I want to start my own business because I have realized the importance of self-independence, self-reliance and financial stability in my life. While working, I realized that I am using my hard work and creativity to fulfill someone else’s needs and dreams. I am working hard day and night but nothing is changing in my life, due to which I am experiencing problems and depression. After working, I realized that I now want to turn my dreams into reality.
Starting a business is not just a way to earn money for me but also a way to keep my identity, thoughts and passion alive. I always thought of doing something new and different in life so that I get satisfaction and also bring a positive change in the society. I have some personal goals of my own.
The most important of which is achieving financial goals, managing my time, and getting a new identity for myself, the main purpose of my business is to get a permanent source of income so that I can help my family financially. start my own business And I can contribute something for a better future of the family and society.
1. Self-evaluation:
Before starting any business, it is very important to evaluate yourself or test yourself. For a long time, I have thought about myself and my skills. In which I have especially tried to understand the skills, strengths and weaknesses. I have always been a person with a right creative thinking and during many works I came to know about my communication skills, many times I have also solved problems and I like to solve problems. While I have to learn about risk, at the same time I take a lot of time to make decisions, this is my weakness, if I work on both of these, then I can become better for the business.
No business will run only with passion, for this one has to enter the market. The demand of the market has to be understood and its balance has to be found. Understand the need of the customer carefully and combine your passion with the demand of the market so that my business idea can be practical and run according to the need of the market.
Before starting a business, start my own business there are some important things that I need to understand, including whether I am mentally prepared to take risks or not, because due to the fear of failure in business, many people stop thinking about business. Especially the fear of failure in business and economic uncertainty and demand of time – these are very important things. Keeping all these things in mind, I have decided that I will face every challenge and move forward by teaching slowly.
2. Business Idea Development:
Now that I have thought of starting my own business, the first step is to choose the right business and idea. Because having a right business idea is very important. For this, I have done brain stocking on many ideas. Along with this, I have associated myself with these ideas and asked myself this question, what do I like to do? In which areas am I good? Can I work better in those areas? But what problems are you facing and can I solve them?
After considering many business ideas, I tried to know the current market trends and gaps in the market. Market research is very important. Before working on any idea, what kind of product or service is in demand in the market and in which areas the competition is very low. For market research, information was collected from all areas like social media, Google trends and customer feedback.
After gathering all kinds of information, I chose the best idea based on my skills, interest and market demand. Because from the beginning my goal was that my business should not only earn money but I should also enjoy it. And at the same time people’s problems should also be solved. Choosing the right idea and working on it is considered the basis of business, otherwise it is called a waste of money and time. I have done this process very carefully because I have invested a lot of time in it.
3. Market Research:
Whenever we start any type of business, the success of the business depends on how well it understands its customers and what their needs are because any business is set up according to the needs of the customers. I have done market research in which I have done a very deep market research before moving the business idea forward.
Especially in business, it is very important to know your target customer. In which I identified my target customer, their interests, buying habits, age and also paid attention to the problems they are facing. This helped me understand how the product or service provided by me will help these consumers.
I checked my idea in the market and took feedback from all the potential customers, conducted an online survey and also ordered some products as samples. This will give me a lot of support in bringing my business idea to the market and here I will also get an idea whether my business idea is practical or not and how much is its ability to survive in the market because in today’s era, looking at the increasing competition in business day by day, it is very important to do market research.
4. Planning:
Planning is very important for any business because a very solid plan is required for the success of the business. start my own business I first created a business model, in which I decided whether I would sell products or provide services, whether the business would be done online or offline, because in today’s digital age, the success of any business is more on the online platform, this proves to be effective, after considering all the plans, I thought of a hybrid model.
Looking at all these tasks, I thought about the source of my income, from which sources will I generate revenue. Like, if I am selling any type of product, then on which website, social media or third party platform (Amazon Flipkart) should I sell it and if I am in service business, then I will have to focus on building a client base and creating a subscription model.
Keeping in mind today’s era, first of all I chose the name of the business, which is easy to remember and will prove better for my brand in future and at the same time I also worked on branding factors like business logo, color and tone so that the business can get recognition as soon as possible. And the image of my business can get a strong identity in the hearts of the customers. Because once the customers like my product, service and brand, then I will very soon be on the path to success.
A strong plan for business which includes executive summary, goals, strategy and budget, is very important. In future, with the help of this plan, the business will get a new direction and investors or partners can be impressed.
5. Legal and financial arrangements for business setup:
Before starting any business, it is very important to take care of a lot of information because some things become a big problem later, which is not possible to correct later. One of these is the documentation of legal management of the business. Before starting a business, it is very important to consider its legal and financial basis. First of all, I have to consider what my business structure will be like Sole Proprietorship, Partnership or LLC (Limited Liability Company).
Every structure has some advantages and legal responsibilities, so I have chosen all the options keeping in mind my needs and risks. After understanding all the things, I carefully registered my business name so that I do not have to face any kind of problem in future and no one else can use it. If our business works in specific areas or with specific products, then it is also necessary to get the necessary license permit for it. Along with all the business documents, a separate bank account has to be opened for the name of the business because your personal and business transactions are separate.
This not only makes your money management easy but you get the details of every transaction which is convenient for you at the time of paying taxes. I explained all the work very well and made a basic accounting system in which all the expenses, income and profit details can be kept in mind. Along with this, I explained the rules of taxation carefully and also understood the information about paying tax so that there is no confusion in the future.
6. Arranging money for business :
Starting any business requires a strong financial plan as well as capital. I started my own business with my savings and random money. Because starting a business with any kind of loan or borrowed money in the beginning can be very risky. If you do not have enough money saved, and you want to start some business that requires more money, then for this there are business loans or government grants. Today banks and government institutions provide special loans for small businesses and at the same time the government provides fund schemes and grants for new startups through various schemes.start my own business
And if you want to grow your business on a large scale, then you can also approach investors or venture capital to increase the level of business. For this, the business should be running for some time because new business ideas do not get funding at the initial level. For this, it is necessary to present the business plan and potential profits in a better way so that the investor can trust you.
In today’s era, there is another way through which money can be arranged, crowd funding. In this, people can contribute financially to your business idea through online platforms like kickstart or ketto. It not only works to raise funds but also improves the method of market validation.
7. Building a brand for business:
The identity of a businessman is very special. Because his identity is important for building his brand. A good brand not only attracts customers but also creates trust in the customers on the business. People know a good business only through the brand created by it, so first of all I got a good logo made for my business, in which the best colors were used because an ideal brand works as the identity of the business, the tone, vision and message of the brand are important factors of a business.
I created a professional website in which I listed all my products and gave complete information about the product and service. After this, I showed my business’s presence on social media platforms (like Instagram, Facebook and LinkedIn) so that I can connect with potential and typical customers. Along with this, I learned about marketing strategy as marketing strategy is also considered a common part of brand building. Along with this, I did SEO to rank my business in Google, used social media advertising and influencer marketing to reach my brand to more and more people. start my own business.
8. Starting the business:
I launched my business as a trial first because planning alone will not work. Launch it in the market as soon as possible. So that the products and services will be available based on what the customers are saying. You can move forward by improving by keeping in mind the feedback of the people.
9. Business development and ownership:
For the development of my business, I paid special attention to customer service and emphasized on retaining old customers. I adopted such a strategy, so that the old customers keep trust in me, adopted a better team, tools and automation to grow my business. And constantly updated myself to know the changing nature of the market so that I can continuously grow the business.
10. Business transformation and self improvement:
A successful business cannot be measured only by profits but also with customer satisfaction, business brand and personal growth. While paying attention to all the tasks, I observed what is right and what is wrong for the business. Learning from mistakes and moving forward, not being afraid of failures, keeping in mind the problems arising from the ups and downs in the business, one should learn something from every experience. And one must make a plan to fulfill the goals made for his business.
Conclusion:-
Starting one’s own business is a very courageous task, which is the dream of every youth. Today everyone wants to start their own business, in this the right planning, hard work and a strong desire to learn can turn your dreams into reality. By continuously improving the business, observing the market society, and with good and bad experiences, success in business can be achieved.
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