Most of us have great business ideas, and we dream of starting our own business. But most people are never able to give shape to their ideas because of their fear of failure. Many people want to leave jobs and start their own business but are afraid of the idea of starting risky businesses except for established jobs due to family, social and personal pressures. But.............
The journey of Entrepreneurship:
From starting a business to creating a multi-crore company, the journey is arduous but amazing. In this journey, you have to plan, work hard, face troubles, solve problems, accept failure, and learn from it. In the beginning, you face thousands of troubles and people don't believe your idea; you may fail many times, and confidence is sometimes shaken. But every time you have to fall down and get up again on this journey and then suddenly one day you open the doors of success, and your fortunes change, you climb the stairs of success in your business so fast that you don't believe in yourself.
How to Start A Business:
Business Vision: First, decide why you want to do business? What is your last goal of doing business? What and Why you want to get by business and how long you want to get in. Do you want to be a millionaire? Is the ultimate purpose of doing your business to help people through your business?
Business Type: Now decide which business you want to do? Which product will you create, or which services will you provide? Do you want to make your hobby a business, or do something that you have a good experience in? What is Your Business Idea? What will be your product? Who will be your customers?
Business Strategy: Decide what your Business Strategy is now? How will you create the best products or provide services in your business? How is your business idea unique from others, and what's more important in your business idea is that your business can change the entire market? How would you move your business? In what ways will you be able to make money from your business (Business Models)?
Business Location: Where will you do business? Will you start from your home or take up space for your business separately? Which place will be best for your business?
Finance: How many forms will you need at the beginning to start your business, and how many forms will you need to run the business continuously? How long will your business start giving profit? The needs of your forms can be divided as follows:
Assets: What assets do you need for your business like buildings, land, machinery, furniture, vehicles, etc., and how will you arrange (buy or rent these properties)? How many firms will be required for these assets?
Expenses: What will be the expenses for running your business continuously, such as salary of employees, maintenance expenses, rent, fees for different types of consultants, etc.
Market Research: Research your business market and industry. You can do research in various ways – by collecting information from the Internet, contacting big businesses, meeting market analysts or e-mailing, reading reports from big market companies, etc. Research the market and find out what demand and supply are? Which product is selling the most, and why? What are the drawbacks of the product that can be removed in your product and made a market leader?
Business Structure: How will your business structure stay? How do you want to start a business – starting with a company or a partnership firm or a single business? The structure of the business is chosen to keep in mind the reliable sources.
Business Plan: Now create your written business plan and include all the things related to your business. You can take the help of a professional consultant for a business plan.
Funding Options: Analyze sources to meet the market needs of your business. How will your directional needs be met? Will you take CGTMSE Business Loan, take loans from relatives and friends, or start a business with your own money? Nowadays, there are many new sources of startup funding, such as angel investors, venture capital funds, crowd-funding, etc. After selecting the viable sources, apply for funding or loan, and understand the funding process. Arrange all funding documents and business plans.
Start Your Business: Move more to start your business after arranging the directional needs. Gradually arrange all the resources for your business – appointment of employees, purchase of assets, all production-related resources, etc. When there is full planning for business, and you also have capital, then there is a critical stage, to put the business plan into practice. In the meantime, sailing and customer service, etc., are like acid tests for new entrepreneurs. In the meantime, you have to show 100 percent of your skills so that you can trust people towards your service. Only then can you start your success story.
Brand and Marketing: Now decide when you're starting your business, and how will you market your brand for that? 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 the Internet and technology will help businesses move towards faster success.
USP: Now, you've started your business away. Now you have to work hard and find new ways to make your business a success. Gradually build your USP (unique value proposition) based on experience. That is, what makes you different from others.
Leadership: Continue to grow your business and lead your team like a leader. Do not treat your employees as employees and treat them as partners.
Image credit: everything-pr