Things you should do before starting a business.

Things you should do before starting a business.

Things you should do before starting a business.

Think about an idea.

The first and most important thing you should do before starting a business is think about an idea. I have seen so many people who wants to start their business but they don’t know what kind of business they should do. So think first what you want to do.

Now it also happen that if we see somebody who is doing a business and he was earning a lot from that business we start thinking like wow this business is so great I will also start this business. Let me tell you something, those people has choosen what they like to do that’s why they are successful in that field. So it’s better that you choose the work what you love to do. If you will choose the work you love to do then nobody can stop you become successful in your life because you will never get bored from your work . And I have noticed one thing in my life if you do something you love, your mind automatically starts working.

Search

After selecting the business of your choice, start searching on it. Search about that business completely.

  1. How can you start that business?
  2. How much investment that business needs?
  3. What kind of machines you need in this business?
  4. How much human power you need?
  5. How much space you need to start that business?

These are the five main questions you must need to search the answers.

After that meet with the people’s who are already doing the business that you have choose to do. Ask their experience about that business. Listen to them carefully because you will learn a lot from their experience. Now here I want to tell you one thing – not all the people will tell you the truth. It’s a business and nobody wants to increase their competition so you need to use your own mind and figure it out that how much that person is saying the truth.

Also try to meet those people who had already done that business. Ask them to share their experience towards that business and also ask that why they closed that business.

One thing I want to tell you that when you meet them they will share the profits and loss of that business. When you will hear the profits you will feel more energetic and excited but when you will hear the loss you will get less excited and sad but don’t let the sadness take over your business idea . Keep calm and listen their experience carefully. If you will observe their experience carefully you will find the lacks and mistakes they have done. Learn from their mistakes.

Marketing

After meeting with those experienced people. Search in the market too.

  1. How many competitors you will face?
  2. What’s the demand of your manufactured products or services?
  3. If the business you are doing is seasonal then in which season your business will run faster?
  4. What kind of problems people are facing with the existing products and services that is related to the business you are thinking about.?
  5. What kind of features customers are looking in the products and services which your going to provide?

Funds

When you will complete all the three steps you should arrange the funds. Now most of the people choose to take loan for business. In my earlier post “Learn to deal with financial problem” I have already write about loan. After reading that paragraph on loan, you will be clear in your mind that you should take the loan for your business or not. So don’t forget to read that paragraph.

Most Important point

Look around and think that how can you work without heavy investment. Let me make this clear to you with an example – You need a machine for your business which costs 1 Lakh INR. Instead of purchasing that machine, search if that machine is available in rent . If it is available in rent then take that machine on rent instead of purchasing. if you get that machine on rent for 10k INR per month, then what’s bad in it? Whether you purchase machine or take it on rent it will work the same. Business looks profitable from upper side but when you will actually do that business then you will realize and learn those things that you haven’t even imagine. I hope you get my point. 🙂 If you use this technique the chances of heavy losses will be less.

Beside all these it will be better if you does a job in the field of that business before starting it by yourself. By doing job you will learn the working techniques.

So that’s the post for today. These are the main things you should do before starting a business. I have write this post from my experience. Follow all the steps and don’t forget to share your opinions about this post. I am desperately waiting for all your lovely feedbacks. 🙂

Don’t forget to check my other posts 🙂

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