How To Start a business 11+ best Business tips to follow.

Man needs to do some work to earn his livelihood. How to start your own business? The question of the same also flashes in the mind of the same youth.

Those who have the desire to start their own business. Well in today’s scenario all the businesses we see around us.

His birth did not happen overnight. That is to say, corporate giants are not born overnight.

For those who are veterans today, someone must have started them from a small level.

Starting your own business requires a good plan, a clear vision, and a fair amount of funds.

Apart from this, its uniqueness, dedication, and excellent service to any business prove to be helpful in making it big and nurturing.

If the entrepreneur provides quality service or product to his customers. Then his customers can stay with him for a long time.

Marketing Branding also proves helpful in maintaining the reputation of a business.

But here the question is not about maintaining business reputation, but whether any interested person can start his own business.

So further in this article, we will know about some such steps. Which an aspiring person may have to take to start his own business.

Start your business like this-

As we have already been told that in today’s time, no matter how big a corporate giant may be.

But at some point, he was also a small businessman, which means any business starts with a small one.

Therefore, any person who wants to start his own business should always start small.

Although a unique and specific idea does not face many difficulties in starting on a small scale. After that, an investor may be required to grow this type of business in a very short time.

1. Select the Idea to Start Your Own Business

If you want to start your own business, then it is natural that you have to first decide which business you want to do.

If you want, you can also choose the business idea for yourself from the official website of MSME.

By the way, if you think of doing such a business, in which not only you are interested. But you also have proper and correct knowledge of that work.

So your chances of success of that business become high. Not only the Central Government but also the State Governments are working tirelessly for the upliftment of the MSME sector.

If your business idea adopted to start your own business is unique and unique. Then it can touch the sky in a very short time.

Because such a business is very much liked by the customers and that is the reason, investors get easily and very quickly for it.

2. Start proper training and experience to do the selected business

By the way, if the business idea is already being selected to start your own business. If it is chosen to keep in mind your qualification, skill, experience, then it is very good.

A person who knows how to sew a wide variety of clothes can think of opening his own tailoring shop without any training required.

But if the same person is thinking of doing some other business instead of starting cloth work. Then he will also need to get his training and experience.

That is to say, whatever business you have chosen to start your own business. If you have proper knowledge and experience about it, then it is fine. Otherwise, you need to take training and then gain experience.

So that you get a chance to know that business closely, and you can decide for yourself whether you will be able to make that business successful or not.

Starting your own business is not as easy as it sounds.

Therefore it is absolutely necessary to have proper knowledge and experience.

3. Start/Prepare a Project Report for Your Business

Before starting your own business, it is very important to prepare its planning and project report.

In this plan, the entrepreneur not only needs to carefully assess the competitiveness of his business.

The product, its demand in the international and domestic market. And the feasibility of taking that project on the ground, etc. Documentation also needs to be prepared.

The interested person can try to find out the reasons for success and failure by assessing the success and failure cases related to that business.

That is to say, with this assessment, a person can save himself from those mistakes, which were made by the people who failed in that business.

The project report should be practical according to the time period, for this, the person interested can take the help of the expert who prepares the project report.

That is because it is such a document, in which all the data related to the business is present. Many banks ask for this document before granting a loan.

The project report mentions all the details of the promoter like name, age, address, educational and professional qualifications and achievements, revenue model, expected cost, etc.

4. Finalize Fund Sources for Starting Your Own Business

Money is needed to start your own business. There are only a few businesses that can be started without money.

Most of them are also started online. Except for some businesses, funds are required to start most of the businesses.

Now that the aspirant has prepared the project report etc. for the purpose of starting his own business. By now he must also have come to know about the total cost of starting his project.

So now the entrepreneur has to decide that, by adopting which sources of funds. He will arrange funds for his business.

Some formal and some informal sources are always available with the entrepreneur to manage the fund.

Formal sources include taking loans from banks, angel investors or venture capitalists, taking loans from cooperative credit societies, etc.

Whereas if the fund is small, the entrepreneur can borrow from informal sources like home borrowing money from a family member.. Borrowing from relatives and friends.

Overall, it depends on the entrepreneur which sources of funds he chooses to start his own business.

If the entrepreneur wants, he can also arrange finance for his business through crowdfunding.

5. Select Your Business Location

Not only in India, but if any person wants to start his own business in the whole world. Then he needs to choose the location for his business. There are many small businesses such as shops, street vendors, etc., whose location plays an important role in their success.

That is to say, finding a place to open a tea shop inside a railway station means that your tea shop will run. The same place will be found for this tea shop in a deserted street, locality, So many papads may have to be rolled to make it run.

This was just an example, good location also plays an important role in the success of all other businesses. Yes, it sure is. Depending on the nature of the business, there may be different good locations for different businesses. So you can find the location according to the nature of that business to start your own business.

6. Complete the Registration and Licensing

For any person who wants to start his own business in India, registering his business and giving it a legal form is one of the most tedious tasks. License and registration may also vary depending on the nature of the business.

But over the years, the central and state governments have been involved in simplifying and digitizing business licensing and registration processes under the Ease of Doing Business program. And the government has succeeded to some extent in this.

Today there are many such licenses and registrations which include food license, import export code, company registration, GST registration etc. Any interested entrepreneur can complete it through online process sitting at home.

7. Get Tax Registered to Start Your Own Business

However, if you start with a proprietorship or even a one-person company in the initial phase. Then you should do GST registration or whatever is the correct tax registration depending on the nature of your business.

As far as GST registration is concerned, it is not necessary until your annual turnover crosses a certain threshold (which is twenty lakhs in some states and ten lakhs in some states).

But despite this, if you want, you can do voluntary GST registration, it can be very useful for you. because nowadays

Most of the eCommerce companies register only those sellers as sellers who have GST registration.

8. Build Your Own Website for your business

In this age of the internet, it is absolutely necessary for any business to have online availability. Whether your business is from the manufacturing sector or service sector, its online availability can benefit you immensely.

India is said to be a country with a youth population, and most of the youth of India are liking shopping online. But even if they want to buy something offline, they still search for it online.

If your business has online availability, it will help you reach your target customers. Apart from this, your existing customers will also be able to check many things through your website.

At present, if you want, you can get a website built by spending only a few thousand rupees. You can also create your own webpage through WordPress, Blogger, etc. However, to create an eCommerce website, a person starting his own business needs to spend more money.

9. Get Your Position in the Market

If you want to make your business a different position in the market, then first of all you have to create the identity of your business. Identity of business means logo and brand name. Hire a professional designer to design your business logo.

Keep the brand name in such a way that people can easily remember it. To protect the brand, you must also do trademark registration etc. The logo and brand name help it to gain a position in the market later on.

10. Escalate financial matters with the bank

A person starting his own business will need to open a separate current account in the name of his business. However, in the initial phase, if the entrepreneur wishes. He can open a current account in his own name as an individual.

But if the name in which the entrepreneur is doing business, if the account in the bank is also in his name. Then it is easy for the customers of the entrepreneur to make payment and settle it. Documents of business registration along with PAN etc. may also be required to open a current account with the bank.

By the way, the entrepreneur starting his own business wants to know about the overdraft facility in the bank in which he is thinking of opening his own current account. Makes the payment on your behalf.

Suppose the entrepreneur issued a cheque, but there was not enough money in his account for which the check was issued, in such a situation. If the entrepreneur’s account has an overdraft facility, then the bank will give money from its tuff, and the entrepreneur’s check bounces. Will be saved.

11. Hire low-paid staff to start your business

Staff is an important link to start and grow your own business. And it is also a fact that every businessman wants to hire trained and qualified staff for his business. But in the early stages of a business is it so it’s easy?

No, hiring trained and experienced staff means spending a huge amount on salary. And is it justified to spend a huge amount on salary when the business has just started and there are not so many sources of income? . Maybe not.

Therefore, in the beginning of the business, try only to get as many qualified, capable people as possible in the least salary.

In the initial phase, keep motivating them in such a way that as the work increases, their salary will also increase.

So that no staff should be such that after learning the work, they go somewhere else. In the initial phase, it is difficult to find trained and experienced people in low salary. Therefore, the entrepreneur can also retain untrained people as loyal staff by hiring untrained people. Teaching them the work, increasing their salary over time.

12. Advertise Your Business

A person starting his own business should always keep one thing in mind that he will definitely get competition in the market. Then how he will be able to run his business successfully in spite of this competition will decide his marketing strategy.

An entrepreneur who has started his own business needs to make every effort to make it successful. If the entrepreneur wants, he can appoint a celebrity or a famous person as a brand ambassador.

Apart from this, to make people aware of their product or service, many types of advertisements such as banners, posters, television, radio, cable TV, Google ads, Facebook ads, search engine optimization, YouTube videos, etc.

Can be resorted to. An entrepreneur who has started his own business has to make an effective marketing plan for his business.

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