“Yes, I can do it!” I can start a business. But, how?
There is a fire within us to make a dent in the universe. We synonymously call it as passion, which can achieve anything. But, a passion without direction will lead us nowhere. It needs to be put into action, not abruptly, but in an organized way. Let’s climb up the stairs step by step:
The Vision: Put your clear glasses on! Look ahead, 5 years ahead. What do you see? Where is the market heading? Where do you want to see your business in that market? That’s a vision. I am sure it looks beautiful. Now let’s come back to reality and get back into action.
The Gameplan: The beautiful vision you just saw, let’s put it into a structure and draft the route to reach there. It will not only help you understand your existing situation, strength and weakness of your business, but also help you to start a business and be on track. If you are looking for an investor, then it is essential to have a plan.
A business plan generally includes:
- Products/Services: List down your products and services, their features, their advantages and competitiveness. Why would your customers buy your product?
- Market Research: Conduct a research on the industry you are operating, understand the market size, growth potential, trends in the market, players in the market and their profit margins. This helps in understanding the potential customers and your strengths and weaknesses.
- Business Profile: It includes your business’s name, its activities, and its structure (proprietorship, partnership, LLP, private limited company, or one person company). Every structure has its own pros and cons. (You can know the suitable structure here).
- Team: Divide the business into departments: marketing, finance, administration, IT, etc. You can either have a team in-house or outsource it to the experts. At the initial stage, outsourcing is a better option as you can avail the specialized services of experts at a very affordable cost. We can also play a role of a financial expert for your business at a very affordable cost.
- Operations: It lays down where your business operations will be conducted and how will they be conducted. Furniture requirements, machinery, equipments, stationery, water, electricity, etc.
- Legal and Financial: If your business needs to comply with any legal formalities or obtain license before commencing the business. You also must make a budget with estimates of finance and cash flow that will be incurred for business operations and the income that would be generated. How much profit/loss can be made every year and if it is adequate for business to survive and grow.
- Scaling the business: A plan should be in place laying down means and methods to promote your business and the regions where you aim to promote.
You can easily prepare a business plan, but if you need help in preparing it, Greenwolf Advisors is always there to help you in building the same.
Take Off: You have a vision, you have a plan, now all you need is an action. Come on, fire the cylinders! Start a business.
What Needs To Be Done?
- Register your business: First step is to get registered. You can choose the entity form that suits you the best. A proprietorship, partnership, LLP or a private limited company. Reminding you: When in doubt, ask us! If you are confused on what suits you the best, read here, or if you prefer a call over reading, feel free to call us
There are several benefits of registering your business under Startup India Scheme and Udyog Aadhaar If your business meets those criteria, don’t miss out registering under them. - Obtain License: License requirements are there if you operate in certain industries. Like if you intend to start a delicious food business, then food license is mandatory from FSSAI. If you are a business with wings, and intend to import or export, then Import Export Code (IEC) is needed.
- Register under GST: If you are selling goods or if you are providing services, it is mandatory for you to register under GST
- Fund Raising: If you have your own funds, amazing! But, if you are looking to raise them, you can do raise funds through a loan or investors. Investors generally provide funds in return of equity, while banks lend loans in return of interest and principal repayments at regular intervals (monthly). You need to prepare financial statements and projections to obtain the same. (Don’t worry if you can’t prepare them, we can help you with the same)
Stability and Scaling
The primary requirement for stability in an organization is meeting legal compliances. Violation of these compliances will not only screw up your finances, but also keep you occupied in unproductive legal tussles, which can drain your mind and energy.
Pay taxes on time, make sure you are filing returns for the same. If you are a private limited company or LLP, make sure all the compliances with the Ministry of Corporate Affairs are met, and accounts are updated. Ask us, whenever needed.
Find a mentor. Take this advice seriously! Richard Branson, founder of Virgin Group, who rose from rags to riches, says “It’s always good to have a helping hand at the start. I wouldn’t have got anywhere in the airline industry without the mentorship of Sir Freddie Laker [founder of Laker Airways].
Zig Ziglar said, “A lot of people have gone further than they thought they could because someone else thought they could.” A mentor can provide pearls of wisdom, great insights, and encouragement along the way to help you make thoughtful choices. They can talk about the business building process, industry trends, administration challenges, marketing strategies, and a lot more than you can think.
Start invading the market: Show your brand’s presence everywhere. Go all out with marketing and advertisements. Reach out to people through emails, social media, magazines, TV, radio and all other means. Ah, obviously within your budget, or else you will lose the battle if you run out of funds.
New ways of marketing have emerged, but nothing can beat ‘word of mouth’. Networking is still the most powerful way of marketing. Attend community events, networking groups, seminars, gatherings, etc. Just show yourself, sell yourself!
Enjoy the journey of success. You are already an entrepreneur, a hustler, someone who has set his eye on the goal. Keep working and don’t forget to enjoy this beautiful journey of entrepreneurship. Stay financially healthy and prosperous, take help of Greenwolf Advisors whenever needed. Mail at info@www.greenwolfadvisors.com or call at +91-9711430728.
