Tired of working for someone else? Plenty of ideas, but unable to execute any? Feel like quitting, the monthly income bribes you hold on? Well, make yourself stronger; for now is the time to implement your own ideas. Small business is gaining a lot of importance in today’s world. With big business tycoons ruling India’s business market, it is extremely difficult to make a stand among them. So instead of taking the risk, opt for small business. It is much faster, and under extremely competitive situations, people tend to earn a normal profit. Here, are the guidelines about how to start your very own small business.
- Business ideas – Step one towards the big dream for a small business is ideas. Ideas include what would the business be about; fresh ideas for new products; franchise of a big firm; buying an existing business. It takes a lot time to come up with an idea that will materialise. So do not hurry. Take your time and think.
- Planning – Once the idea sets in mind, the next step is planning. Just by thinking big, the business will not run. Planning needs to be done. It is the way how others will evaluate the business. So you must be totally focused about the plan; for while seeking funds from various financial investors, you have to present the plan in front of them. If they notice even the slightest faltering, they will refuse to fund your business. As their money is involved, and no one wants to incur loss in today’s economy. The next part of planning would include marketing strategies. To make the business a success, people should be aware of it. There should be ample of advertisements and promotions.
- Financing – Once the planning is done. The next step is how finance the business. It can either be self financed, or funds can be gathered from friends and family or financial institutions like banks. Each of these options has its own pros and cons. If the business is self financed, then a large part of the savings go behind the business and there is a lot of risks involved. If the business, in funded by friends and family, they tend to poke their nose into the business and wish to be a part of it. If the business is funded by the banks, a lot of pressure is created by the banks.
- Inception – With the idea, planning and money in proper position, now comes time to start the business. The next question that comes into existence is where to set up the office. Small business can either be home based or could be set up in a small commercial plot. Then the question of hiring employees. Whether employees are required or not; what are your bookkeeping needs; is an accountant required, etc. Once you are through with your decision, your business is ready to start. Open the doors, as clients begin to sweep in day in day out.