Starting your own business is quite a difficult decision to make but at the same time, it is also the best decision. This takes you on a journey not only in creating an identity of your own but also will force you to confront with situations which can be different at the same time difficult to solve every day. You can describe the journey to entrepreneurship as a roller coaster ride which offers you the excitement, fear and also joy at the same time.
Once you have made up your mind to take a plunge to start on your own, there are quite a few variables that have to be decided on. The business type, the business model to the work place and the list is endless.
Let’s look at the seven basic steps that are required to start your own business. The main key factor which is needed is to be FLEXIBLE or you can term it as adaptability or willingness to adapt as per the situation.
Steps to Start Your Own Business
- Evaluate Yourself
Does that sound harsh; well it is not about rating yourself in any criterion on how good you are in particular areas. But it is more on the introspection level about why do you want to have a business of your own? What need of yours is met by establishing this business? Is it the identity, money, name or just the innate thirst to work for you or to be different? The answers do leave you with a lot of clarity about oneself.
- Gather Information on the Industry
Knowledge is Power. The first step would be to know about the complete life cycle of the industry. A list of your prospective consumers and also the competitors in the industry will give you an insight of how things work. At the same time, it gives you an opportunity to learn from other’s mistakes if any you come across.
- Legal Issues
A talk to a legal counsel about the way around in the industry and the legal formalities that need to be followed at various steps is always helpful. It also helps to work around with care without getting into any legal issues. At the same time, you need to register your workplace as per the Constitution through which you can avail quite a lot of benefits.
You can either start from your home in case you are starting to test waters before venturing out to rent or lease the office location.
In the beginning, most of the businesses are bootstrapped. They are financed by one’s personal savings and family.
- Business Plan
Be very clear with the strategy that is going to be adopted. In fact, design this before even starting the business. Having one or two consumers in hand would provide the morale boost to your business. Keep an eye on the delivery dates and also on the cash flow.
- Keep trying new things
Adaptability is the key for setting and doing business. Keep watching the market and make necessary changes with time.
Trust your instincts; learn from the mistakes and surge ahead there surely is no stopping you from succeeding in your business.