These days due to the rise of the internet it makes one very easy to “start a business”.
This is possible because there is a lot of information available that is easily accessible, and this luxury was not available before this.
They say that it is easy to start something but it requires a lot of hard work, dedication and faces many challenges and failures before you succeed in the business.
I agree with that statement.
People try to show only the good side of their life on the internet.
But they do not tend to show the everyday hustle and bustle that they face in their everyday life.
If u see some businessman who posts in the social media about how great their life and their business is it is most likely that they are not sharing their struggles that they go through every day to be successful.
If you want to start a business by seeing such people and want to live the life they live without facing the struggle.
It is better advised that you should think carefully before starting a business that you have no idea about and may be even losing money in the process.
A lot of people want to put the hard work and effort in their life and want to achieve something that’s why they want to start a business.
If you are someone who wants to start a business and see yourself succeed.
We will give you a framework on how you can start a business and what are the tools that are essential to start a business.
Do market research
If you want to start a business and do not have a business idea or you have an idea and do not know how to proceed to do your market research on how the business works, who are the customers, how much revenue can be made, how the day to day operations are managed, how to get funding etc. In the digital age, it has become very easy to do market research using the internet.
You can use tools such as www.surveymonkey.com to do market research.
Create a business plan
When starting a business, you need to have a business plan.
What is a business plan, it is an estimation of how will you make money from the product/services that you offer.
What happens when you plan to go to the jungle without tools and strategies.
It is most likely that you will be scared and clueless on how to even enter the jungle! and you might also end up not doing it.
Even if you go to the jungle you will be eaten by the wild animals. Similarly, in business, it is very important to have a plan.
Plan can be anything from money, people, tools, rules and regulations, patenting etc..
So before you start a business have a framework for your business that shows how well you execute your business and make money from it.
Get the funding
Funding is important to any business, I feel that it is a false belief that you can start a business with no money.
Everything involves a cost.
Even if u start an online business you pay for your internet bills, web hosting and web development fee those are the cost involved in the business!
So If you are starting a business make sure you have your money right.
you can borrow money from friends and family, use your savings money, take loans, get funded by VC and angel investors etc.
Whatever is the case choose the best method that suits your situation. There is no one solution for funding.
Pick your working location
Choose a location where you can operate your business it can be your house, co-working space, office space etc.
Choosing the space can be according to your current financial condition, where your clients are, your convenience and the number of employees you need to operate the business.
Once you see success, the sky is the limit! you can have your skyscraper to operate the business.
Choose your business name
Choosing a strong name is very important for any business.
After ten years of being in business, your business will be known by its name.
You can have your family name, your industry related name, a mixture of two words, or anything that you want because it is your business!
But make sure its relevant and classy because you are here to stay.
Register the business
Once you have all the plans in place you can go on to register your business.
Registering the business will make your business official, offer benefits and can save yourself from a lot of trouble.
A registered business is officially authorised to do business.
If you are not registered it can cause legal issues and your business can be seized.
Get a current account
Having a current account gives benefits to the business such as tax-saving benefits, higher deposit/withdrawal limits and other benefits that savings account doesn’t provide.
So it is advised to have a current account for your business.
Once you are ready with all the planning.
The final and most important step is to keep executing your plans.
Be enthusiastic and optimistic about your new venture regardless of challenges.
All the best.