start your own business, you can get inspired by a lot of things maybe you are passionate about something and it’s your dream since your childhood maybe you don’t want to work under someone and wish to be your own boss reason could be anything.
The first step to start your business or start up is that you must know what exactly do you wish to do.
What’s your idea?
Many people thinks that I need to think of an idea which no one has ever thought of but it’s a wrong thinking.
There are two reasons for this, first is that there’s a very less chances of thinking of such idea which no one has ever thought about. because there are more than a billion people in the country hence there’s a very less chance of it. And the second and more important reason why you shouldn’t do this is that to start a business where there is no customer base established, no source of revenue and no one has done trial and error no experiment that to do this business, such kind of revenue comes or problems arises, then it’s a very new thing and a very risky work.
So, you do not think of an idea which no one has ever thought of infect you have to think that what do you yourself like to do. focus on two things first, what’s your passion, your interest what do you like to do. How can you give value to people from your work and how can you benefit people and give value that they will give you money in return?
Create a business plan
Suppose if you are staring your business from tomorrow, then prepare the budget report of full one year from tomorrow to the year end that how much money will you need to start the business, how much capital and investment will be required? And in the whole year how much will be the expenses and what will be the profit that you will gain? and where will you get the required capital and money that you will need? Will you borrow from your friends, ask your family or take a loan from the bank?
Start a business where you don’t need to take a loan from the bank or any third person start a business where your family is able to afford the initial investment what are the other sources? You can borrow the money from anywhere friends but the business plan that you have made for the year should be as detailed as possible so that the investors will get convinced that this business will surely work and if we invest in this then the possibility to incur any loss reduce and will gain only profit from the business.
Register your business with the Government
According to the type of your business there are different ways to register it these different ways are called as business entities. The General ways to register are,
The easiest way to register your business is, “sole proprietorship”
Proprietorship is a way to register your business where the business’ owner is you whatever will be the profit or loss of the business will be your own profit or loss. So, in a way you are personally liable for everything that’s happening with the business. Small business owners like a shopkeeper use this way and register their shop as sole proprietor.
You can apply for proprietorship only if your company is a small scale and not more than 4 people are employed because it becomes very risky if it’s on a large scale. Imagine your company is of crores and you have incurred a loss in crores then it will be your own loss of crores. You would not want this hence in this case you should not do proprietorship.
If you want to keep your profit and loss different from the profit and loss of the company and want to keep separate legal entities, in such case there are different ways to register so there’s another way called OPC, one person company here you are not personally liable if there’s something happening to the company. So here they can’t come to your house and ask you to leave your house, car to repay against the failure of your company.
To register your company is Private Limited company
Here a minimum of 2 shareholders and 2 directors are required so as the name is private limited it is limited in the same way as one person company is limited. There’s limited liability here, so the shareholders have limited liability so if there’s a loss in the company then the shareholders won’t have to pay for the loss personally. It’s a very reputable and credible way to register your business.
If you do so then the trust of customers and clients on your company and the trust of banks increases manifolds if your company has private limited. Many starts up registers their company as private limited or tries to do so as it’s easier to get loans from the banks and also, the seeds funding, the investors investing in the company becomes easy.
To register your company and that is limited liability partnership
This is useful when you are a professional in a field like doctors, engineers or chartered accountant and this is useful when you are forming a company for a limited time and you are going to dissolve it afterwards. For example, you are a builder and you started a company to construct a building where you have employed the workers, engineers, architects but after the building is constructed you don’t need that company and so you dissolve that company.
Give value to the customer, client or to the people or society
All the businesses give value and if you are going to focus on the value then your business will run well. and value can be given only when you enjoy working. So only do such business where your interest lies and you enjoy working.
To gain the trust and love of your customers, you should create strong ties between your brand and your target audience. It may be possible if the former not only provides quality services and functional goods but something more ethics, the felling of confidence and reliability, and of course, positive emotions that make communication with your brand enjoyable and worthwhile.
