How to Start a Business

I have come across lot of people and every one of us has similar doubts:

How to start a business?

Which are profitable Business Ideas?

Which are businesses with low capital investments?

Yes starting of business is not easy, and most important even if you have started business than keeping it running successfully is a big task. After all to be your own boss could not be easy, it takes planning, research, financial capacity, marketing and most important enthusiasm, passion and liking of the work that you are doing.

How do you know what business is "right" for you? Look at work you have done for others in the past and think how can you use those skills and offer them as your own services or products. Learn about other businesses that interest you and think if you can emulate them as per your available resources. Want to provide new service or product launch, evaluate this approach thoroughly as it’s a highest risk driven and highly capital intensive too.

Most people don't plan, but you should. A business plan helps you to gain clarity, focus and confidence. A plan does not need to be more than one page. As you write down your goals, strategies and action steps, your business becomes real.

Below points to be considered:

·         What I am Selling or Manufacturing?

·         Who are my target Customers or Clients?

·         Which markets or areas I am covering?

·         What are my marketing Strategy and marketing budget?

·         How much Investments required? (Total Cost of project)

·         Which are my sources of finance?

·         Will I incur any Debt or self funding?

If you are able to answer all these questions and know you can manage your business than you are ready to go. It’s a very easy to suggest ideas for business but implementing them requires many factors to considered like employees payment, rental premises, credit period, loan repayment (if taking loans), etc.

As an entrepreneur, your personal life and business life are interconnected. You are likely to be your first--and possibly only--investor. Therefore, having a detailed understanding of your personal finances, and the ability to track them, is an essential first step before seeking outside funding for your business. As you are creating your business plan, you will need to consider what type of business you are building--a lifestyle business (smaller amount of start-up funds), a franchise (moderate investment depending on the franchise), or a high-tech business (will require significant capital investment). Depending on where you fall on the continuum, you will need a different amount of money to launch and grow your business, and it does matter what kind of money you accept.

If you want to "be your own boss" but you still feel confusion, reach out and connect with other entrepreneurs in a variety of ways. You may be surprised by the invaluable contacts that are right at your fingertips providing you good insights and knowledge.

All the Best J