If you want to become a self-made entrepreneur and wanted to start your own business, but there is still a doubt in your mind, that how to start a business?
The word business is easy to pronounce but it is very hard to implicate and execute it in a practical way.
There are multiple hurdles you might have to face, before and after starting your business, until you reach no profit no loss.
Doing business is a dream of many people, in fact, it is a big craze in youngsters to start their own business or start-up.
Generally, people think doing business will make them an overnight millionaire, yes, it is true, but to reach that level you have work so hard.
There are multiple queries spinning inside a person’s mind that before starting a business, from where to start a business, what all investment will be required, place of business, whether we will get the customer or not, and many more queries.
You must be smart enough before executing and implementing any business.
We have done research about how a beginner can start a business without much trouble.
So, read below to get deep knowledge about things to do before and after starting a business.
13 Best Tips About How to Start A Business:
- Product or Service
- Legal Guidelines
- Name of Business
- Proprietor or Company Registration
- Customer satisfaction
- Work More than Job Hours.
- Stock Management
- New Ideas to Grow
Product or Service
The first and foremost thing before starting any business, a person has to always remember that he will be doing business related to the Product industry, or the business related to the service industry, or the business related to both product and service.
First, do the proper research on which industry suits you in which you can give your best because choosing the wrong industry will create trouble in your business.
If you have experience in any field, you can choose that field and can start your own business.
For example, there was a guy named Max, he was the salesperson in one of the mobile shops from the last 5 years, his job was to sell mobile phones and other accessories whenever a customer enters his shop.
One day he decided to quit his job and started his own business of the sweet shop, and within a year he had to face a huge loss and his business got shuttered down.
The reason behind his failure was, he opted that business in which he didn’t have any experience, if he would have opted for the mobile phone business, he might be tasting the taste of huge success, because he was having huge experience in that field.
So, try to choose that field only in which you have experience or your interest.
Also Read : What is Marketing?
The next thing you must research and study is the competition level of that business, which you are going to start. If the competition level is too high, think thrice before you start.
In the higher competition business, it is very hard to stand and earn, and difficult to grab and gain the customer’s trust, so, I would strongly suggest not to opt or step towards such businesses.
Try to find medium or low competition niche or business in which you can easily stand in the market and can create a good customer base.
For example, John started a business of jewelry without any market research. He started doing his business in that marketplace where there is already a huge competition. He was facing a lot of trouble in grabbing the customer, and with a loss he had to quit his business.
Investments play a major role in any business. Try to figure out how much investment will be required in starting your business.
Do you have enough savings to start your business, or you would require some loans?
Do the complete A to Z research on investment.
Some are fixed investment and some monthly recurring investment.
Fixed investment includes
- Place Owned
Recurring Investment includes
- Machine maintenance
- Salary to employees (if any)
- Rent (if property not owned)
- Miscellaneous expenses
Do the proper calculation of all this thing before starting your business.
Also Read: 10 Best Sites To Apply For A Job
Legal Guidelines are very important to follow before starting any business. Every business has its own legal certificates and guidelines which you should opt strictly.
You should know what all licenses will be required before or after the business.
All the tax guidelines should be clear in your mind.
If you are in doubt you can consult it with your CA or any Legal person, you will get a deep idea from them.
Running your business with proper rules, licenses, certificates, and guidelines will make you a tension-free business person from legal formalities.
Always choose the right marketplace before you start your business. Choosing the right marketplace will give good quality and quantity of customers.
Research for the best marketplace and try to start your business in that marketplace only.
Also, check the demand for your product in that marketplace. If the demand is high start your business operation immediately if the demand is low search for some other place of business.
Name of Business
This is very important to select a very catchy and professional business name. Make sure your business name should not be very long. It should be simple and small. You can take the help of google to find a unique business name.
Proprietor or Company registration.
Before starting a business check whether proprietor or company registration is required at the initial stage o not. If it is required than consult it with your CA or any concerned person and get done with this formality.
Many businesses require this thing to be done on an initial phase of business, so check it if your business requires this registration or not.
Always make sure, customer satisfaction is the goal of any business. A happy customer can increase your customer base and the unsatisfied customer can decrease your customer base.
Try to be always polite and gentle with your customer because they are the ultimate person who will be giving you money when they buy any product from you.
The cruel and rude behavior of businessman will not let him stand in a market for a long time.
Always welcome your customer with a smile on your face, so even if purchased nothing but you have created and made a good customer relation.
Patience in Businessman
A businessman should always have a high amount of patience in him. Always be dedicated and hardworking.
Sometimes, loss in a business leads to depression, so do not lose hope, work hard, and hard and one day you will again taste the success.
Even if a customer is irritating or annoying, do not lose your patience, try to handle it in a cool and calm way.
Work More Than Job Hours
If your dream is also to become an overnight successful entrepreneur, then try to work as hard as you can.
Do not work less than hours i.e., 8 hours a day, but try to work 15-17 hrs a day till you did not feel the smell of success.
You can even read the success stories of many successful entrepreneurs, how they started their journey, what all struggles they had to face and at what age they became highly successful etc.
Be highly motivated while working.
If you are a highly dedicated person in terms of running your business, even 15-17 hrs will be short for you.
Some crazy entrepreneurs enjoy working for a whole day.
Always remember your stock should be always ready, if at the end moment if a customer requires any particular product, and if you do not have that product in your stock, you might lose that customer.
It will ultimately affect your business.
So, try to be updated with all your stocks, make a proper list of all your products. If your stock is less then try to fill it on an immediate basis.
A business always grows with a perfect teamwork.
If you have a team then try to split your business work. Suppose you have a team of four people, then split your business work in the following way
Person 1 – Sales & Marketing
Person 2 – Finance
Person 3 – Operations
Person 4 – Field Work
Try to split work as per an individual’s experience. Splitting your work will help each person to know his job role, and he should totally dedicate to that field only.
If all the four guys are working in the same field as sales and marketing, it will create a huge blunder, and ultimately it will affect your business.
New Ideas to Grow
You should not run your business in one way, try to grow it in different ways. Build up new ideas about how to grow your business to the next level.
Do some market research, what all activities you can opt-in growing your business.
Try to run some online campaigns, social media marketing, offline activities, discount offerings, etc.
Try to do such activities on a weekly or monthly basis, which will help you create good brand awareness.
I hope the above article has helped you a lot in how to start a business, and what all hurdles you might have to face before or after starting your business.
Try to executive all the above things in your business.
Work hard and try to achieve a huge success.
Always stay motivated and read success stories.
Thank you for reading
Share it with your friends, family who are looking to start their own business.
Keep Smiling 😊