Tips to start a business

May 20, 2016 Career Tips Neha Chauhan No comments

Are you planning to start a business? Here I am going to discuss some points which may help you to get a start with small business plan.

Before starting the business you need to make the plan for everything where to start, how to start, when & how much to invest, legal process etc. You can share your business ideas with your family, friends, they will advice you that can also help you to get a start.

1. Develop an Idea:

Develop a business concept that you’re passionate about related to something that you have experience with. From there, come up with a product or service that you believe can enhance the people’s lives.

2. Business Plan:

Business plan will guide you going forward. It’s important to presenting your idea to potential investors. Your business plan should include a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation. These all things should be planned before invest in any business.

3. Identify the market:

Do some research about the field, market, competitors & customer requirements & their interest related to the product or service? Research about the products which are already in the market related to your idea which you are planning to execute. Think about to add more features in the product, low cost & how to make the product more attractive, customer’s expectations.

4. Determine the cost:

Determine a budget, how much money you’ll have to work with, figure out how much it will take to develop your product or service and create a marketing plan also because you also need to decide the marketing budget. It also helps to decide the product value.

5. Find investor:

Sort some of funding to start off, it is good if you have your savings, or you can go for credit cards, loans, grants or venture capitalists etc. Find an investor who shares your passion to someone you believe you can work with. Listen to their advice or suggestion. But that doesn’t mean you have to do what they tell you. It depends on you what to do finally.

6. Determine Legal Structure:

Before register for the company take some knowledge for the legal structure, acts from your legal advisor. Decide for the form of ownership Register for the company. Also know about the state & local taxes, business license & permits, insurance policies. Also learn employer responsibilities (Learn the legal steps you need to take to hire employees). Register for the taxes.

7. Select Location:

If you are planning to work from home than no need to worry about location, but if you are planning to create a team than you need to select the right location for the business. Decide a location according to the rent you decided in the budget, where you can give good environment to the employees. So that they will be able to give their best. Also look into the facilities they are providing like electricity, air conditioned, communication wiring, eating points, parking these are required.

8. Hire team:

Look for someone with motivation, creativity and the right kind of personality to make it in your industry and fit in with your business. Give them an environment where they can give their best. Find the people who share a passion for your product and can communicate your brand’s message naturally.

9. Marketing:

Focus on product branding, profit depends on how you describe your product in the market. Determine how you’ll make profit. Make ideas which can increase the sale & profit.

10. Provide customer service:

Prepare a team who can give best service to the customers & help them to know about the product. Who can take their views about the product; it will help to modify the product if needed.

Photo by Adeolu Eletu on Unsplash (Free for commercial use)