How to start business? 14 Important tips to start
JOURNEY OF ENTREPRENEURSHIP
Traveling from starting any business to a company of crores is a very difficult but amazing journey. In this journey you have to plan, work hard, have troubles, solve problems, accept failure and learn from it. In the beginning, there are thousands of troubles in front of you, people do not believe in your Idea, you fail many times, sometimes self-confidence is staggering. But in this journey you have to fall back every time and then suddenly one day you open your door to success and your luck changes, you accelerate your business so fast that you believe in yourself Does not happen
HOW TO START A BUSINESS
Business Vision: First of all decide why you want to do business? What is the last goal (Vision) to do your business? What you want to get (What and Why) through business and how much time you want to get in time. Do you want to become millionaires? What is the ultimate purpose of doing business in your business to help people?
Business Type: Now decide what business do you want to do? Which product do you create or which services will you provide? Do you want to make your hobbies a business or you want to do something in which area you have a good experience? What is your Business Idea? What will your product be? Who will be your customers?
Business Strategy: Now decide what your Business Strategy is? How would you make the best product or services in your business? How is your business idea different from others and what is special about your business idea that your business can change the entire market? How will you move your business? In what
ways will you earn money from your business (Business Models)?
Business Location: Where will you do business? Will you start from home or take a different place for your business? Which place would be best for your business?
Finance: How many rupees will you need at the beginning to start your business and how much money will be needed to run the business continuously? How long will your business start giving benefits? The needs of your forms can be divided into this way: – Assets – What assets will you need for your business like buildings, land, machinery, furniture, vehicles etc. and how to arrange these assets? Will you buy or rent? How many rupees will be needed for these properties? Expenditure – What will be the expenses for running your business continuously, such as staff salaries, maintenance expenses, rent, various types of consultant fees etc.
Market Research: Research your business market and industry. You can do research in various ways – by gathering information from the internet, contacting big business, meeting market analysts or by e-mail, reading reports of large companies of the market etc. Research the market and find out what is demand and supply? Which product is selling the most and why? What are the drawbacks in the product that can be removed in the product and become a market leader?
Business Structure: How will your business structure be? How do you want to start a business – want to start with a company or a partnership firm or as a solo business? The business structure is chosen by keeping in mind the secondary sources.
Business Plan: Now create your written business plan and include all the things related to your business. You can get help from a professional consultant for a business plan.
Funding Options: Analyze sources to meet your business’s financial needs. How will your financial needs be fulfilled? Will you take a loan from the bank, take a loan from relatives and friends or start a business with your own money? Nowadays many new sources of startup funding are available such as Angel Investors, Venture Capital Fund, Crowd-funding etc. Applying for funding or loan after selecting the financial resources and understanding the funding process. Arrange all the documents and business plans related to funding.
Start Your Business: After arranging financial needs, take more steps to start your business. Gradually arrange all the resources for your business – appointment of employees, procurement of property, arrangement of all the resources related to production etc. When you are planning for business and you have capital, then there is a key step, in practice, bring business plan into practice. During this time sales and customer service are like acid test for new entrepreneurs. During this time you will need to demonstrate your cent percent skill, so that you can build trust among people towards your service. Only then can you start your own success story.
Brand and Marketing: Now decide when you are starting your business and how will you market your brand for it? Will you market your business by advertising or use the internet?
Technology: Use technology and do your online marketing. Tell people about your business on social media (Facebook, Tweeter etc) and analyze how internet and technology will help businesses grow faster.
USP: You have now started your business in a way. Now you have to work hard and find new ways to make your business a success. Slowly build your USP (unique value proposition) on the basis of experience. That is what is something that separates you from others.
Leadership: Continue your business continuously and lead your team like a leader. Do not consider your employees as employees and think of them as their partners.