In the world outside the Government or the related world, there are only two choices:- Become an employee of a private enterprise and work hard to climb up the ladder. As you progress in your career, you will add money and power. To establish a business you need to start an enterprise, either alone or in partnership with others.
An enterprise means, investing your money to build the business. Even you can look for alternate sources of investments, such as funds from the investors, or approaching the idea of crowdfunding. If you have an India based startup, then there are many fundraising sites that provide the facility of crowdfunding for startups in India and make the work easier for the entrepreneurs.
What Is A Business?
Business is a term that makes people autonomous and helps people to earn a passive source of income. Here the person is not supposed to work under any owner, but he himself will be the owner. The fascinating it sounds, the more risk and hard work it needs if we want to see long term goals with the business. Business can include many categories. It can include, self-employed businesses, small-scale businesses, manufacturing-based businesses, agro-based businesses, service-based businesses, large-scale businesses, and many such categories can be made in terms of raw material, employees, the scale of business and etc. Some of the businesses are listed below in which people try to establish a business of their own.
- Doctors/Lawyers/CA/CS/Architect practice. Or Lab services Or Management consulting or common services like saloons, repair shops, or similar.
- Manufacturing and selling of products
- Only contract manufacturing
- Only trading with no manufacturing
- Working as commission agent etc
- in short, you need to generate revenue to survive and progress.
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Most Required Things Before Starting A Business
- Test your talent, skills, and knowledge before starting a business
- Everyone can not do every business. For certain businesses, specific talent, skill, and knowledge are required. For example: If you wish to start a fast food hotel, you need to have the following: NOT YOUR LOVE FOR FOOD ALONE! Cook items in an economical and tasty way.
- Ability to hire the right kind of cooks
- Fast food being highly labor-intensive, you must get employees- waiters at an economical way from certain places. For your info, a major percentage of workers in hotels in Kerala or Bangalore come from another remote place in India.
- If you are planning to start an electronics repair shop, you must know the essentials of repair yourself or you may have to fold up soon.
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What is that unique idea you have? Have you tested it?
Is your idea workable and profitable in the area that you have chosen? The utmost thing before establishing a business, along with proper skill and talent in any specific field, is a business plan. Your idea must be unique and must be both, profit-oriented as well as customer-oriented. Your goods and services must be unique, that the market has never offered its customers before.
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What about funding your business?
Before you establish a business you need to decide and determine whether your idea is capital intensive or non-capital intensive? There are businesses that you can start with as low as Rs 100,000 whereas, others may require Rs 20,00,000.
If you waiting for the bank to fund it or some Govt dept to fund it, it may not take off at all! Have the least belief in the advertisements. There are many fundraising websites in India that help the startup and small scale businesses to arrange funds in several ways.
These sites help the startups to approach the potential-filled and willing investors and also provides crowdfunding for startups in India. Apart from funds, they offer multiple facilities like approaching startup incubators, startup accelerators, top investors, arranging crowdsourcing facilities under one roof.
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Be ready to survive in your gestation period of the business
Most of the businesses may take more than 3 years to “break-even”. This period and the term mean the same. It is the period when you let your business flourish and come into the limelight of the market and the customers. In this period you can expect no profit, no loss. You need to be ready for this period and have to show the utmost amount of patience and dedication to survive this period.
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Other aspects that must be mandatorily be considered are-
- Hiring the right type of manpower
- Hiring the right kind of premises
- Marketing and Finance control
- Trademark and Licensing
- Making a winning business plan and so on.
Bottom Line
Establishing a business is itself a very big task, but once this phase is been cleared by the entrepreneur, then it becomes way easier to tackle the consequences linked with it. If the above-mentioned tried and tested ways are implemented properly then there are no chances that your business can face a downfall or a phase of recession ever.
