Today countless working individuals & professionals, both men and women, DREAM BIG TO START THEIR OWN BUSINESS.
But most of them dread, THE FEAR OF FAILING, owing to either lack of money, time, family support, social obligations or the burden of responsibilities. They finally END UP NEVER BECOMING AN ENTREPRENEUR.
Another lot even though financially stable, give up, NOT KNOWING, WHAT BUSINESS TO START.
And a large lot give up, due to LACK OF KNOWLEDGE on the basic requirements to start a new business.
Here is an opportunity, to peep through the window for basic details which can help all those individuals, who have still not given up on their big dreams to start his/ her own business.
To be very upfront, there is no ideal formula to start a new business and making it successful. What is being shared here are general guidelines, based on experiences of various entrepreneurs who started their business.
- Manage Obstacles: If you really wish to be an entrepreneur, you need to clearly identify the reasons you think you cannot be one, and work towards overcoming all of them.
- Learning Curve: The moment you share your entrepreneurial ambition to the world, you will instantly receive lots of varying inputs, suggestions & criticism – highly positive to highly negative ones – from your family, close friends, work colleagues, seniors, and people known to you who are already entrepreneurs. When they are providing their views, try reading their body language too i.e. Do they like the idea? Request them to be honest with you. The advice from experts and your seasoned entrepreneur contacts should be considered highly since it comes in from their first hand experiences and they know to a large extent what works and what does not. Absorb all of these like a sponge, write them down, make notes and use them as learnings when you take your first step i.e. begin to framework your business idea.
- Identify Right Business: The easiest way to start a new business is to duplicate an existing successful business model or sell any running product / services. But this will only lead you to a world of fierce competition and you end up being part of a rat race. So start your new business with an innovative idea which can bridge a gap in a certain market. It is important to know what issues are being faced by your target customers and how easily you can resolve the same. Having a clear motive to start your new business is the best way forward to help you brand and market your company better.
- Start Small: Ensure you do not go overboard with your business idea, and end up creating an over complicated concept, which in turn will lead to an expensive product/ service, which nobody wants to buy. Weed out all unnecessary options/ features which will mark down your offerings and also cost you money. You should start small with a highly focussed idea which will fulfil the promises to customers and exceed their expectations.
- Cost Factor: Once you develop your business idea, plan out the total costing. You will need to make a master list of all cost items and factor all expenses involved to launch and operate your business. Some of the most basic costs to be considered are company registration, government and legal formalities, taxation, office rent, office interiors, office maintenance, office stationery and supplies, number of employees and their salaries, IT infrastructure, office and data security, marketing and branding activities and more. Most important, do not forget to assign a portion of funds towards unforeseen costs involved in running a business. Next, for sure, take into consideration a personal budget, i.e. expenses of you and your family towards house rent/ property tax, food, gas, fuel, healthcare, insurance, entertainment etc. Quite possible, once the overall costing has been assessed, you might have to opt for a business loan to meet all ends.