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is a start up plan of producing or selling products to make one’s money. It is
an entrepreneurship for making a profit. Business can be made at any time but
we just need to have better planning to make it happen.
After graduation mainly BBA students have a greater opportunity to start their own business as they might get to know some of the marketing strategies. A business would have both the pros and cons depending upon the field you choose.
Business can be set up on various fields and for anything such as Agriculture., Financial., Entertainment., Mass media., Industrial manifestation., Real Estate., Wholesalers., Retailers etc.
BASIC STEPS INVOLVED IN STARTING A BUSINESS:
succeed in business you need to be stable and have good planning for a long
period. Before starting your business you should make a note of some key points
which are really important for a start up plan such as
Plan the field: you should always plan on the criteria which you want to start on as it gives you an idea to continue further investigating about the field before you invest in the business
Market Research: you should always conduct the market research of the field as you will get to know the profits and loses and also whether your business will run successfully or not.
Analyse your competition: Always analysing the competition in the field is important to start the business so that you might know the status of all the entrepreneurs and you might strategise according to the profit
Sticking up to the plan: Planning is the basic step to start your business so sticking to a plan will enhance your marketing strategy and increase the chance of growing the business.
Finance: You need to check out the money you will spend on the growth of your business as money is the basic need to start a business. If you don’t have enough economic growth then you might take a business loan
Location: You need to find a location which has no rise in the business field which you have chosen so that you have an easy start for the business and the customers will easily get noticed to your business.
Name of the business: To attract the audience the correct and suitable name is important hence the best fit name should be used.
Funding: Funding your business is important to get your business to grow in all aspects so getting a fund will always help to grow business in.
Stay Focused: They might be some of the cons in your ways at starting but you need to stay focused to gain profit in future. You should always remember Business is not a day’s game it is life time preparation.
Understanding risks: An entrepreneur should not always liable for the success and he should know the risks of the business and should have the abilities to analyse the problem and solve it.
Customer satisfaction: One should always remember that business works on customer satisfaction. The more they are satisfied the more the per capita success of the business is seen.
Keeping records: You should always maintain a record of your business profits and loss so that you will get a detailed structure to modify the technique in your skills.
LEGAL REQUIREMENTS TO START A BUSINESS
starting the business you need to proceed for some of the legal procedures
required after setting up the business which includes
Register your business: The foremost important thing is to register your business so that it will be known as legal. Any business which isn’t registered is known as illegal. You need to register it as an entity., Trademark registration., A DBA and domain card.
Open a business account: You need to open your official business account to ensure that you are legally doing the business
Federal Tax ID number: You need to have you legal I’d for hiring employees and for paying the tax.
Business license and permits: you should have all the business license and permission for the business venture you are going to start.
Protect business with Insurance: You primarily need to have insurance as that it protects your business during any damage or loss occurs.
NDA registration: A non disclosure agreement is made with an investor when dealing with your company. It ensures the safety and privacy of both parties.
Employer contract: when hiring an employee you need to make a contract with an employer along with his every document as it is the legal procedure to appoint someone
Shareholders agreement: If you have any other party with your business venture you need to get a shareholders agreement so that you have clear documents when needed.