Are you looking for start your small business? Probably, you are already in the country, looking for How to start a small business. Then this article for you don’t worry and keep reading to learn 11 steps for your best business plans.
after reading this post i am sure you will be also able to make a solid road-map, business plans or blueprint.
Let’s Start our business plan:
Table of Contents
11 Killer Steps For Start a small Business Plans
whenever we hear about entrepreneur or business freedom, courage and passion are the terms that come to our mind. To start your own business, you can get inspired by a lot of things. May be you are passionate about something and it’s your dream since your childhood.
Reason could be anything, i will tell you everything from the start to end that you need to know to start your own business. Let’s see one by one.
1. Decide on your Business Idea
First step to start your business or start up is you must know what exactly do you wish to do. What’s your idea? Many people thinks that i need to think of an idea which no one has ever thought about. But according to me, its wrong thinking.
There are two reasons for this. First is that there’s a very less chances of thinking of such idea which no one has ever thought about it. second is more important because there is no customers and clients at this time for your business.
You need an idea before you start anything. You will have your own small business idea. In today’s world there are large number of small and best business ideas available on websites. such as MSME and Make in India websites.
Different small business sectors are available now. Such as defense, aerospace, tourism, hospitality, manufacturing, agriculture, textile and also many more. everyone can launch a small business from youngsters to oldman in India and as well as foreign.
2. Get more experience and training
Firstly, learn how can you give value to people from your work and how can you benefit people. Also you can see which business already exits which coincides with these things.
For example, imagine if you love adventure sports like river rafting that’s the first thing. Then second thing is how can you give benefits to people. After that You can start an adventure sports company. If this satisfies you then look what all kind of adventure sports company.
Start your small business according to your expertise and also remember that your skills will decide success of your business. You also need to often learn and apply some skills and tricks of the trade.
Additional skills can also be gained by working with other businesses and companies in your field. It is best to learn as beginner. This will provide you with opportunities for more learning.
Technical certification and many other certification also be required by financers and licensing authorities for legitimizing your business.
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3. Writing Down your Project Report
Uniqueness also decides your success. Find and apply every detail related to your business or company. Read various success and failure stories about business similar to you. Every detail related to your business is important, so read more for success.
Every business begin with market studies and project report.This project report done by yourself or with the help of expert based on business. This project report must contain all details including name, age, qualification of owners and partners. Also attach all your certificates which is related to your business.
Also include one kind of revenue model with specific details including net cost, sale prize, taxes, delivery charge, etc.
4. Plan your Finance and Funds
Starting a small business doesn’t have to require a lot of money. But it will involve some initial investment for cover some expenses before you are turning a profit.
Most small businesses in many countries are self-financed or started with funds from relative, family and also from friends. There is also requirement of astute estimates about how much money you will require for your business.
Now also remember that , there are number of ways you can fund your small business, Such as:
- Small business loans.
- Small business grants.
- Crowd funding.
- Venture capitalists.
- Community development funds.
Many entrepreneurs launching small, medium business can seek funding from these platforms. You should also try this for finalize your finance for your business ideas.
For further reading : How to Start a Holistic Wellness & Health Business
5. Decide On your Business Location
Now that you have made your project, finance report, plans of business then we can move on to the next step. This step is to decide on your business location.
For starting a small business in any country require spare at home, shop, stall, workshop or office. There is also mandatory thing under Indian laws is registering your business with local municipality.
The gram panchayat will also give permits to start your business from area under its jurisdiction. Utilities providers ask for municipal registration before giving electricity and water connection to the premises.
You will not be able to get water and electricity, that’s why it is important to do it first.
6. Business registration and legalization
This is very complex and daunting work for every businessman. registering a business in many small contries can be lengthy and very complex.
But in India due to ministry of corporate affairs now registers new companies with in one or two working days.
All process of registering a company can be online. All details and documents which is require for registration and many other FAQs are listed on the ministry’s website.
According to the type of your business there are different ways to register it. These different ways are called as business entities. I will not able to tell you all, but l’ll tell you the main way.
The oldest and easiest way to register your business is, “sole proprietorship” proprietorship is a way to register your business where the business’ owner is you. profit or loss of your business will be your own profit or loss.
So in this way you are personally liable for everything that’s happening with the business.
To register business as the proprietorship you have to go to the local authority. If you live in a city then you have to go to the municipality and if you stay in city then to the gram panchayat.
There is also another many ways to register your business through online research.
So at the end of registration the next step is to do tax registration. GST registration is at the 1 number. If your company’s turnover is more than 20 lacks in a year then you have to register for GST. This registration is also requires for if you deal import-export.
7. Launch Your own website for Your Busienss
Now a days in India business can be established in these three categories based on their nature.
- Offline ( shop, stall, workshop, office )
- Offline and also in online
Online presence of your business is very important for growth of your company.
In today’s world trend demands every business to maintain online presence. This thing can be fulfilled by creating website or mobile application.
Also promote your website or app on social media platforms. For example, Facebook page, Instagram, Twitter, Linkedin, Quora, and many others. Promote your business depending upon budget and type of product or services.
E-commerce is one of the best websites and also ideal since they allow direct ordering and multiple payment choices.
If your business is purely offline, then you need to online presence to match rivals and approach your customers by online platforms. For starting your business online in India, No need of high investment. All business men fairly afford it.
8. Grab a Market Position
Use your full creativity ans skills for start or launch of your small business. Firstly, Give it a unique, easy and also very attractive name. Then hire one designer for make a very simple and attractive logo after then design your theme and scheme of business.
Additionally, also print everything which is necessary for your business and company. Such as logo, banner, templates, brand, company details etc.
Company’s logo and name is very important for your business, So you need to manage this things for your business plans.
9. More Money matters with Banks
After registration of your company and tax, the next step is open a current account in the bank of your choice. Before opening a bank account study about bank and all of its details. Also check and ask about overdraft facilities.
This is also important to ensure your cheques do not bounce due to shortage of funds or scarce fund. A bounced cheque indicates financial instability of a your business or company.
Also check for loan and many other facilities given to small businessman, such as instant credit on cheques. Also check letter of credit facilities.
10. Get your Team Ready
If you will be hiring employees, now is the time to start the process of your business idea. Make sure you take the time to outline the positions you need to fill. And also job responsibilities that are part of every business.
Also note that if you are not hiring employees, But instead outsourcing work to independent contractors now is the time to work with an attorney. And also start Your search.
Lastly, are you solo entrepreneur and hitting the small business road alone? You may not need of employees and contractors but still need your own support team. This team include coach, family members, mentor etc. they will give you motivation and reassurance when the road gets bumpy.
11. Promote and Publicize your Small Business
After launch your business, you need to start attracting clients and customers for your business. This is very important factor in your business plans.
In this time of high competitions There is huge need to publicize your small business very well. Using micro-blogging sites such as twitter to introduce your company.
You can also launch YouTube videos of your company or business, products, services and many important information. Upload relevant pictures and reels on Instagram as well as create great Linkedin profile of your business.
You can also use many traditional ways for promote your business like newspapers, radio, distribute templates.
Ones you have completed these business start-up activities, remember that success doesn’t happen over night. Use the plan you have created to work on your business. keep your self always motivated.
At the end now you are ready to become an entrepreneur and start your own business after prepare your business plans. Towards the end of the article, i would like to give you some tips from my own research experience.
Because somewhere even i’m entrepreneur and you can call Blogging is a business now.
Always think how can you give value to the people. To give value to the customer, client or to the people for example, A blogger gives value to his audience from his quality content.
So, all the businesses give value and if you are going to focus on the value then your business will run good.
According to me value can be given only when you enjoy working. So only do such business where you are interested lies and you enjoy working.
Finally, I hope friends, you must have got a lot of knowledge and get a lot to learn and lot of value from this article.
If you start your network marketing business read this Best 3 compensation plans in MLM/network marketing.
I am a indian part-time blogger. I am the founder of thetrendy business blogging website. I am a student and persuing bachelor in I.T. I like to write about topic related to online business,jobs, careers in many fields many more about these things. You can find all the legit information on thetrendy business.