Starting your own business is not easy and not everyone has the tenacity and strength of mind to do so. While in a job there are pitfalls too but unless you really underperform your salary is safe. You will have supervisors who will guide you and help you overcome any deficiencies. However, in business you have to steer your ship alone and unless you have the mentally ability to take both good and the bad in your stride you are not going to be a successful businessman.
The first step then is to evaluate yourself. Do you have it in you to run a business? Can you really work on an idea and make it fruitful? If your answer is a yes to these points, you are well equipped to take the plunge.
Develop an idea and test its plausibility – You just cannot say you are starting a business; the key is to have adequate knowledge and skills in the chosen field. True, you can hire people to guide you but most come at high remuneration and you can hardly afford that as a start-up. Once the product or services you intend to launch has been finalised, make a survey about its market demand. If you feel that you can sell it well you are ready for business.
Have a business plan in place – Hire a consultant to draw up a business plan for you. This document will be a future roadmap for business. The two basics in the document will be financial and marketing aspects. The consultant will study the market and your competitors and will devise suitable marketing strategies. On the financial side there will be projected cash flow analysis and working capital requirements. You have to make necessary provisions for funds so that you do not face a cash crunch at a later stage.
Follow statutory regulations – There will be a host of permits and licenses that you must obtain before you can open your doors for business. If you find that the process is complicated, hire a business lawyer to take you through the paces. Put everything in place at the initial stage itself so that you do not have to face unnecessary litigation later.
Setting up infrastructure and starting off – Now is the time to set up your infrastructure for business. If it is manufacturing, factory building, plant and machinery has to be set up. For retail trade or services such as beauty salon you have to choose a good location and tastefully decorate the premises. Hire trained and qualified staff always since good customer service is always crucial for business growth and development. Publicise your business and have a good and attractive user-friendly website.
Follow these simple points and you should be able to start your business with the right foot forward.