Before starting any business, writing a business plan makes the startup more likely to succeed. A couple months ago, NEXT Growth conclave was held with the aim to promote startup businesses. For those looking to startup a business, events like NEXT Growth provide an opportunity to learn from the experiences of the speakers who have faced similar challenges and difficulties when starting in their field.

The Khalti digital wallet apps, Sastodeal, Jama Nepal, Urban Girl Inc. and Ek Call Home Solution are just a few startup businesses that are making headway in Nepal. Not surprisingly, interested people should seek to learn from these fledgling but successful startups. Nepal has the economic scope for startups to flourish in terms of maximising profits for investors and in terms of uplifting our economy as a whole. Be it, IT, hospitality, small businesses, large franchises, urban farming or waste management, creative startups have the potential to galvanise these fields. 

However, before starting a business we need to consider a few things. First and foremost is market research to determine the demand for a product or service. On top of this, a startup requires a comprehensive business plan, outlining mission statement, future visions and goals as well as management and marketing strategies, to ensure success in the long run.

Similarly, pitchers (those who pitch ideas) must decide whether their business will be conducted online, in an office or at home. This depends on the product or service being offered. For example, a startup selling virtual reality hardware needs a physical storefront to give customers a face-to-face demonstration of the product’s complex features. Most importantly, startups need to consider what legal structure best suits them. One has to decide whether a startup should be a sole proprietorship or a joint one.

These are the most important things we should take serious note of in order to launch new products or services in the market. So, keeping all of the above in mind, business people should invest in what they see as the best areas to cultivate their minds and money by operating a new business.

The government should facilitate businesses so that worthy startups can grow faster than ever before in the country. Lastly, I leave with you a quote by Shiv Khera, “Winners don’t do different things. They do the same things differently.” Startups are a great place for all to work today, and because of them perhaps the future will be brighter.

Wagle is a student at Charotar University of Science and Technology, India