How to START A BUSINESS ?

Starting a business

Starting a business in your life is a very good decision. You will be able to take your life to the next level and be financially independent.

Starting a business will create or give rise to many challenges, and it’s up to you to make it an opportunity or consider it your fate.

I will only explain how to start it theoretically and it’s up to you to make it practical.

Steps in starting a business

1.    You need to first research and select a stream in which you want to start your business. You need to check the customer requirements, possibility of future development, and also level of knowledge and skills required to start. Select a stream you like, otherwise it will be very hard for you to keep pushing yourself each time a problem arises. Choose a stream which is future proof, a stream which will not get closed any time soon in the future.

2.    The next step is to choose the type of business organisation you are going to start. Is it a sole proprietorship, partnership, cooperative or even a joint stock company? There are many factors you need to check while choosing this. Like, if you just need an employee to get started and the capital requirement is less then you can start a sole proprietorship, and you could go on increasing your business.

3.    After you have decided your required type/form of business, the next step is to decide a place to get started. Location of your business effects many things like, profit making capacity of the business, cost of production, transportation, communication, availability of resources etc. But there are many types of businesses which can be started online. You will just need a computer, internet connection and also skills and knowledge.

4.    Next come financing. Every business requires finance. Finance is the life blood of a business. Proper finance planning must be done before, after and every day of any business.

5.    When it comes to business which needs physical places for manufacturing of products, you need to look into places for setting up the manufacturing unit. You need a well planned plan and arrangement to reduce your cost and increase your profit.

6.    If your business needs employees then it’s time for you to start recruiting them. Excellent employees will take your business to the next level or even the heights you never even thought about. So recruiting is a very important and serious task.

7.    Now once you finish all your basic steps, it’s time to launch your business. The process of registration of your business comes under this step.

Conclusion

          Some businesses might have more steps than the above, some might have very less. But before starting please make a proper plan because ‘FAILING TO PLAN, IS PLANNING TO FAIL’. Please excuse me if we missed any steps.

 

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