The Complete Guide to Starting a Business
Under graduate or less qualified person go for business because in job they are not going to change standard of living in whole life time. On the other hand qualified person opt to go for job because they know they will get handsome salary and they have chances to grow over the time. Noteworthy, when qualified person start business they do magic.
There are no limits on who can become a great entrepreneur. You don't necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success.
However, you do need a strong plan and the drive to see it through. If you're on Entrepreneur, odds are you already have the drive, but you might not know how to start building your empire. Check out this step-by-step guide to help turn your big idea into a successful business.
1. Evaluate yourself.Let's start with the most basic question: Why do you want to start a business? For Extra money or for extra freedom or for both. Be brutally honest with your answers. This will create a foundation for everything you do moving forward, so it's better to know the truth now than later. You should make your own decision.
2. Think of a business idea.If your business can fix a problem for your customers, they'll thank you for it. Do you have a business idea that isn’t completely new? If so, think about the current offerings and focus on how you can create something better, cheaper or faster.
3. Do market research.Is anyone else already doing what you want to start doing? If not, is there a good reason why? You should check sale and purchase pricing style, your target customer and your target location.
4. Make it official.Get all of the legal aspects out of the way early. If you are going to open online pharmacy chain, then you should get Pan Card No, GST No, drug license and infrastructure as per the regulatory requirement.
5. Write your business plan.A business plan is a written description of how your business will evolve from when it starts to the finish product. You should with Title page, Executive Summary, Business Description, Market Strategies, Competitive Analysis, Design and Development Plan, Operation and Management Plan and Finance Factor.
6. Finance your business.There are a ton of different ways to get the resources you need to start your business. Best way is to buy gold coins during job on instalment and use one by one as per your requirement. Do not try lending money from friends, relatives or bank to avoid unnecessary tension.
7. Develop your product or service.After all the work you've put into starting your business, it's going to feel awesome to actually see your idea come to life. In service you get money in advance but in goods you have to invest money in advance. Growth in service product is slow and limited but in physical product growth is limitless.
8. Start building your team.To scale your business, you are going to need to hand off responsibilities to other people. You need a team. Once you created system then system will earn money for you and you have to just take care your system.
9. Find a location.This could mean an office or a store. First and foremost thing is accessibility and parking then infrastructure of your office.
10. Relationship: Relation gives revenue hence you have to customize relation and you have to take care relation like a baby. Listen your customer, honour your commitment and fulfill your after sale service.
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