Points of before starting a businessHemlata Khandelwal / 2021-03-01 07:39:11
2. Choose the business according to your skill
Starting a new business requires skill that meets the requirements of a business. People should start or invest in a business that is connected to their skills somewhere. Everyone is good at some work; all that is needed is to find talent and make it better. Before planning to become a businessman, get to know you better, analyze your strengths and shortcomings. It is risky to choose a new region altogether. Because one has to get into that area without experience.
3. Business and Market Analysis
The most important factor that makes a business successful or unsuccessful. That is research and market analysis on the business. Make sure that the business you are about to start has a demand in the market and has not already been started by other merchants. Find and know the competitors and their style of doing business. Connect with your business Know the supplier to meet the demand for products, raw materials, machinery, equipment, etc. Track the expenses and prices of products already sold in the market and see how much people are getting a profit in the end.
4. Know the cost
You need to decide how much it will cost you to start a business. The next question you need to ask yourself is 'Do you have the appropriate funds to start your business or will you need to take a loan from the bank?' If you need more money then apply for a business loan Is the safest option to do. This step should be taken in advance as most startups fail to set up as they are unable to meet the demand for money in the initial stages of setting up their business.
5. Making a business plan
The business plan should include all the information related to your business. It is basically a road map to help your business and its growth. A business plan helps to test your profit and understand your financial needs. In addition, if you want to take a business loan for business growth purposes, well submit a business plan to loan institutions, which include banks and NBFC. Businesses should register their company, which can be started with Company Registration in India under MCA.
6. Set location
Location is one of the most important decisions a business takes for a business, as it plays an important role in deciding the future of the business. To establish the physical presence of your business, two things must be considered. The first is their requirement for the purpose of the customers and the second is the market/shopping mall. It increases networking opportunities and customer base.
7. Next steps
Once the location is final and the rent agreement is signed (if applicable), the next big thing your business should consider is also the following:
Name of your business
Registering your business
Take Company registration if required
Open a current account under the name of the company
Getting a tin, pan, and GST number
Choose an accounting system
Create a website
The opening account on the social media platform
These steps will help you organize your business better and will increase the growth of the business.
8. Start hiring staff
To start the business, you choose only the necessary staff. Hire experienced and skilled people for better skills, productivity, and profitability. Depending on the size of the business, you can hire executives, customer care representatives, marketing experts, accountants, IT professionals, HR personnel, and other professionals, depending on the type of business concerned.
9. Brand and advertise your business
Create a logo for your business that can help customers identify easily. Tell people about your business so that you can come to buy goods or services. Create an account on your website and social media platforms to expand your business. Create a market plan, so there must be a fixed budget to advertise it in the first six months of the business.
10. Building Association
To stay in the market and make a profit, you need to promote influential bloggers and exchange for free / sample gifts or products. Collaborate with charity organizations and some product volunteers to do charity. Collaborate with existing large brands in the industry for better growth prospects.
11. Be patient and keep going
In the early stages of a startup business, focus more on sales rather than profit margins or break-even. Most entrepreneurs left the business midway due to a lack of patience and attention. Being persistent during the early stages of a business is a difficult task, breaking continuity and distracting resulting in losses. Therefore, it is always suggested that be patient and keep working hard and you will get good results when the right time comes.