Starting Your Own Business

All of us want to be successful in our lives. Be it in the corporate world, personal life, and social life and so on. Many of us would also like to start their own business in future. It’s very common these days that after acquiring a substantial amount of capital by working in a company, the person leaves the job and starts his own business. By working in the organization, he’s able to gain enough capital and experience to start his own business. Let’s take a look at what all things you require to start your own business.

• Do you have it what it takes to become a successful entrepreneur?

Not everyone is cut out for the challenge of starting their own business. There are several personality traits that are common among successful entrepreneurs, including discipline, frugality, self-confidence, good communication skills, humility, honesty and integrity, superb record-keeping skills, motivation, good health, optimism and more.

• Creating the Concept

Before you quit your job to become an entrepreneur, you must first think of a concept, product or service that will generate a steady stream of income. This may sound easy, but for most people, this is actually the hardest part. You should conceive a plan that puts your knowledge, experience and expertise to use in the most profitable way possible. Once you settle on an idea, research the marketplace to see how similar businesses have fared. Start with areas you already have a great deal of interest in, and equipment and materials for. This will help cut down startup costs.

• Create a Business Plan

Numerous studies have shown that one of the major reasons new businesses fail is poor planning. If you are planning on starting up a business, you must have a business plan. This will serve as a road map to guide you, and communicate with your bank and/or investors what you’re doing and why they should invest in you. It should include a mission statement, executive summary, product or service offerings, target market, marketing plan, industry and competitive analysis, pro-forma financials, resumes for the company’s principals, your offering, and an appendix with any other pertinent information.

• Find the Right Funding

Most businesses require startup income. Ideally, this investment will help you break even after a year, but keep in mind that even successful businesses can remain in debt for the first few years. Potential sources of funding include a small-business loan from your local bank, tapping into your savings, money from other investments, borrowing from family/friends and, as a last resort, credit cards.

• Plan your Company Budget

Without a budget, a business runs the risk of spending more money than it is taking in, or not spending enough money to grow the business and compete. There are a number of ways you can plan your budget. These include researching industry standards, giving yourself a cushion, reviewing the budget periodically, and shopping around for services and suppliers.

• Get all the help you can find

A number of resources are available to help entrepreneurial hopefuls get off to a start. The Ministry of Small and Medium Enterprises (MSME), Government of India, can also provide free assistance, including accounting and record keeping too.

• Look to the Future

Nearly three out of four businesses are no longer in operation after two years, so you’ll have to find ways to adapt as the business expands and to conquer new challenges. Prepare yourself for the event that growth requires you to move the business out of your home and into an office space. In addition, after the rush of a small-business launch and the initial influx of curious customers, many small businesses reach a plateau. Any business must constantly adapt to changing market conditions, new business tools and new sales opportunities in order to continue to grow and prosper.