Everybody has a dream to own a big business venture and to be their own boss. However, starting own venture is not a cake walk, and especially when you do not possess sufficient financial as well as other resources. The mool mantra behind the success of every business is proper planning and timely execution. The journey of an entrepreneur is full of hurdles; however, these hurdles can be overcome when appropriate steps are taken on this journey. Here we had put little effort to understand the things to be considered while starting your own venture.
The basic things to be considered as to start a business are:
- Evaluate Yourself:
The very first thing one should do is evaluate yourself which include but not limited to financial resources available, area of interest, educational background, networking, etc. This will help you to understand your interest area, your strength, and weakness. Once you know what you are actually up to, you can plan to start your own business accordingly.
The key points to be considered why planning is:
- – To consider the business idea
- – To insert some unique feature so that customers get attracted
- – To do proper market research as per the need of the business
- – To identify the location which you are planning to capture
- – To identify the budget required to start your business
- – To identify the source of fund required
- Availability of Funds:
one of the foremost things to be considered and evaluate is to have clear idea about the source from which you can arrange funds. The source of funds is as follows:
- – Internal Source: Savings, Borrowing/Interest-free loan from friends and Family.
- – External Source: Banks, Financial Institution, Money Lenders, Small Financial Bank, Cooperative Banks etc.
The cheapest source is to arrange funds from your own saving or close relatives. The external source charges interest against the funds provided by them adding an additional cost to arrange funds. However, other forms/ source of funds which may available to the person depend upon the form of business he/ she opt like in case of company fund can be generated/ get from the general public in the nature of shares/ debenture etc.
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Location
: Location plays a very important role in the growth of the business. Therefore, the location should be at such a place which is easily accessible to the stakeholders, be it the supplier or consumers. The easy connectivity boosts the chances to attract the consumer base of the business.
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Name and Registration
: A name of the business is something by which it is known in the market. So this decision needs to be taken very carefully irrespective of the form of business a person opts for. Further after ascertaining the name of the proposed business. A person needs to be decided upon the nature of business structure i.e. Proprietorship, Partnership, Company, LLP, etc. and accordingly require to take necessary registration and licenses to commence the business in order to give heights to its new venture.
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Promotion and Marketing:
Every business needs to be promoted so that mass have an idea about the business and interested people can connect with you. Therefore, a small gathering and party should be organized. Promotion through online and offline market should be initiated to create your brand and make the consumer aware of your brand. - – Online Marketing: Facebook, Twitter, Whatsapp, Pinterest, Instagram, SEO, EMO, Press release, etc.
- – Offline Marketing: Meetings, Pamphlets, Banners, Discounts, Networking club, etc.
This will help you to attract maximum customer database.
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Timely execution and Instant Decision making: In the fast-moving world, survival is the most difficult task. Therefore, the entrepreneur should finalize every choice instantly and execute the decision on time. This will help to grab the maximum opportunities and convert them into success.
The above 6 mantras are a basic requirement to start your business. The only thing is to take the initiative. Once the step is taken, the road towards the journey to success is framed automatically.
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