7 Steps To Start Your Own Business

Want to start a business? Unable to decide how and where to start?nbsp;Read the six steps for starting your own business. Personal Evaluation You need to evaluate yourself by asking the following questions from yourself- a. What’s the reason for you to start a business? Could the reason be associated with creativity, freedom, money, etc.? b. Which skills do you possess? c. Which industries are you aware of? d. Would you like to start a service oriented business or would it be a product oriented business? e. Which type of business would you prefer doing? f. How much capital can you put on risk? g. Would your venture be a full time or a part time venture? The aim of asking these questions isn’t discouraging you from starting your own business rather it’s to make you think and plan. Answering the questions would help you narrow down your options. Remember!!Passion alone can’t be the key to success in business. Proper planning, setting goals and knowing yourself are the important requisites. What do you consider your strengths to be? What do you consider your weaknesses to be? How would these impact your operations from day to day? You could even conduct a SWOT analysis for the same. Industry’s Analysis After deciding the kind of business you wish to do, you need to do the analysis of the industry. Whom would you target for selling your product? Who would your competitors be? Hindi News Channel | Science Hindi News | Technology Hindi News | Career Hindi News | Business Hindi News | Health News in Hindi This would involve a lot of research of the industry and business you wish to get into. Other than doing Google searches, there are various other methods for doing the analysis. You can go out and speak to the people indulged in this industry, you can read books of the people associated with this industry, you can research the key people, etc. You can even turn to the following sources a. Advertising representatives for collecting data and statistics about your competitors b. List of brokers for knowing the number of prospects c. Students keen on happily doing the research for you d. Suppliers associated with your industry to know the demand and the supply Market’s Evaluation To know whether the market is prospective or not, you need to evaluate certain things. 1. How urgent is the requisite of your product to the people? 2. How much is the market size? 3. How much efforts are required to get the customer? 4. How much investment would be needed by you to start your business? 5. Would your business be relevant with the passage of the time? Legality You need to register your business to be able to start the business. Proper licenses and permits are required to do the business therefore, it is necessary to discuss about it with an attorney. City, state and country regulations would have to be dealt with. You’ll also have to check if you would require any kind of insurance or not. The Planning Process Make a business plan that would be a road map for you to know your progress, what should be done, where and when? You should use the road map for defining your strategy and activities for the execution like important deadlines, key dates, cash flow and budgets. The business plan comprises of nine portions a. The executive summary b. Company Overview c. Products and services d. Financial plan e. Target market f. Marketing and Sales plan g. Milestones and metrics h. Management team Finances Involved You might require finance depending on the size of your venture. The main types of lending options are as- 1. Friends and family 2. Accounts receivable specialists 3. Commercial (Banks) 4. The small business administration (SBA) 5. Angel investment (similar to venture capital) 6. Venture Capital Setting up of the Shop Now you have laid out your business plan, you have the money required in your bank and now you are ready to start your business. Now you possess a long list with you-finding a location, negotiating leases, buying inventory, getting the phones installed, having stationery printed, hiring staff, setting your prices and throwing a grand opening party. For setting up your shop you should think of the following- Price- Can you afford to pay the price of where you wish to be located? Visibility -Would people be able to find you conveniently? Distribution of the competitors -Are the competitors close to you? If yes, is the location apt for attracting the clientele? Rules and regulations of the local city and state -Restrictions of the state shouldn’t be there for limiting your operations. nbsp;So, decide which type of business you wish to do and which direction do you want to take. Hostenzo