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Rediff.com  » Getahead » How To Start A Business: 14 Tips

How To Start A Business: 14 Tips

By rediffGURU HARSH BHARWANI
Last updated on: April 01, 2024 12:40 IST
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If you want to start a business, you must clearly define the product and service you want to provide.
You can choose your product niche according to your interest, skill and market demand, advises rediffGURU Harsh Bharwani.

  • You can post your start-up related questions to rediffGURU Harsh Bharwani HERE.

 

How to build your own company from scratch: 14 steps

Kindly note the image has been posted only for representational purposes. Photograph: Kind courtesy Pexels.com

Do you want to quit your job and build your own start-up?

Are you looking for expert advice on how to navigate your journey as an entrepreneur?

rediffGURU Harsh Bharwani, CEO, Jetking Infotrain Limited is a fourth-generation entrepreneur.

He leads the international business and employability initiatives at the computer networking institute and has trained over three lakh students in employability, confidence and key life skills.

  • You can post your questions to rediffGURU Harsh Bharwani HERE.

Anonymous: Hi, how do I start a business? For instance, a trading or an online business.
I am seriously thinking about it.
How much capital is required for that? Thanks.

If you want to start a business for instant income, whether it is trading or an online business, you need more planning and consideration.

1. Identify your business idea

First of all, clearly define the product and/or service you want to provide. You can choose your product niche according to your interest, skill and market demand.

2. Market research

Always do market research.

What is your target audience?

Who are your competitors and what is the current industry trend in your chosen niche?

These details can help you easily connect with your unique selling proposition.

3. Business plan

Please make your business strategy and plan clearly with a proper business concept or idea, target audience and market, marketing strategy, financial projections and an operational plan for well-crafted execution that can lead you to success.

4. Legal structure

Choose the right legal structure for your successful start-up, such as an LLC, corporation or sole proprietorship. This will impact your business taxes, liability and other legal terms.

5. Register your business

Register your business name with government portals and take business running licenses or permits. Also, check the other local regulations and documentation needed.

6. Financial planning

Estimate the cost of your business plan, ongoing expenses and projected revenue so that a budget and financial plan can be made easily. This will ensure there is no problem in producing, marketing and operating the business.

7. Funding

You must determine how you will be funded in your own business. This may include your personal savings, bank and other loans, investors and sponsors or crowdfunding. Different business models have different capital requirements.

8. Online presence (for online business)

You have to keep a lot of things in mind to set up an online business, such as creating an attractive and professional website, setting up an e-commerce platform for selling and making maximum use of social media platforms for marketing and promotions.

9. Supplier and inventory (for trading business)

To start a trading business, you have to establish relationships with vendors and be sure to how you manage your business inventories.

10. Build a network

You must build a strong network with your customers, consumers, mentors, industry persons and many more. Networking is crucial for advice, support and multiple business opportunities.

11. Marketing and branding

Before promoting, make sure to develop a marketing strategy. You can utilise tools like digital marketing and content creation to reach your target audience and customers.

12. Customer service

Always prioritise your customer so that your regular customer can become your satisfied customer and can come to you again and again and purchase your services/products.

13. Adapt and evolve

Always be flexible and ready to adapt. Also, keep an eye on current market trends and be prepared for essential changes in your business model based on customer feedback and reviews.

14. Capital requirement

The actual capital required varies widely depending on the nature and scale of your business.

Online businesses often have minimal start-up costs compared to other ventures. Trading businesses may require more capital for inventory, warehousing and logistics.

It is essential to conduct a detailed financial analysis based on your business model.

Remember, business success often involves a combination of planning, implementation and continuous learning.

Consult business advisors to get personalised guidance based on your business concepts, ideas and goals.

 

Anonymous: Hello Harsh, I have 15 years of work experience in cutting-edge internet technology companies.
I am planning to hang my boots and start up in the same domain.
Could you please let me know the most important things to look out for -- things to do and not to do?
This will be of great help. Thank you.

With 15 years of experience in internet technology, you have a wealth of knowledge and insight that can be invaluable in your initial start-up in the same industry.

Your extensive industry experience gives you insight into market trends, customer needs and technological developments.

Here are some of the important factors to consider when considering entrepreneurship.

Things to do:

  • First, it's important to understand the needs and issues facing your target market, competitors and potential customers.
  • Clearly explain your startup's uniqueness and how it resolves a problem or fulfils a need better than existing solutions.
  • Develop a detailed plan about your business, goals, target market, marketing strategy, revenue model, financial projections, etc.
  • Bring in talented individuals who have a valuable start-up vision and complement your skills. Don't hesitate to surround yourself with amazing people.
  • Give top priority to delivering exceptional customer service and build strong relationships with your effective customers.
  • A great way to start is by developing a minimum viable product and gathering proper feedback from early adopters because it will help you refine and improve your offering.
  • For more interaction with customers, develop a marketing strategy to increase awareness about your start-up.
  • Build some meaningful relationships with potential investors, mentors, industry experts and fellow entrepreneurs who can offer valuable support and guidance.
  • Be flexible and ready to adapt to feedback and changing circumstances based on market trends.
  • Prioritising your physical and mental well-being is key to long-term success as an entrepreneur.

Things to avoid:

  • Do not ignore daily industry trends and changes in consumer behaviour to remain competitive.
  • Don't underestimate your budget and expenses.
  • Factor in unforeseen costs.
  • Don't lose focus about your core business objectives and get distracted by shiny new opportunities.
  • Not ensuring that your start-up is compliant with all relevant laws and regulations so that you avoid legal problems in the future.
  • Not avoiding fatigue, not pacing yourself and not prioritising tasks.
  • Not analysing competitors thoroughly and ignoring their strengths and weaknesses.
  • Being hesitant in taking feedback from customers, mentors and team members and not using it to improve your product or service.
  • Not taking the time to develop a high-quality product or service and failing to meet customer needs and providing value.
  • Not investing in building a strong brand identity that resonates with your target audience.
  • Not accepting failure as a learning opportunity and not using failure as motivation to persevere and improve.

As you embark on this new journey, it is essential to leverage your expertise to identify unique opportunities and develop innovative solutions that address critical challenges in the Internet technology sector.

Best wishes on this exciting entrepreneurial journey!

 

SPRM: What is the cost to create a Web site?

The cost of Web site building could be significantly different depending on a variety of factors such as site complexity, features, design, development platform and the expertise involved.

Here are some general guidelines to give you an idea:

Web site builder apps

If you want to use a Web site builder app like Wix, Weebly or Squarespace, it costs between free (with limitations) up to Rs 40,000 per annum for a richer plan.

Professional Web development

The price for hiring a professional Web developer or Web development agency can range upto several thousand rupees, depending on the requirements of the site.

Basic websites may cost between Rs 25,000 and Rs 80,000 while more sophisticated ones with advanced features can amount to Rs 4,00,000 or above.

E-commerce Web sites

If you want an e-commerce web site built with features like shopping baskets, payment gateways and product databases, it will incur higher expenses.

E-commerce site development can cost around Rs 4 lakh up to approximately Rs 25 lakh and beyond.

Custom development

This may increase significantly, especially for highly customised websites or web applications designed for specific functionalities.

Running costs

Ongoing costs like domain registration fees should also be considered along with hosting.

When setting the budget for Web site creation, it's important to consider your specific needs such as the type of Web site, required features, design complexity and ongoing maintenance costs.

Additionally, getting quotes from multiple developers or agencies can help you compare costs and find the best option for your budget and needs.

  • You can post your questions to rediffGURU Harsh Bharwani HERE.

Please Note: The questions and answers in this advisory are published to help the individual asking the question as well as the large number of readers who read the same.

While we value our readers' requests for privacy and avoid using their actual names along with the question whenever a request is made, we regret that no question will be answered personally on e-mail.

All content herein is written and published online for informational purposes only. It should not be relied on as your only source of advice.

If you choose to rely on any information provided herein, you do so solely at your own risk. Opinions expressed herein cannot necessarily provide advice to fit the exact specifics of the issues of the person requesting advice.

Similarly, information received via an external link embedded in an article cannot be relied on as your only source of advice.

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