STEPS TO START YOUR OWN BUSINESS

Starting your own business is quite a challenge when you have no prior experience. When you are used to a check in your bank by the end of the month trying to start out on your own is a different ball game.  Here are a few steps to face this challenge head on:

1. BUSINESS IDEA

Define your business idea; whether you want live a certain lifestyle or earn lot of money while working part time. Penning your thoughts down, paves the way to clarity and initiates a creative thought process.

2. BUSINESS PLAN

An idea gets a structure when formulated into a plan. A business plan is nothing but a formal statement of business goals, reasons they are attainable, and plans for reaching the said goal. The business plan would explain the business concept. It would include the market analysis, which would gauge the need in the market place. It would identify your target audience, competitors, strength, weaknesses and impact on the market.

3. FINANCE

Any business cannot start operation without funding. According PwC (PricewaterhouseCoopers) India Family Business Survey 2016, firms in India are more likely to use external finance than their global counterparts. Those planning to grow at 10% or more annually will rely on banks as well as different equity and debt financing options. Eighty-nine per cent of Indian respondents said they would explore these options.

PM Narendra Modi, approved the establishment of the “Fund of Funds for Startups” (FFS) by the Small Industries Development Bank of India (SIDBI) in June 2016.Forums like these are a great place to raise funds for your startup.

4. STRUCTURE

This step defines the organizational structure of key personnel in your business. Their hierarchy and how decisions will be made in your core team. It identifies the management structure and defines roles and responsibilities. This rules out chaos and helps to develop an organizational chart.

5. AXES and CASHFLOW

It is imperative to understand your tax obligations for your start-up and have a cash flow management system. Set your tax money aside and forecast your cash flow accordingly. Get help professional help in required. Depending on whether you are a LLC or a sole proprietorship your tax evaluation would change, defining these and being prepared in advance is the best

6. EQUIPMENT INFRASTRUCTURE

Identifying the place where you want to start your office, the equipment and infrastructure requirements depending on your budget and setting up shop.

7. SALES/ MARKETING

Define your sales and marketing strategy. How you plan to market your product or service. Will you use sales representatives, billboard advertising, pamphlet distribution, social media marketing, or all of the above?

8. BRANDING

Finally, branding this is nothing but putting a face on your business. Your company name, logo. How you will interact with your potential customer through social media and telling people your story. Define your customer service strategy and finally your employees who will actually be the voice of your brand. The culture you imbibe and quality of service you provide.