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7 Steps required in starting your own business

Start your own business in this competitive economy is a difficult task but some of the major points that one should consider before starting up are highlighted below.
BY Akshay Arora
Feature Writer, BusinessEx
Jul 03,2017

In India, now starting up your own business is not a difficult task. Running a business might be stressful at first, but a good career choice and lifestyle. For the establishment and smooth functioning of a business, it demands determination and full focus of entrepreneur.

Before starting up a business, entrepreneurs should go through these major steps:-

Administer Personal Goals

An entrepreneur must evaluate his personal goals before starting up a business. For a clear view of future of business, it is necessary that entrepreneur must understand some basic questions like:

  • Why start a business?
  • Which industry is profitable and suitable for your business?
  • What you are passionate about and have skills for it?
  • Where to get capital investment from?
  • What is the product that you have in mind?
  • What is your business plan once you register your business?
  • What are your goals?

These are some questions that are useful to know where do you want to be after a period of time and will help you in taking right decisions. Only having a passion for something is not enough, it requires proper planning and should know your strengths and weakness as well before taking any step further.

Industry analysis needs to be done

Once decided which industry you have to start a business in then, the proper analysis needs to be done to it. While analysing, it is necessary to cover all these aspects.

  • What time is most suitable to invest and who are interested in investing?
  • What is the market size and how much investment is required?
  • Who are the trusted suppliers that business must deal in this industry?
  • Who are the competitors and what they provide to consumers?
  • Which broker and agent are most suitable to consult in an industry?
  • What are the risks and opportunities present in an industry?
  • Market research to know your consumer's needs and wants.
  • Which mentor or incubator is best in an industry that an entrepreneur must go for?

The list is big but these are some prospects that help an entrepreneur to invest in the most suitable place. Business growth depends on good industry analysis.

Legalise your business

In reality, it is the first step when a business actually comes into existence by registering as per stated laws and regulations. There are permits and licences for each state that needs to be satisfied, depending on a type of business. The entrepreneur must have a thought before of what form of business he needs to start by as each has type has its own merits and demerits. Forms of business organisation that an entrepreneur could go for are:-

  • Sole Proprietorship
  • Partnership
  • Private Limited Company
  • Unlimited Liability Company
  • Public Limited Company

Initiate Planning Process

It is necessary to plan if you want to run your business having fewer hindrances in growth. The plan helps in fixing up goals and objectives, proper decision making, proper delegation of authority and responsibility, how to market your product or your business, how to attract investors for investing in your business and get to know who is the target market is the main motive of organisational planning. General types of plans are feasibility plan, operational plan, financial plan, and strategic plan.

Get capital for business

How much capital is required depends on the business size and its ability to capture the market. To gain capital for the firm it's time to carry out the plan, to start attracting investors, take loans from commercial or private banks and many other sources of funds present in the market. Businessex.com is a platform which made it possible for businesses to make networks in the industry with useful investors, mentors, incubators, brokers.

Set Up Shop or Find a Location

It's a difficult task to find a suitable location for the business, major factors influencing in deciding a perfect business location are proximity to customers, the proximity to raw materials, availability of suitable labour supply, adequate infrastructure, etc.

Trial and Error

Like a child first learns to walk, he falls frequently but at the end, there is a success. It's similar when an entrepreneur starts his own business, there will be mistakes but to fear from them is a failure and to learn from mistakes leads to growth. Trial and Error is basically an approach in which you try and make an error but to learn from them and overcome them is the true businessman.

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