HOW DO I START MY OWN BUSINESS?
Starting a business involves a lot of hard work, Planning and projections. Who doesn’t like being his own boss? But then there are so many things which have to be kept in mind to take the risk and become a boss of your own. All the other sectors of economy like the services and the primary sector too depend on the manufacturing sector in one way or the other.
PERKS OF HAVING OWN BUSINESS-
It is best thing in the world to get credited for the hard work one does and get paid for it socially as well as economically. While working for some company as an employee you are only entitled to a fixed package along with some perks in the form of incentives. But when it is about one’s own business all the profits and advancements come in your pocket only. And also, there are so many advantages. You can take leave as per your wish. You are independent to take your own decisions. At the same time the risk factor is something too which has to be kept in mind while having own business. So, one needs to pull his socks tight and get confident in order to start one’s own business.
STEPS REQUIRED TO START A BUSINESS
1- MARKET RESEARCH AND ANALYSIS
Market research helps to know the customer behavior and the recent trends which is going in the economy in relation to that particular field of business. It will help to know the productivity and also would be effective in improving the business in the right direction. Market research helps to reduce the risk. Since the business decisions can be taken in the correct terms if one already knows the pro and con of a certain decision in advance. The demographic information with the graphs can be studied from the past years to understand things well. It includes certain information about the population like the age, gender, income group, localities.
Read more at – How to define your target audience?
Points to be kept in mind while doing market analysis
Demand – It is best to know the desire and the expectations from the product or service you are going to start your business into.
Market size and area- It depends a lot that how many people are interested in the product or service you are going to sell.
Locality – The location of the area and past graphs of similar business in that area to be studied properly.
2- MAKING A BUSINESS PLAN
Having a proper business plan is always a priority. It will serve as a blueprint and a roadmap for the future of the business. Also, the employees would get a clear-cut idea about their approach. Startup plan serves as a key for a good business. A high-level focused plan which is easy to understand and relate with so that it can be utilized better. Also, long term and short term both kind of plan should be on the table to start a business. It is not always necessary to keep a traditional approach. At times a new creative approach should be welcomed because it may give innovative direction to a business.
3 – FUNDING OF A STARTUP
Every business has a different capital requirement. Fund is one of the most important requirements to start business’ is always best to have an independent financial plan. What is required is capital investment at last. Be careful not to spend extravagantly in the initial days. At times loan has to be taken from the bank, so the documents should be well maintained. A long-term investment is always best to have while starting a business. Taking higher risk is also required to get higher returns. Angel investor also at times help in the funding. Penalties, losses and returns are a part of business.
4 – A GOOD BUSINESS LOCATION
A decent business location is one of the most important criteria’s to be chosen for having a proper business. Location of a restraint in a market place for example always adds to the businesses, one should identify the market and plan the location accordingly. Having a decent work location is required. The renting or buying of a property for a business or whether you want to launch an online store are some of the decisions to be taken. Convenience is the most important thing now a days for the people. There are a lot of options, but people tend towards the one which is nearby. Choose an area which has a wider reach and also has a good ambience for you to work over.
5- CHOOSING A GOOD BUSINESS NAME
What strikes the most bat the first go is the name of the business. Sometimes youth gets attracted with the name. A striking name is always best to choose. And also, it needs to be different from the competitors so that the customers can differentiate it. A vibrant name of the company which sounds attractive to the ears and the customer can boast of it on the social media will help even in the marketing. So always think for a while and then choose a name. The brand name should be on the lops of your customer. It will help your business flourish.
6 – LEGAL FORMALITIES
All the legal formalities like the licensing and tax structure details along with proper verification and documentation should be taken care of and well maintained. Then only can you work with proper peace and the mind is free to get creative for the business. That is the reason most of the companies keep another legal team who takes care of all such things so that the creative team does not have to keep their mind involved over here and can use their brains effectively in other areas.
7- BUSINESS ACCOUNT
The main motive of any business at last is profits and making money. So a proper saving accounts should be opened and well managed. The day to day transactions, paying bills at time and other costing related area of the business should be kept in mind. Now a day’s people prefer the online mode of payment, like google pay. The company should have digital mobile payment apps for the customer to choose from and pay. It gives a hassle-free experience to the customer.
When all these factors are kept in mind while starting a business, you can think of a healthy, prosperous business.