Why do you need your own business? Well…having your own way of generating income will enable you to be your own boss. You can work when you want, nobody screams at you when you miss a deadline, and you get to keep all the goodies.
Starting a small business is not as daunting as it seems. Yes, the strings need to be straightened out at first, but if you look at things practically, it is not that big a deal. Nobody expects you to build a business empire in a day. So relax and enjoy the hour.
If you are looking to start your own business and want a heads up, here are some handy tips.
The first part of a successful business is a unique idea, a little out of the box, hopefully not crazy. If you are really into it, grab on to one compelling reason your idea may flourish upon, and take the jump. Ships never sailed oceans tied in the harbour. Neither should you.
Get a good, detailed business plan ready, IN PAPER. Include details like what exactly you wish to deal with, what profit margin you are looking at, and where you see yourself honestly in two years or so. Get up in the morning, give it a good read. If it still sounds a good plan after a week of reading, it probably is.
It is not recommended that you take out a loan or mortgage to start your business. It is best to try out the idea in a small scale before you indulge in it head over heels. Try some money from friends, family or maybe invest some from hour savings. Even if it tanks, you won’t lose everything…
This is probably the most important aspect of the business. Know the market well. Check out if you have any competitors. Try to find out his sources, his secrets, his rates. Especially in India, the market is EXTREMELY price sensitive.
Most people still prefer a fish scented fry that costs INR 10 than a fry with actual fish that costs INR 20. Gladly, the scene is changing, but nevertheless, it is best to keep this in mind. Try to be cheaper than competition, offer same or better service, or give free goodies!
Survival of the Fittest
It is imperative that you always learn from your deals. Business always follows the Darwinian theory, it’s better you adapt fast, learn how to handle the hoard, or soon you will be out of business like a postmaster in the E-mail age.
Have a good web presence, give priority to customer feedback, and always take negative feedbacks into account to improve customer experience.
The last but the most important tip, is to be a smart worker. Hard work will take you places, nobody can deny that. But even a donkey can work hard. Use your wits, think logically. Put a lot of effort in the right places, at the right time. Channel that hard work properly, and soon, you will be the one everyone will look up to.