Starting Your Own Business
Small ideas can change the world. If you have a business idea and want to explore it, take up the challenge and change your world too. Your idea might as well generate a steady income for you. Building a small-scale business enterprise is something all of us have dreamt about. However, not many of us take up the plunge to starting a business. Mostly out of the fear of a breakdown failure. But if you structurize your idea and execute it properly, nothing can stop you from achieving blooming success.
Build a Structure for Your Idea
Any idea should be given a form; a structure. Take out your notes and put on your best thinking hat. Whip out your pen and start writing down your thoughts, and watch how your idea takes shape. This would be your foundation to your own business plan.
Also, question yourself like what problem my idea going to solve, why should I do this, what value I am going to add with this idea, am I having the skill to execute the idea etc.
Writing a Business Plan is Extremely Important
Although the idea might be clear in your head, it becomes clearer, more viable if jotted down on a paper. Whether it is a food joint or a home-based playschool, every own business needs a proper strategy. For business plans, strategies like financial planning, advertising and management planning, growth and development, customers’ preference etc should be kept in mind. For more details, please look at our article “How to write a business plan”. Your idea will bloom only if it is backed by a proper strategy. Your business plan also helps get capital from investors.
Manage Your Finances
Whether it is self-financed or financed through loans from bank and family/friends, it is extremely important to distribute money as per requirement in different sectors of your own business. Mostly it takes some time and patience for a business to shoot up. Therefore, bear in mind that all the expenditures, running costs and losses would have to be borne by you. So save in enough bucks to keep you floating in this start-up time zone. This strategy would not only prepare you for future dilemmas but will also make you strive for the best in a limited budget.
The best way is to have a current account where you transfer all your investment money and spend money from there. This will ensure clean accounts and your accountant and CA would have little difficulty in sorting your finances later on.
Also, with a current bank account, you can get an overdraft facility during a crunch period.
Legal help is always required in anything you do today. Whether it be buying a house, or starting a new business. There are few things which you should keep in mind, like deciding the company type. You can either be Private Limited or own a Sole Proprietorship or join in friends to become a partnership firm. Once you have decided the type, you should seek out genuine legal help who will provide you with legal aid so that you don’t run into any trouble. Usually, the registration part is the challenging aspect of an enterprise. Other legalities which have to be kept in mind are registration of your logo, possession or rent leases of the premises, other licenses if required etc. These legal documents would ensure that no hurdles will unreasonably interrupt your own business.
Find the Right Team
Every own business has different areas of work, and it is a good idea to appoint someone who has the best knowledge regarding that specific area. Also, since one cannot run an own business alone, it is always a good idea if people working with you are experienced enough to put their suggestions on the table. With so many brains working together, any problem can be solved in a much better way and with more ease. Also, since it is a small scale business, it becomes indispensable to work with those who agree to your ideas and have somewhat similar goals for their career.
If you are diligent in setting up your business and have a “never say die” attitude, you will undoubtedly sail smooth.
Before leaving your job, try to put your idea in ink and getting hold of a few people to work along. This will save you from stress regarding the execution of your plan and also from an indefinite search for the right people.
Ourbusinessladder gives 360-degree entrepreneurship support to prevent startups and existing businesses from potential pitfall and enable exponential business growth.