The 10-Step Guide for Setting Up a Business
If not entirely, Bollywood has turned out to be useful for people, who are tired of working for someone else at a fixed salary. You know, those soul-searching movies of Imitiaz Ali where a master actor like, Ranbeer Kapoor nearly topples into a pit of depression because of how he wants to pursue his entrepreneurial passion? And finally, love saves him – he ends up doing exactly what he wants and all’s well in the world.
Well, let us help you a bit here because setting up a business is easier than you think. And no, you don’t have to fly all the way to France to understand the steps to starting your own business. Be it home business ideas or a potentially huge startup idea – this is the ultimate 10-step guide that will help every aspiring entrepreneur to start driving on the path of working their own moneymaking institution.
Keep reading to know more!
Step 1 – Chalk Down a List of Business Ideas
Finding the right business for yourself is not an easy task. There are multiple questions that you need to ask yourself, some of which are the following –
● What do you think is the best business to start ?
● Is this idea your passion?
● What do you want to achieve with your business?
● Will this idea fulfill what you want to achieve?
● Is this business idea practical to execute?
Admittedly, there will be a hundred more questions waiting to be answered, but there is something you need to be absolutely sure of – is setting up a business really your passion? Because if it isn’t, then you might as well not resume reading this blog.
Step 1 is simple, yet complicated. You need to chalk down the top business ideas that could be right up your ally and choose the one you believe is the perfect match for your entrepreneurial alter-ego.
Once you have found the right idea to romance, know that it’s time to move on to the next step.
Step 2 – Market Research
Setting up a business is much more than selling products. It is a long list of pre-requisite chores that will decide the success and failure of your idea. And doing your market research is one of those essential chores.
Ask yourself the following questions when conducting market research –
● Is there demand in the market for this product?
● Is this product market crowded with too much competition?
● How has the success history of this product been with other companies?
● What kind of customers will like your product?
And the list of questions is never-ending, it seems. Nevertheless, it is instrumental that you know everything about the product market and your audience. Without such insights, you might as well drop the idea of starting your own business.
Step 3 – Business Plan and Feedback
If you’re dreaming of setting up a business that is online, it becomes obvious that the end goal is to have an online eCommerce site to start selling to people. However, to streamline your idea, a business proposal needs to be drafted. The following particulars are to be filled in your business proposal –
● Summary: the overall concept of your business
● Industry Analysis: your market research is penned here – competitors, market size etc.
● Consumer Analysis: information about the kind of audience you are targeting
● Operational Plan: details about your plan of action, or in other words – how do you want to go about the execution of your business?
● Financial Projections: information like capital investment amount, expected revenue of the first year, need for investors? Etc.
Speaking of feedback, you need to take a few trusted people, who have a fair idea of how to start an online store in India and have them screen your business plan. This activity is crucial to keep away from the little mistakes that are sure to be present about your document. Take notes, make improvements and move on to the next step.
Step 4 – What is the name of your business?
You have gone through 3 challenging steps to come to an agreement with yourself about this – you have a good business to start and you are passionate about it. This business is your baby, now. And this baby needs to be christened with a name, which might become a huge brand in the years to come. Therefore, be smart about the name of your business.
You don’t have to be fancy with the name. Your audience must be able to relate to this name and hence, make sure to keep it short, simple and catchy.
Step 5 – Type of Business
Do you want your business to be a sole proprietorship? Or do you want it to be a Private Limited (Company)? Or do you want it to be a Partnership? This is a more technical step of setting up a business and at the same time, fairly important for legal matters.
Step 6 – Business Registration
This is another one of those indispensable, legal prerequisites of setting up a business. You must register it with the state/government and apply for the required licenses to ensure that your business is legally capable of running in the country.
Step 7 – Build a Competent Team
Popular American photojournalist, Bill Owens once said, “A strong economy begins with a strong, well-educated workforce”. He couldn’t be righter, we believe. Top money making businesses know to create a team of people who are skilled in their field of work. Unless you’re someone who wants to go solo, it is imperative for you to go on a professional hiring spree that gathers you trained people from different sects of the corporate world.
Step 8 – Shape your Brand Story
Some of the best startups 2019 have amazing, poignant brand stories to evaluate. And for those of you who are wondering exactly why is knitting a brand story so important for the success of your business? The answer is quite simple – setting up a business is not just about the product you create. It is also about that one story, which will bring a sense of belongingness among your audience.
So tell us, what is your brand story?
Step 9 – Create your own Website
Our world has advanced from brick and mortar stores to e-stores to empower customers with convenience and sellers with feasibility. So going by the book, it’s time to set up an online infrastructure for your business. If you think that you can skip this process and move on to the next, ask yourself this – where in the world will your customers go shopping for your products, if not your website? Luckily for you, there are ways and means available that don’t require you to hire a web developer for the same and pay him a fortune out of your pocket.
With Shiprocket Social, you can make a free eCommerce site, list unlimited products and start selling immediately. The two best things about this software are –
●It is a 1-step process website builder
●It is a zero investment, high returns deal for you
Step 10 – Market your Products to Start Selling
Team Shiprocket Social chants this mantra on a daily basis – If you don’t tell your name to them, they won’t know what name to call you by? And this is exactly what marketing is all about. Setting up a business is also about promoting your line of products on social media so that your target audience gets to know about them. Write SEO friendly content on your website, start blogging about your products, develop a photo-series for Facebook, and do anything and everything to get a few steps ahead of your competition.
Begin, Grow and Learn Endlessly
The journey of setting up a business is nothing short of a whirlwind. Whatever may happen, you’re surely going to be in for lots of experiences, learnings, and rewards if you do things right. Tea Shiprocket Social is here to support you through this quest for success.
So, stay tuned until our next blog post!