If you are thinking of having a business of your own, and you want some tips to go about, I would like to share with you a few. Starting a proprietorship firm is one of the easiest ways to get into a business. It has its own pros and cons. If one has no experience and wants to get started somewhere, a proprietorship firm is definitely a good choice. Just to inform my readers, the internet is flooded with so many articles that explain the procedure of starting businesses with all those theoretical explanations, strong bullet points on the importance of powerful business plans, finance plans, marketing plans, and whatnot. Often such things, make us so nervous, and we think, ‘Oh it’s too difficult a task’. Trust me, when I started out, I got completely overwhelmed by a whole lot of information. It’s great that people are writing so great articles on starting a business from scratch. But, from my personal experience, I believe that one need not scratch his brains out. At a practical level, things unfold as and when we take the first step, and we progress step by step. We get the way out. Just look around in the vicinity. Your nearby salon owner, fast-food joint person, beauty parlor lady, and laundry owner! Each of them is an entrepreneur and a small business owner. I bet if they ever read so many things before they started out. So here are some tips to keep yourself at ease and focus on building a small proprietary business from scratch.
Jog your brain, and look around to find your business idea
If you have got an idea or a passion that you want to turn into a business, great you have already taken the first step. If you are yet to find one, start finding one now. It is easier than you think. We live in a world of 7.9 Billion people. And the good news is that there are only around 213 million companies worldwide. So look around, research, google it, and talk to people about their needs. I am sure, you will find many great business ideas. Select the one that you think you can jumpstart with. It does not matter whether you found the monopoly idea, the monopolistic one, or the perfectly competitive business type. No need to reinvent the wheel. Anything is great, if you are ready to say “Come what may, I will not give up. I am ready to rock and roll”. To help you out from scratch, I have a few profitable start-up options for you.
Consulting, Freelancing, Blogging
Grooming, Personal training
Cookery Classes
DIY craft making such as candles, soap, and cosmetic making
Designing
Snacks Joint, Juice Points
Costumes for different occasions on rent
Tailoring, embroidering
Daycare services
Event planner, travel agency
Beauty salon
Boutique
Yoga, fitness center
Organic farming, mushroom farming
Tiffin services
Home chocolate making
Laundry shop
Pickle-papad making
Food processing
SEO Expert services
Stock market trading
Repair and service shops
Poultry, Fisheries, Piggery, Dairying
Ayurvedic products retailer
And the list can go on and on. So look for things that people around you are seeking solutions for.
Give Identity to your business
Select a good name for your business and register it. You may also register your business in your own name. Register your proprietorship firm with Government portals. Though GST registration is not mandatory for businesses below Rs. 12 Lakh a year in India, I would recommend you go for it. It will help you in long run. You will also have the added benefit of getting a certification. If you plan to do e-commerce business then, you will require GST registration number. However, for businesses below Rs. 12 Lakh per annum run from brick-and-mortar shop, GST is not mandatory. You also have the option to enroll yourself on the Udyam Portal. For registration, one would require a few documents like Aadhar Card, PAN Card, Bank Account Details, proof of ownership of the premise which may include an electricity bill or any other such bill. A trade license is also something you should acquire if you want to serve in a particular locality or an area. For individuals who want to start their business related to food or food items, FSSAI registration is necessary. Nowadays, things are very simple and can be done online. A little computer literacy is enough.
Money matters. Source your products, raw materials, and supplies well.
What you need to do now is arrange some money. If you don’t have any, don’t worry. Borrow some from family, friends, or relatives. Handling money for your business needs is great art. With time, you will become good at it. When you have just started, you must know that the thing that determines your profitability in business is the price of your inputs. The lower the price of your raw materials or your input costs, the more profit you make. As a manufacturer of a certain product, you must always consider your raw material price. For example, if you are into handmade soap manufacturing, you need to buy oils, fragrances, colors, molds, etc. Go for the seller who offers the best price. The same goes for the retailer also. If you are dealing in a readymade product, work on your prospective manufacturers and wholesalers. Considering the example, sort out the wholesaler or manufacturer of a variety of soaps offering a good deal. Bargaining is crucial. There are some great wholesale markets in India and everything is just a phone call away. You need not even visit them. Just get some samples. If satisfied with the rest of the things like quality and price, you are ready to source these. Online platforms such as Indiamart are great sources to contact your suppliers. One thing necessary to remember is that cutting down on costs should not mean compromising quality. Remember that quality, along with the competitive price will determine the growth prospects of your business. People in service-providing businesses like consulting are free from the headache related to cutting down on input costs. But then they need to be competitive in terms of offering their services, especially when several others in the vicinity are also in the same business.
Congratulations! You are ready to sell
Once you are done with the manufacture or procurement of the products, you are ready to sell. You can now sell your products and services in various ways. Thanks to e-commerce and social media platforms, you can go for these, other than physical stores. When it comes to selling your products through e-commerce platforms, all you need to do is enroll your business on any of the platforms like Flipkart, Amazon, Craftsvilla, and Meesho. There are many these days. Register your business, and list your products. Thumbs up! you are online. Wait for your very first order now. Soon you will receive one. Consultancy businesses! start making websites, YouTube videos, and Instagram reels, or launch a channel on your niche. Take the help of someone or do it on your own. Provide good content. Flyby viewers will soon become your permanent customers. For businesses who are offering products and services on the physical front, rest assured, anything that’s displayed, gets attention and sells well. The best part is that you get to have direct interaction with your customer.
Final Words! Keep learning
Now on, start reading and understanding what more your customer wants, and what you need to change in your offering that your customer would love to have. Remember business is all about learning new things every day. Keep your eyes and mind open to understand the pulse further. Keep adding, keep improving. This is how small businesses grow. All is not at once. If you have worked on branding, and packaging beforehand, good, you have done a great job. If not, don’t worry, it’s not too late. You can work on these aspects now. Good branding and attractive packaging will give you an edge. Visualize your business growing leaps and bounds. May read my earlier blog on the power of positive visualization for success https://uphill-campaign.blogspot.com/2022/04/entrepreneurs-make-power-of-positive.html . A final word of wisdom my friends. Success never comes overnight. So be patient.
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Entrepreneurship