How to Start a Startup / Small business
Starting a Business
This guide is dedicated for those beginners who want to become entrepreneurs. Before you learn the steps for becoming an entrepreneur, you first need to understand who is an entrepreneur. The person who identifies a need, takes risks, is creative, innovative and ultimately produces solutions to address the chosen need is called an entrepreneur. All of us want to become entrepreneurs but few are able to achieve this feat. So what are the steps required to become an entrepreneur or how to start a startup? Everything is explained as follows:
How to Start a Startup / Business Idea
1. Finding an idea: Every business starts from idea. A good idea is one that will make a difference and can actually be done. Listening and learning provide the basis to generate good business ideas. Keenly observing the situations which matter to you and to the people in those situations will help you to come up with great business ideas.
2. Evaluating your idea: Once you come up with an idea, it is time to screen it. Screening means to check its chances of success or failure. Analyse the idea for strengths, weaknesses, opportunities and threats(SWOT). When you are done with SWOT, consider the market environment, resources required and the possibility of future success.
3. Capturing business idea: In this step, you will have to address what are your customers buying?, who is going to buy your product?, how many potential customers are in your target market? who are your competitors? In the next 3, 6, 12 months, what are the milestones to accomplish? what will your business look like after 1, 2 years? what is the cost to make your product or deliver service? How much will you charge to earn a reasonable profit?
4. Writing a Business Plan: A business plan is an essential tool for all entrepreneurs. It provides a blueprint and manual on translating your idea into a profitable product or service. It also serves as a powerful diagnostic tool in case things go wrong. Your business plan should attract investors in order to secure finance for your startup.
5. Finding a Team: Once you complete your business plan, develop a team with right skills and competencies in order to implement your idea. Clarify your vision and proposed product or service to them. Discuss roles and responsibilities to each employee in the team. Offer them contracts in which you need to include employment period, salary, working hours, leave etc.
6. Registering your Business: Choose a name for your company or firm and choose a form of organisational structure such as sole proprietorship, partnership, LLP, private limited company, co-operative etc. Now create a corporate identity such as logo, business cards, letter head, baseline etc. You will also have to consider legal aspects such as tax, copyrights, trademarks, patents etc.
7. Choosing a Location: The place where it will be located and operated on is called as business location. It should be suitable for your business type, accessible to customers, meets your layout requirements, connected to transport network, availability of basic amenities, parking space, meets government regulations etc.
8. Accessing to Finance: Estimate the total amount of capital required for renting, salaries, machinery, tools, building, utilities etc. Once you have determined the budget, identify source of finance. Whether to secure funds from banks or angel investors or to utilize your own personal savings. Read how to finance your business to understand which method of obtaining funds is better for a startup business.
For more information on Startup / Company registration in India and approval of company name and trademark registration send query to us visit this link Company Incorporation in India.