If you want to start a business but don’t know how to start, this blog is for you. Starting a business is very easy, you just need to know whether you want to sell a product or offer a service.
You do not need to search a unique idea because there are already many businesses and they are making quite good money, if you are creative enough then you can work on a unique idea or you can work on an existing business, its your choice.
Steps to start a business
1. Choose your Business idea First
Choosing a business idea is the first step or even the most difficult because there is confusion whether this business will work or not or whether it will make any money or not.
Making your business successful also depends on your skills and how you handle the business.
The business should be such that it can earn money and is also easy to scale.
Types of Businesses
- Manufacturing
In manufacturing, you make a product yourself using raw materials in a factory and sell that product to trading businesses.
Some Best Manufacturing business ideas:
- Textile
- Plastic
- Automotive parts manufacturing
- Sports equipment manufacturing
- Furniture manufacturing
- Chemical production
- Toy making
- Electronics manufacturing
- Pet food and supplies
- Cosmetics etc
2. Trading
Wholesale business
A wholesaling business (wholesaler) buys goods in large quantities, typically from manufacturers, and resells them in smaller batches to retailers. Wholesalers are also known as middlemen, go‐betweens, distributors, or intermediaries because they provide a link between manufacturers and retailers, who sell goods to consumers
Retail Business
A retailing business (retailer) buys goods, often from wholesalers, and resells them directly to consumers, who are the end buyers. Retailing businesses are stores, shops, and boutiques. They sell groceries, clothing, shoes, household goods, computers, CDs, sporting goods, cosmetics, jewelry, and thousands of other consumer items directly to end buyers. Retailing businesses include traditional stores that people visit in person and online stores that sell from the Internet. Some retailers also sell through catalogs. In most states retailers must have a special permit (often called a reseller’s permit) to purchase goods tax‐free from wholesalers and collect sales tax from the end buyers.
A business that is either a wholesale or retail business is commonly referred to as a trade business.
Retail Business can be done via Shop or Online Store
3. Services
A service business provides services to customers for a fee. Service businesses provide a wide variety of professional, technical, and everyday services that people need and want. Examples include
engineering,
legal,
medical,
accounting,
garbage pick‐up,
package delivery,
dry cleaning,
auto repair,
babysitting,
pet sitting,
music lessons,
tutoring,
house cleaning, and
landscaping.
Most states and some local governments have licensing requirements for people who provide particular services. This applies to professionals (doctors, dentists, engineers, lawyers, and so on) as well as other types of service providers, such as hairstylists, dog walkers, automobile mechanics, athletic trainers, and daycare providers. In addition, some states require service businesses selling taxable services to have a permit to collect sales tax from their customers.
2. Start a Research about that Idea
Busines Research usually contain all the ground work which is essential to start a Business.
- First, if you are planning to sell a Product, from where you will get and also pricing of the product should be good enough to compete in the market.
Here are some website or apps where you can easily connect with manufacturer and traders for your business
Indiamart
Tradeindia
Justdial
2. Choose the platform where you want to showcase your product , whether it will be offline or Online.
3. Research all about legal expenses and overall budget to start a Business
4. Research your buyer , you have a more accurate vision of who those people are and how your business can help them. You start raising the following points:
- who is your ideal customer;
- what are their goals;
- what are their needs;
- what are the buying obstacles for different profiles;
- what are their everyday challenges;
- what are the best selling points to approach each of those profiles;
- how your products and/or services can help your ideal customers in the face of their desires and needs.
3. Build a Roadmap to Build that Business
Build a Roadmap consisting steps to run your business and how to deal with some difficulties.
Company description: The company description covers what problems your product or service solves and why your business or idea is best.
Market analysis: The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there.
Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
Marketing plan: It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.
4. Start working on that Business
Start your Business by getting first supply of product and sell it like a Boss.
If You have Shop, register it to Google Maps to get discover by local audience, also build connection to people to get more mouth to mouth marketing.
If you want to sell Online, Create content around your product and showcase it on Social Media.
Also, Create your Online store to get sales directly.
You can list your products on Amazon and Flipkart to get more wide audience and your chances to get sales is more high.
5. Manage finances and Legalities of your business
Choose business structure:
LLP
Sole proprietorship
Corporation
Structure your Finance:
- Open a Current Bank Account for Business
- Get Business GST Number
6. Market your Business
Create a Website
Even if you’re a brick-and-mortar business, a web presence is essential. Creating a website doesn’t take long, either—you can have one done in as little as a weekend. You can make a standard informational website or an e-commerce site where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours. Other pages to add include an “About Us” page, product or service pages, frequently asked questions (FAQs), a blog and contact information.
Optimize Your Site for SEO
After getting a website or e-commerce store, focus on optimizing it for search engines (SEO). This way, when a potential customer searches for specific keywords for your products, the search engine can point them to your site. SEO is a long-term strategy, so don’t expect a ton of traffic from search engines initially—even if you’re using all the right keywords.
Create Relevant Content
Provide quality digital content on your site that makes it easy for customers to find the correct answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing one of the most critical tasks on your daily to-do list. This is used in conjunction with posting on social media.
Get Listed in Online Directories
Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry.
Develop a Social Media Strategy
Your potential customers are using social media every day—you need to be there too. Post content that’s interesting and relevant to your audience. Use social media to drive traffic back to your website where customers can learn more about what you do and buy your products or services.
You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly from your social media accounts. Both of these platforms have free ad training to help you market your business.
7. Scale your Business
As your business grows, you need to scale it, for that you will have to apply some methods so that your expenses do not increase but the income increases.
Some common scalable business models are:
- Subscription-based businesses
- Businesses that sell digital products
- Franchise businesses
- Network marketing businesses
FAQ
- How to start a business without money
Service based businesses are best if you want to start a business without money or an online business like freelance writing, graphic design, or social media marketing, Blogging , Youtube content creation etc
- How to start a business in india with low investment
If you have low investment you can choose Dropshipping Business because you just to invest in to Build your online Store and drive traffic to your store, and product will be delivered by supplier and you get your commission for that product
- How to start a business online
- Start a Franchise
- Start a Blog
- Start an Online Store
- Start a Dropshipping Business
