Before you start your business
May 04, 2023
DD Planet
Business develops first in the mind. Before you start your business, you need to get a few things right.
Here are some quick tips to help you commence your business:
- The first step is to think about what suits you. Never enter a business that doesn’t interest you or if you’re not meant for it. You need to have a passion for what you wish to do.
- Once you have finalised the product, you need to study and analyse the market, competitors, related government policies, legalities involved, tax issues, the cost you would incur and time duration in which you wish to get profitable. Research everything properly and in sufficient detail.
- The third step is to make a business plan. Write whatever comes to your mind and give it a formal shape.
- Do a SWOT (Strength, Weakness, Opportunities, Threat) analysis and formulate the structure of your business.
- Don’t hesitate to seek professional help wherever it’s needed unless it is going out of budget or not within your reach.
- You must have the required capital or a plan in place on how you would raise money.
- Formulate a marketing strategy. List down the prospective customers.
- Finalise your business name and register it. Read the other tips by clicking ‘More Tips’ on this page to know how you can register your business in India.
- If you’re willing to quit your job, take a pause. Think about the backup you have before you take such a step. It is always preferable to start your business first before you leave your job. Start small, start part-time and on weekends, grab some clients and then make such a decision.
- Choose your partners wisely if you do not wish to go solo or are short of the required money.
- Know all the overhead costs in advance.
- Set multiple milestones for your business journey to keep the momentum alive as you move up.
- Be professional in your approach right from the first day.
- Get the right team and follow your marketing strategy to reach your prospective customers.
