Starting a business involves planning, making key financial decisions and completing a series of legal activities as well. So, let’s have a look at the steps involved in starting a firm.
Steps required
STEP1: DO A MARKET RESEARCH
Only by conducting market research will your idea become a profitable business. Market research allows you to obtain knowledge about potential customers, their tastes, and their behaviours, which you can then use to your advantage.
Market research will reveal which market you should enter, as well as what other businesses are already offering and what more you can provide to your target audience. This necessitates extensive research. Even when starting a small business, market research is required. It gives you a starting point; a framework for your concept.
“Ideas are pointless unless they are executed flawlessly.”
Market research will also assist you in gaining a better understanding of your market’s opportunities and constraints.
STEP2: MAKE A BUSINESS PLAN
After conducting extensive market research, the next stage is to construct a business plan, which will serve as the framework for your company. What should the business’s name be, how will you operate it, what will be the structure, and how will you be able to build your new firm are all topics covered in the business plan.
Things like where you’re going to receive the finances you’ll need to keep your firm afloat in the long run. The most crucial thing to know about the regulations that apply to your industry is that you know what they are. You can utilize a SWOT analysis to help you write your company plan.
STEP3: FUNDS AND PARTNERS
Funds and partners are required to make your business idea a reality; without them, you will be unable to progress. Your business plan will provide you with an estimate of how much money you’ll need to start your company. If you don’t have the money on hand, you’ll have to borrow it or raise it.
Many startups fail due to a lack of capital. And the best approach to get funding for your business is determined by a number of factors, including creditworthiness, the amount required, and the options available. Business loans, crowd finance, investors, and a variety of other options are all possibilities.
You must look for persons that share your goals and interests when looking for partners. Who else would be as enthusiastic as you about starting a business similar to yours? “Teamwork makes the dream effort!” after all.
STEP4: CHOOSE YOUR PRODUCT OR SERVICE
After you’ve figured out your finances, decide what kind of product or service you’d like to provide your customers. Developing your own product to offer can help you stand out in the market, whether you’re manufacturing products by hand or acquiring an original product from a factory. Calculate your pricing while keeping your entire cost in mind.
STEP5: DEFINE YOUR LEGAL BUSINESS STRUCTURE
The legal structure you choose will directly impact your business. So before registering your company you need to decide what kind of entity it is. Whether it will be a sole proprietorship where you will be handling the business entirely by yourself and if in case things go wrong how badly it will be affecting you.
Or whether it will be a business partnership, how many people will be the business owners and again you have to determine your personal liability. No matter whether it’s a partnership or a corporation or a limited liability company, ultimately have you decide the type according to your business goals.
After deciding you need to register your business accordingly.
STEP6: LOCATION MATTERS
Your business location is the most crucial decision you will make, and it will have a significant impact on you. Choose your location based on the type of business you’re starting.
STEP7: LAUNCHING AND ADVERTISING
The final step is to put your company on the market. Concentrate on your marketing plan. For example, you could provide some discounts to entice clients without affecting your profit margin. You’ll need to use a variety of techniques to promote your company as well. The most popular and even successful platform for this is social media.
Startup ideas
Start-ups are an excellent concept because our country is known for its youth power. Due to a variety of variables, including government stimulus, international commerce, and a strong emerging and evolving economy, Indian businesses are continually seeking expansion in a wide range of fields.
BLOGGING
The internet has opened up a slew of new business prospects, one of which is blogging. Blogging, which was once only utilized for entertainment and information, has recently emerged as a viable business opportunity. If you have a solid command of your writing style and reading abilities, you can easily employ your abilities to earn a decent living.
PRIVATE TUTORING
Schools alone are unable to support a child’s overall development, hence private tutoring is in high demand. Private tutoring assists students in achieving academic success. If you’re an expert in a certain subject or talent, you can use your expertise to start a profitable business teaching individual lessons in that area. If you’re interested in designing aids, mobile applications could be an excellent place to start.
You’ll need subject-matter expertise and the option to outsource or undertake the technical development yourself. Apps that focus on general knowledge, mathematics, and overall development are in great demand and can help you build a profitable business. The greatest example is UNACADEMY!
BAKING
Bakery products are also in high demand, so if you enjoy cooking, you may start your own company. You might also go for it because there is a growing demand for south- Korean dishes these days. It will be able to sustain itself because there is a growing interest in Korean food in India, and because they are not readily available, who knows if your business will succeed.
RENTING
Due to the tremendous expansion of youths who are advancing to positions of technology and leadership, there are several business opportunities available in a variety of areas. With the growth of technology and innovation, you may simply establish a small scale business with minimal expenditure. It’s only that you’ll need some unique talents to complete certain tasks. Some businesses can be run from home, while others may require you to lease or rent space. There is also a current trend in the apparel industry where you may rent or sell clothes for a much lesser price, and people who are fashion enthusiasts will be drawn to your business.
A NOTE FROM THE WRITER
As everyone knows, youth is the backbone of our country, and every person, regardless of their age, makes an equal contribution to our economy. There are so many examples that are set by different people regardless of their age.
Who would have guessed that a 17-year-old student and college dropout would become the proprietor of OYO hotels and homes? Yes, you are correct. I’m referring to Ritesh Agarwal. His journey is well-known to everybody who desires to be a businessperson. Ola, Shaadi.com, Facebook, and a slew of other websites have similar backstories!
Have you ever heard of- MBA CHAI WALA, UPGRADE, MEESHO, boat, SKYROOT AEROSPACE, URBAN COMPANY? Yes, you are right, they all are startups and they have successfully established themselves in the market.
Youths often underestimate themselves and are scared to take a step forward. Well, when the Prime Minister of our nation is assuring you why you’re scared?
If you use Instagram, you’ve probably seen people promoting their small companies, and some of them are making pretty wonderful things like key chains, pendants, and even bookmarks.
Where you may change a rose given by your partner, the ashes of a beloved animal, or even a chocolate bar into key chains, pendants, earrings, and more! Who’d have guessed that we could wear it on a daily basis to remind ourselves of the priceless moments we’ve had with others at some point in the past? Many of these small videos – reels! – I had seen before.
Fascinating! After watching all of these reels, I realized that no matter how large or small your concept is, if you give it a chance, it will evolve into something truly amazing! So, why do you still believe you can’t do it when our own Prime Minister is pushing start-ups? There are a plethora of government-sponsored programmes. For example, our prime minister is taking steps to assist start-ups in every field conceivable, such as the Venture Capital Scheme, Stand Up India, and High Risk-High Reward Research.
“You can’t ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new.”Steve Jobs, co-founder, chairman, and CEO of Apple
