Want To Start Your Own Business – Many people often face a dilemma whether to choose a job or a business. Which of the two is better? Also, most of the people have an idea that they want to work on and thus want to start a business. So, after deciding to work on your idea, the next question that worries many people is how to turn it into a business. If you want to start a new business and are looking for guidelines on how to start a new business and are not sure how to proceed, this post will answer your questions.
If you want to start a new business, you need to focus on careful planning. To make your dream of becoming an entrepreneur come true, you have to take it one step at a time.
Want To Start Your Own Business
This is the core of your business. You need to know what type of business you would like to start. Food, products, boutiques – there is so much to choose from. Choose an idea you are passionate about. Doing business this way will be a pleasure, not a chore.
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If you want to start a new business, you should start with thorough market research. Once you’ve decided what your business will be, you need to figure out who your target audience will be and whether there really is an opportunity for your business. You can conduct market research in two ways: primary and secondary.
Primary research involves gathering feedback from your target audience in the form of online surveys, interviews, focus groups, etc. This may take some time and money. This can help you understand your product requirements, pricing etc.
Secondary research involves understanding market trends based on existing surveys and polls. It can help you identify your competitors and also tell you how to best market your business.
This is a step that should be taken into account before registering the company. There are different forms of business organizations.
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– Sole Proprietorship – You will be the sole owner of the company and will be responsible for all debts and profits.
– Partnership – A business owned by two or more people. There are different types of partnerships and the distribution of profits and liabilities among the partners.
– One Person Company or OPC – A business owned by one person and another person named as the nominee. The paid-up capital should be less than Rs 50 lakh and the annual turnover should be less than Rs 2 million.
– Private Limited Company – Private Limited Company is a private small business organization. This type of business entity limits the owner’s liability for its shares, limits the number of shareholders to 50, and prohibits shareholders from publicly trading shares. Small businesses usually start as a sole proprietorship, partnership or OPC.
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Do you want to create a product? Or is your business going to provide a service? Or you will buy individual products and resell. Or do you want to become a franchisee of an existing series?
Every business will fall into one of these categories. And each of these has different rules to follow.
A business plan is a document that details three main aspects of your business: business concept, marketing strategy, and finances.
Writing a business plan will give you a clear idea of how to start your own business. It will also help you when you are looking for funding and trying to hire employees for your business.
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Writing a business plan also helps in setting short-term and long-term goals. Where do you want to see the company in the next 1-2 years? Where do you want to see it in 5 years?
Another benefit of writing a business plan is that you will know the challenges you will face when analyzing each aspect of running a business.
DeSaara can help you prepare business plans, assess the feasibility of your business, and set realistic goals.
Every business must be registered. You need to finalize the name of your business, ensure that there are no other companies with the same name, and register it with the Registrar of Companies (ROC).
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Depending on the type of business activity or your business sector, you will need to obtain different licenses. For example, a food business requires a health trade license from the Food Safety and Standards Authority of India, or FSSAI, and a no-objection certificate from the fire department.
Proper financing is very important when you are starting a business. You need money for small tasks related to business.
– Savings, Friends and Family – You can access your savings, borrow money from your friends and family, guaranteeing that you will pay them back within a specified period. This can be beneficial as we can borrow at a lower interest rate than the market lending rate.
– Crowdfunding – There are many crowdfunding platforms where you ask people for money for your business. Anyone who likes your idea can invest as much as he wants. And “Small drops of water make a mighty ocean.”
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– Bank Loans and Government Schemes – You can get business loans from banks. There are also many government schemes that provide loans to start a business, and these usually have low interest rates.
– Investment from venture capitalists – You can pitch your business ideas to VCs and ask them for funding. You can also seek funding from people who have extra cash and want to invest in the business.
You can get help in getting a loan from deAsra. They can guide you through the application, required documentation, feasibility assessment and project report creation.
Your business requires some machinery and equipment to function properly. When choosing a supplier for these, remember to choose a supplier that has a good reputation and offers quality products at reasonable prices. Their maintenance services should also be considered. The fixed assets you purchase are the foundation of your business. They should be as strong as possible.
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Your business can be a sole proprietorship, but it cannot be run by one person. Even the smallest business needs multiple employees. You need to hire people who are passionate about their work and who have specific skills and educational backgrounds. A good group of employees can help your business grow faster.
Simply hiring employees is not enough. You should also conduct a training session so they understand the requirements.
This is the most important aspect of running a business. New businesses need to market themselves carefully. Since you are new to this industry, you need to promote your product widely. Social media has become one of the most effective ways to market a business. Make sure you have a good website. Content marketing and email marketing are also great ways to keep people informed about your business.
Dsara can help you run social media campaigns, build your website, and provide various marketing tools.
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Now you know what you need if you want to start a new business and get profits. Many people think that starting your own business is a risky venture, but the benefits of being self-employed are far greater.
Getting started requires proper planning. But with a little help, you can overcome this list and build a solid business. Desra can be the ideal partner for you. We can help with various aspects of setting up a business, as well as help connect you with mentors who can provide valuable guidance on your journey to starting your own business. So if you want to start a new business, D’Asara is just a call away.
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Best wishes from D’Asra Foundation. DeAsara Foundation has been nurturing entrepreneurship for over 6 years and has shaped the lives of over 1 lakh entrepreneurs. To have a positive impact on entrepreneurship… Once you’ve made the big decision to start your own business, you may get caught up in the excitement of it all and want to get started as soon as possible. But let’s stop there and take a step back, preparation is key and it is important to plan properly from the beginning before heading out.
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