Many people prefer starting their own business over doing a job. They like the independence and control it gives them. I am also considering this route and have done a little research myself. I have to admit that there is a lot of hard work involved in starting a business. So how do you go about building your business when you don’t have a family business to join?
- The first thing to do is decide what kind of business you want to launch—it could be retail, manufacturing, or even a service.
- The next step would be to conduct a feasibility study. Sure, you are excited about your business. But will you be able to sell your products or services in the market you plan to enter? That is what this study will tell you.
- The third step is making your business plan. This document should have all relevant details like your goals, your products/services, the purpose of doing business, and analyses of the market and the competition. It will help you see if there are any flaws in your plan. Most importantly, it will help potential lenders decide whether to advance money to you or not.
- Next would be to think about money. To start any business, you need funds. You need to explore the various options. Today, several government schemes and programs offer loans on easy terms to entrepreneurs. You can also ask friends and family for interest-free loans or look for angel investors.
Now that you have the plan and the funds in place, it’s time to get started. All that’s left to do is register your business and complete legal formalities. Check if you need any licences or permits. If yes, then make efforts towards getting them.
FAQs
1. What business requires no investment?
Service businesses offering expertise in IT, design, content, childcare, pet care, elderly care, consulting, fitness training, etc., require little to no investment.
2. How can you protect your business?
You can protect your business by registering it. You can also apply for insurance policies for income, general liability, business property, etc.
3. What are some schemes offered by banks and the government for entrepreneurs?
There are several schemes available in India for entrepreneurs. These include:
- PM Mudra Yojana
- Credit Guarantee Trust Fund for Micro & Small Enterprises
- Stree Shakti Yojana (for women)
- Stand-Up India Scheme
- Canara Bank, HDFC, SBI, Punjab National Bank, and others offer business loans to startups
4. Why is market research vital before you start your business?
Market research will help you understand the problems your potential buyers have and how you can provide solutions for them. It will give you a fair idea of how much success you may achieve in your business.
5. Can you start a business from home?
Yes, you can. You can purchase products directly from makers and sell them online or become a reseller. You can also sell your own handcrafted products on sites like Etsy or start a home catering business.
