First of all, this article addresses the people who aim to start their own business. Hence, you must read this first.
Staring a business is often compared to two things, first, a marathon and second, a relationship. Why a marathon, well, if you are starting a business, be mindful of the fact that no start-up will offer you overnight success. It is not a sprint, but a marathon you will be running for a long-time. Looking at this in a positive light, as long as your hustle continues, your brand will walk towards success.
Another one is relationship. Yes, like a relationship, similar to a marriage, you will be investing not only money but also emotions in your start-up for 24 hours a day and 365 days a year. And there’s no easy way out, your first approach will be of making this right if want the relationship to be successful. And the journey will run its graphs of ups and downs.
So, now that you are aware of what you are getting into. Let’s start with the key elements that are required to answer, “How to start a business in India?”.
This term is rather generalising the quest for answers to a lot of questions. Yes, from self-examination to understanding your market, all needs to be done in this process. Don’t worry, we have listed all key points below:
Self-examination: “Is the business right for me or not?” As I mentioned above, there are a lot of people riding the wave of start-ups today. So, no harm in understanding is fuelling this thought. It is a great first step to understand that you are doing this for yourself, and or your neighbour, friend, co-worker, or anyone else who believes that you should start your own business.
An extension to who you are starting your business for is also understanding if it is a personal need that you are solving or a marketplace need. Essentially, marketplace need would mean that the scope of business will be larger.
Market Research: You can overcome all the “maybe’s” and “would-be’s” and understand you stand an opportunity to turn into a successful business. Market research while planning to start a business is an effective tool to collect information that offers insight into your potential customers and businesses already operating in your area. Take this as a step to also use the information to find a competitive advantage for your business.
Now, your market research will become the foundation of your written business plan. This will include everything from your business type, location, its legal structure, to your financial plan, all will be listed here. A business plan can be made in a traditional business format which is more detailed and time taking and in a lean start-up format which can be quick to make and
Know everything about the process of creating a business plan with this article. This will make you answer a lot of questions and eventually this document will help you raise funds.
Business Name: When you are clear about the idea of starting a business and have made a business plan. Your next step will again take you back to sitting down and thinking, but this time, it will be for the name of your business. You have to understand the reasoning behind your idea and choose a name that perfectly marries what your brand offers.
Target Clientele: As I mentioned above, this is a marathon and not a sprint, you must not venture into a business without deciding your target clientele and understanding who will be wanting to buy the product you offer. This is a key detail without which you cannot start a small business. An idea might put end to your problems, but it is important to understand while others are interested in the same and there are enough people who want the same solution or not.
Fund Your Business: Now that you have made a business plan, it is time to find the avenues for funding and put this document to use. Assess your finances or understanding how are you going to cover those costs of your start-up.
Having said that, frequently asked questions are regarding starting a business at home or without funds. Let’s see what is the answer.
If you want to become independent without investing a new penny, then today, with digitalisation, you can start a business without money. Yes, today an internet connection and a device be it a laptop, PC or mobile phone can help you earn money without investing a lot of money. So, here are some popular home-based businesses you can start with no money:
Blogging: You can choose blogging as a career and share information with others that interests you or that you are already knowledgeable about. Learn how to earn money with Google Blogger here.
Freelance Writer: A simple and effective way to make money is again through writing but now, for others. This will allow you to earn more.
Affiliate Marketer: Like the mentioned businesses you can build from home online, you can have earned from affiliate marketing online.
Social media influencer: This is a hot small business you can start from home without a lot of investment, especially if you are a lifestyle blogger or information based platform.
Podcaster: After text and video, voice is a trending platform that is founding its audience in people who want to get information on the go. You can deliver to this audience with your podcast.