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Do you want to start a business: know how?

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Do you want to start a business: know how?

Do you want to start a business know how

If you want to start a business, but is confused about the initiation steps, then this article is for you. In this write-up, we will tell you about all the steps which you should know if you want to start a business. Starting a business is tougher than running a business. There are a lot of things one should be taken care of before starting a business. We are in an era where almost every third person wants to be an entrepreneur. Many of them start their business as well, but they collapse because of not having a proper idea about starting a business. Hence here we are to help you. 

What is business?

Before knowing about starting a business one must know what exactly the business is. Business is any entity or company or organization or person engaged in commercial, professional, industrial, or charitable activities. Business can be for the profit or not for the profit, but mostly it is for the profit motive. It may or may not have separate existence with its owner. In short, we can say that buying and selling any goods and services in the market is called business. 

Steps need to be followed to start a business

There are many things that need to be followed before starting a business. We have tried here to discuss all of them one by one. If one will follow these steps, there are higher chances of success in their business.  Hence if you want to start a business follow these steps-

Have an Idea

Every successful business starts with one simple idea. Hence having an idea is very important. It is not necessary that your idea should be unique or something which doesn’t exist before. Even if your idea is an upgraded version of something which already exists in the market it will be okay. The most important thing is having an idea on which you can put your efforts and energy. 

Firm determination

Starting a business is not a child’s play. It not only takes an investment of money but also takes emotional support and firm determination. You should have confidence in your idea. Even if everybody is against your idea, you should have faith in it. For example, the tea business is a very common business in the market. Many stalls and shops are there in the market that is doing the same business. Even after that Mr.  Prafull Billore who is the CEO and founder of the “MBA Chai Wala” business is successful. This was possible because of his firm determination. Hence having faith in yourself and firm determination in your idea is very important. 

A good plan

Many times you have an idea but due to hurry, you messed up everything. Only having a good idea will not make your business successful. A proper implementation plan of your idea is needed. Without that plan, your business cannot be successful. It is said that before starting a plan materialistically you have to start it in your brain first. If it fails in your imagination then know the reason for failure and try to remove it. This is how you can remove all your chances of failure. After this process, if you start the business, no one can stop you from achieving success.  

Use your time properly to start a business

Many times you want to start a business but due to the risk involving factors of failure and success, you give up. You don’t want to quit your job but simultaneously you are equally interested in entrepreneurship[1] as well. In this condition, you need to use your time properly. Don’t wait for the perfect opportunity. Start using the current day and resources as soon as possible. For example, you are an engineer who is working for a company and you want to open a shop for clothes. Simultaneously you don’t want to quit your job in the beginning as you don’t know whether your business will be successful or not. In this condition, you can start your shop online first. Then go for the offline mode. By using your time in this way you can start your business. 

Identify the business name

Finding a proper name for the business is equally important. It is not easy to find a name that is short and simple, different and original. The name should be decided before starting the business. Once your business will be recognized you cannot change the name because the customer knows you by the name. Changing names now and then can create a bad impression in the market. Also, it will confuse the consumers. Hence name should be chosen very carefully. 

A perfect location is required to start a business

Location plays a great role in the success of any business. For example in a village where people are very stereotypical, you open a modern cloth shop. It will end in a fiasco. Hence it is important to choose the location of the business very carefully. Just like the name, you cannot change the location now and then. If you do so you will lose the customers.

Understand the business properly

Understanding the business is very important. Before implementing your business plan you must have a proper idea about the following- 

∙       Initial investment of your business. 

∙       From whom you will get the sponsorship.

∙       How you are going to do promotion or advertisement of your business.

∙       Marketing strategy.

∙       Business name.

∙       Location of the business.

∙       Initial labor force of your business. 

∙       Size of the team.

∙       Proper plan of the workload, etc. 

∙       Pick a good business structure.

∙       Type of the business. 

∙       You should have an idea about your accounting, Email-marketing, Project Marketing, etc.

∙       How much and where you need the space for the inventory?

∙       What are your payment options?

∙       Packaging and shipping. 

∙       You should decide the design of the logo and website. 

∙       Fix the prices of your goods and services. 

Intellectual Property Right

Nowadays, every third person wants to start a business. Many of them start businesses as well. Hence the market is very competitive. In this situation securing your business from every point of view is very important. Therefore taking trademark, copyright, GI, etc of your business is very crucial. It will also create goodwill. And this is how nobody can steal your business. For this, you can take the help of an Intellectual Property Rights attorney. 

Fulfill all the legal formalities

In India, if you are starting any type of business you need to legalize it. There are various types of licenses that you need to take from the government to run a business. For example, if you have a food business, then FSSAI License, if you have a business of providing security guard, then PSARA License, for the sale of liquor, you must have Liquor License. If you fail to get such licenses you can face penalties as well. GST Registration is also one of the formalities which you need to be done. You have to register your business as well. Proper documentation is necessary, so that there will be no chances of any difficulty. For example you should have business registration certificate, Rent Agreement, Lease Agreement etc. 

Launch of the business

Finally after doing all the above things you can land on the last step of starting a business that is launching the business. We are in an era where social media creates a great impact on the success of any business. Therefore launch should be on every social media platform. For help, you can hire virtual assistants.  They will manage your business virtually. 

Conclusion – Start a business

Starting a business is very simple but to survive in the market is very tough. Therefore to survive in the market you must follow all the above guidelines. These are very simple things that can create a difference. Businesses are starting every day but also collapsed soon because they start the business without research.  Research is very important for any business. If you are thinking about starting a business you can take help from BizAdvisors. We will guide you in a proper way.

Read our article:Benefits of Startup India Registration in India

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