STARTING A SMALL BUSINESS
Starting a small business and managing it successfully is not that easy. Before starting a business there are many things you should keep in mind. So, here are a few steps to starting a small business:-
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- Carry out a personal evaluation:- Self-evaluation is a procedure to systematically observe, analyze and value your own professional activities and its results in order to stabilize or improve it. Most importantly you need to plan, set goals, and know yourself (Your strength and weaknesses). Better to do a SWOT analysis on yourself to figure it out.
- Examine your industry:- once you are done with deciding on a business that fits your goals, lifetime and evaluate your idea. now think about who will buy your product or service? who will be your competitors? In this step, You also need to figure out how much money you need to start your business. Always have your targeted audience.
- Estimate your targeted audience / Analysis market:- Market analysis is very important to determine how effective your perspective market really is. Even market research is important and can help your business improve sales figures, customer satisfaction and brand loyalty. Market analysis is one of the most crucial components to help business with all the required information and making a wise business decision. The main advantage of market analysis that it helps a firm to save itself from potential loss.
- Setting up your business:- Registering your business is the very first step towards making it real. Invest your time getting to know the pros and cons of business formation. Go through the legal entities, licenses, and permits. There are few types of business formation includes- Sole proprietorship, Partnership, corporations, limited liability company (LLC).
- Start the planning process:- A business plan is a roadmap to go and reach success. In simplest terms the things you need to do in order to reach your goals. The business plan is primarily to use it to explain your strategy, tactics, and specific activities for execution, including key milestones, deadlines and budget, and cash flow. Actually, the business plan does not have to be a formal document at all if you don’t need to present your plan to outsiders. Instead, your plan can follow or a lean planning process that includes creating a pitch, forecasting your key business number, and regular process checks where you review and revise your plan.
- Register with state and local tax, business license, and permit department:- Have words with your CPA and/or attorney about registering for state and local taxes, a business license, and any applicable business permits. Depending on your industry and location, you will have different requirements.
- Plan for funding and a business account:- Once you are done with a business registered with the state, a tax identification number, and business license, you are good to go to open a business bank account. Depending on the size and aim of your venture, you may need to seek financing from an “angel” investor or from a venture capital firm.
- Prepare for trial and error:- Learn from your mistakes. If you do not make mistakes, you do not learn what to do less of and what to emphasize. Be creative and open-minded, adapt, look for opportunities. Continue to reevaluate your business plan and update it as your business grows.
small business idea at low investment:-
- Travel agency:- The most cost-effective measure to open a home-based travel agency is by tying up with the host agency. By this, you receive the benefit of pace (helping you get your ARC, CLIA, or IATA number faster), convenience (they perform all the back-end functions) and help you earn higher commission and keep your costs low. While the rates differ according to the host agencies, your main initial costs will fall within Rs 10,000.
- Tuition centre:- This one of the most cost-effective business to launch, due to near Zero starting cost requirement. Most of the tuition teachers take classes in their own homes, thus eliminating any expenditure on rent and supplies. The only attempt you need to put in as a tuition teacher is to take to communicate yourself on social media or go the old school way with flyers and ‘word of mouth ‘ recommendation.
- Blogging:- This is possibly the most profitable fields to tap into the digital age. Professional blogging requires only minimal setup cost. The investment it required is only in a domain name and hosting space – initially at least – which in its unlimited capacity cost of roughly Rs 3600. To promote your blog through the right channels, the cost-free and limitless expanse of the internet is all you need.
- YouTube channel:- YouTube is a hub for creative and talented individuals looking for great returns with little monetary investment. YouTube allows users to create an independent channel and upload your videos for free. Actually, it even Pays some YouTube Whose channels are popular. It is an open platform to create contents.
- Online courses:- Starting an online course is very cost-effective. You only need to develop your online course for students interested in learning a subject is a profitable feat. You can also join unacademy, byju or any other website.
- Online fitness instructors:- In today’s time, almost half of the population is looking to get fit. While not everyone has the time or inclination to visit the gym or join any fitness classes, the idea of a fitness instructor visiting their homes in helping them get in shape is definitely more appealing to them. You can promote yourself through social media, considering that they do not have to rent a studio space for equipment.
- Freelancing:- Freelancing is one of the easiest ways to earn money. You can find your clients and start working for them online.
Small business ideas from home :-
- Homemade candles:- Candles are always in demand, which makes this an extremely popular business option. The candle making business can be started from home with a low investment of approximately Rs 20,000 – Rs 30,000.
- Pickles:- Pickles are a food item that is extremely popular in India. You can easily find it at least one variant of the patent in every Indian household. This business can be started are your home with the small capital of approximately Rs – 20,000 – Rs 25,000.
- Incense sticks:- Incense sticks are used in most of the Indian household and their popularity and demand pick up during the festival season. The first step of small scale manufacturing of agarbatti involves buying bamboo stick and essential oils with fragrance such as sandalwood, Jasmine, Rose, Champa, etc. Automatic and semi-automatic aagarbatti making machine, costing up to 50000, can be used for bulk production.
- Homemade chocolate:- Crafting fine chocolate is a true art that takes mastery of candy making to the next level. Develop treats that your customers will go out of their way to purchase at a small shop or seek out for online delivery. You will be involved in packaging and marketing your sweets, and possibly running your neighbourhood candy store along with the candy kitchen.
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