first, you should consider why you want to start a business? The ultimate goal of your business ( Vision thereof)? What do you want to achieve through business and in how much time? Do you want to be a millionaire? Is the ultimate purpose of doing your business helping people through your business?
Business Type To Start a Business
Now decide which business you want to do? which product will or what services ( Services will provide)? Do you want to make your hobby business or do you want to do something in which you have good experience in the field? What is your business idea? What will be your product? Who will be your customer?
Now decide what is your business strategy? How will you make the best products or services in your business? How is your business idea different from others and what is so special about your business idea that your business can change the entire market? How will you grow your business? In what ways will you be able to make money from your business (Business Models)?
Where will you do business? Will you start a business from your home or have a separate place for your business? Which place would be best for your business? This Is also an important point which you should highlight select a right place to start a business
How much money will you need in the beginning to start a business and how much $ will be needed to run the business continuously? How long will your business start paying? The requirements of your money can be divided as follows: – Assets – What assets will you need for your business such as buildings, land, machinery, furniture, vehicles, etc. and how do
you arrange these assets? Will (buy or rent)? How many rupees will be required for these properties? Expenditure – What expenses will be incurred for running your business continuously like – Salary of employees, Maintenance expenses, Rent, various types of consultant fees, etc.
Research the market and industry of your business. You can research various ways – by gathering information from the internet, contacting big businessmen, meeting or emailing market experts, reading the reports of the big companies of the market, etc. Research the market to find out what is the demand and supply? Which product is selling the most and why? What are the shortcomings in the product that can be overcome in their product to become market leaders?
How will your business structure be? How do you want to start a business – you want to start from a company or a partnership firm or as a single business? The structure of the business is chosen keeping financial sources in mind.
Business Plan :
Now make your written business plan and include everything related to your business in it. You can take the help of a professional consultant for a business plan. See this post for business-How to make a Business Plan
Analyze the sources to meet the financial needs of your business. How will your financial needs be met? Will you take CGTMSE Business Loan, take loans from relatives and friends or will you start a business with your own money? There are many new sources of startup funding available today such as Angel Investors, Venture Capital Fund, Crowd-Funding, etc. After selecting financial sources, apply for funding or loan, and understand the funding process. Manage all funding related documents and business plans.
Start Your Business: After arranging for financial needs, take more steps to start your business. Slowly arrange all the resources for your business – appointing employees, purchasing properties, arranging all the resources related to production, etc. When complete planning is done for the business and you also have capital, then the important
step is to put the business plan into practice. During this period, selling and customer service is like an acid test for a new entrepreneur. During this time, you will have to show your 100% skill so that you can build confidence in people towards your service. Only then can you start your success story.
Brand and Marketing: Now decide how long you are starting your business and how will you market your brand for that? Will you market your business through 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 the help of the internet and technology will lead the business to rapid success.