It is usually difficult to choose if there are too many options. The business offers various promising directions. Some of them may be unsuitable for you but you still have a wealth of choices.

Make a list of areas appealing to you in terms of personal interests or skills. Analyze each area, crossing off what doesn’t fit the criteria.

Market analysis

Once you’ve selected a business direction, perform a market analysis to see if there is demand for the product. Study potential competitors and their strengths and weaknesses. Think about how your product will be different from their products. Compare prices, level of customer service, and breadth of assortment. It is important to find something you could be better at than your competitors.

After evaluating the demand, offerings, and competitors, move on to the next step.

Developing a business plan

Before you start your business, prepare the foundation for its growth. This function is performed by a well-thought-out business plan. At this stage of business development, it is a prerequisite for entrepreneurial activity.

This document is a guarantee of success for your startup. Even if you are not attracting investors, it is necessary to create a business plan that describes your actions, as well as projections, risks, and alternatives. The company will grow faster with such a hint.

Working processes 

You and your companions and possibly potential sponsors, through video conferencing, can clearly build a joint work plan, even if part of the team is in the republic of India at the moment, and some of the companions or sponsors are in another part of the world. Distance should not be a barrier to the creation of ideas, so a service like iMind is a good way to improve team communication and simplify it.

Also, iMind in the future could be a platform for the presentation of your product, where you can communicate with potential customers.

Testing

This stage of a business can precede the registration of a legal entity. Here you need to focus on the chosen field. You should test the idea for viability as quickly as possible before you invest money in it. How to make such an express test? Create a small advertising campaign with your money, produce a small batch of products, and try to sell them or start offering your services. These activities are important to investigate real market demand.

Building a business

You have opened your firm. This means that you are confident in the success of your idea, have calculated all the risks, determined the costs of the first stage, and prepared a business plan. At this stage of business development, you are dealing with registration, hiring staff, and searching for customers. It’s time to think about financial investments. How do you provide your business with investment? This depends on the type of business and understanding of how it will develop. You can use different ways, such as crowdfunding platforms, asking for help from investors directly, etc.