Start your business in 6 easy steps

Hey! Well I am sure many of you must be unhappy with your current jobs. Some of you may want to have another source of income other than your present job. Many of you  want to work in something where you can work as many hours as you want, take a day off as per your preferences. So all these preferences would be fulfilled when you own your own business. Now here comes the biggest challenge how to start a business. As you all know that starting a business is not a simple task. It requires huge commitment, a lot many hours of time, great deal of resources and of course good health condition. Here I will try to tell you about, How to start a business in 6 easy steps.

how to start a business

How to start a business in 6 easy steps!

1.Get an idea to start a business-

The first and most important thing while planning your business is the idea. You should already have an idea of what kind of business you want to do or which market you want to explore. After deciding do a thorough research on the particular idea regarding the existing companies, what they are doing, how they are doing it. If you feel after all the research that you can offer something which the other companies do not in a bit less money and time then you have got the solid idea. You must immediately go for the same.

2.Find a suitable name for your business-

In whatever market you are going to be venturing you must find a name that suits your business. It is vital for customers to understand the reason behind your idea. For this you need to settle down on that one name which reflects your business’s spirit. Also you need to make sure that your business name should be unique and it shouldn’t already be in use.

3.Write down your business plan-

This will be the foundation of your business. The business plan will basically be the road map for its working, growth and success. It should contain everything starting from how to begin the business, how to run the business, how to grow the business. This is used as a means of convincing investors to make them understand every small information about your business. The business plan should be prepared in such a way that it helps you figure out how to overcome any sort of potential difficulties. it should also show you the path to sustain the difficulties arising.

4.Fund your business-

Starting any business requires capital. So you need to be prepared beforehand on how to cover these costs. Do you have sufficient amount to fund your business? Do you need to borrow money? Suppose you are planning to leave your job, do you have enough money to suffice until you start making profit from your business?  So its very important to make a overview on how much investment and cash flow your business will need for smooth functioning. Many a times business start-ups fails as they run out of money before even making a profit. So at times its better to overestimate the fund needed for your business before it starts generating revenues. Also try not to overspend money on unnecessary things at the beginning of your business. There are various other funding options like business loans, business grants. Some start-ups that require a significant amount of money is backed by an investor who also gains a hands on role in running the business.

5.Build a talented team to support-

Unless you’re planning to launch a business where you will be the sole employee, you are going to need to hire a Good team. A great team can help you in your ideas of running the business successfully. They will play a significant role in turning the business into a huge success. You need to be very attentive while hiring people and make sure they will be a really good asset for your business. Also figuring out how the team will work- defining roles and responsibilities, dividing work is equally important.

6.Get all the legal and tax things done-

The last step after you have worked hard on almost setting up your business is to make your business official. Register your business with your state so that you get legal grounds to move forward efficiently. Next step is to get a tax ID number that will allow you to track all your transactions made. Also you need to open a bank account in the name of your business. Depending on your business if it falls in the food and health sector make sure to  take up the right licenses and permits and you are all set to run your business .

If you want to learn more about Entrepreneurship: CLICK HERE 

Do follow us on INSTAGRAM.


Leave a Comment