For many unemployed people, it is an often-overlooked opportunity to start their own business – become an entrepreneur. It may seem confusing at first, but if you have an idea and an entrepreneur in your stomach, there are really good opportunities in countries like India to become your own boss.
Dr Sachin Bhardwaj shares 9 of the best tips for you who want to start your own business.
1 – What Do You Want To Do – And To Whom?
Starting your own business starts with an idea. Something that you are good at and that you would like to sell.
But before you simply put a plan in place, it may make sense to do a market analysis. Find out what you want to do, but also find out who you want to do it for. Is there a market? What is the revenue base? What competitors do you have?
It may turn out to be worth gold to have made that consideration before you get started.
2 – Put Corrosion After Nourishment
Yes, that’s the most boring advice in the world. But nonetheless, it is important. One can not just go to the bank and get a loan on a good idea and its smooth face.
And it is far from always certain that a bank loan is the best solution. A loan can act as a shackle around your leg and it can stress you out before you even get started.
So if you can start by having an office at home, and do not need large production equipment, shop premises or the like – then you are more likely to be successful from day 1.
3 – Seek Advice
You are not an expert in everything. It may feel like that, but the fact is, you can not know everything. So seek the advice you can get – there are even plenty of free options out there.
Try to visit the regional Greenhouses to find out what they offer – and consider whether some money for a consultant may be well spent.
An accountant can also be valuable, but it is not necessarily the first thing you need. In the beginning, your accounts will be very clear – but you must be careful not to panic about the administration.
4 – Network, Network, Network
One of the best ways to get out with your product or service is through networking. Go to network meetings, receptions, conferences and more where you can meet relevant people.
There are lots of different networks – some that cost something, and some that are free.
Find out what is in your area and within your subject area.
5 – Your Reputation Is Important
Keep an eye on what is being written about you and your business and respond immediately if you find a problem. A dissatisfied customer can cost you a lot of money – and a dissatisfied customer you can convert in the public/social space is actually a possible source of earnings. See the dissatisfied customer as a communication platform – and finally lie down flat if that’s what it takes.
6 – Get Found
Almost no matter what you do, the internet will have an impact on your marketing and your ability to get your business up and running.
Make sure you can be found. Spend time search engine optimizing your website (or having a professional advise you on it).
Be sure to get listed in Google MyBusiness if you want to be found on local searches. Make sure you have a Facebook page, a Google+ page, a Twitter account etc. Social media are communication platforms that you must not ignore.
7 – Liquidity
Most companies break down for a simple reason – that there is no control over liquidity. If you are behind due to bills, then a single dissatisfied supplier may shut you down.
The classic: Remember that VAT must be paid.
As a start-up, you will probably only have to pay VAT every six months. It is both an advantage and a disadvantage for you. An advantage because you will have money lying in the bank a little longer – and a disadvantage because it can end up being a fairly large amount if you forget to put it aside.
8 – Be Personal
When it comes to communicating around your own business, you go a long way in bringing your personality into play.
Do not communicate as if it were a group of 10,000 employees if it’s just you and your kitchen table. People like to trade with people, and by daring to be a human, you will gain a lot in terms of networking and on social media.
9 – The Name Matters
Choose a good company name. Something that communicates who you are.
A good company name has several properties that are important: it must be easy to spell (also on the phone), it must be available as a domain (and preferably as a .dk domain because that is what people try first) and it must be something people can connect with you.
Try to make your own small informal focus group of friends and acquaintances when you need to decide. Because once your business is called something, it’s really hard to change it without having to start over with networking, relationship building and so on.