Checklist For Young Entrepreneurs: How To Start Your Own Business

by CXOtoday News Desk    Jan 31, 2017

business

There has been an upsurge in the start-up ecosystem in India in recent years. The accelerating trend toward innovation and entrepreneurship in various sectors are clear indicators that the journey has begun. Today, many aspiring youngsters from IT and telecom, finance, e-commerce and management are looking at entrepreneurship as a career option. However, building a business is not any single day’s job. It requires dedication, perseverance, passion and a lot of hard work over a sustained period of time. Without the right guidance and motivation, you are bound to fail. And this can happens to any business, however great your business idea.

Whether you’re starting an online store or a brick-and-mortar business, the procedures to follow are almost the same. As long as you have your path planned, you have the chance to make it big with your business. Here are some steps formulated specially for you—follow these pointers to start your own business:

●       Formulate a unique business idea: Everything starts with an idea, and the same goes for businesses. Pick a sector you’re interested in or a field you are knowledgeable about and identify the real business problems that need to be solved in that industry.

●       Build a business plan: Identify the purpose of your business, your consumers and your end goals. Accordingly, build a plan to help you figure out where your business will be headed over the next year or so, how much money you are likely to make (or spend), people you are likely to hire, and moves you are likely to take.

●       Finances: Every business will need to be financed. Businesses have to be managed very carefully to ensure that they are not bleeding precious financial resources away. You will be battling costs from the first day and it is prudent to figure out how you are going to cover these costs- either by raising investment or achieving greater sales figures.

●       Determine your legal business structure: Whether your new  business is a sole proprietorship, a partnership or even a corporation, you need to decide about what kind of an entity your business will be before registering it. Different businesses have different legal structures to facilitate a variety of ownership and management structures.

●       Registration: To become an officially recognized business, you need to ensure that it is registered with the government. Does your state have any local registration that needs to be covered?

●       Choose your technology: Every business these days needs a strong technology foundation to operate on. If you want to start your own business online, you could opt for e-commerce platforms like Shopify or BigCommerce—and just start doing business online with the least technology investments from your end.

●       Insurance policy: You might think that you can get back to this later, but purchasing an insurance policy for your company is something you should do even before you establish your business. Property damage or theft might later boil down to a costly affair. Ensure you  always have an insurance to keep your business protected.

●       Build a website or an online platform: If you’re planning on setting up an online business, you will need to get yourself a website where you can showcase your products and services. There are several e-commerce templates available for you to choose from to build a website for your online business.

●       Third party vendors: Running a business on your own will be difficult. Working with  third party vendors, or partners, will help you in running your business better. These companies will have vital information related to the market flowing from you, so you need to be careful and find vendors you can trust.

●       Hire employees: Unless you want to remain the only employee in your company, you should hire employees to help build out the business. Build your team to get people to work for you to get your business off the ground.

●       Advertise: Unless people know about your business, even if you have a great idea, it won’t flourish. Spread the idea, build a network and let people know about your business even before it starts. People take notice and will refer business your way when you finally do set up shop.

●       Grow: Collaborate with established brands in the industry to achieve growth. Work hard to keep growing in order to make a profit.

Remember, Rome wasn’t built in a day, and neither can your business. You will need to work hard for it but if you do it right, you are sure to recover your investments and strike a healthy profit. Good luck!