 | You have completed your education. Now you are looking forward to build
your career. You have two options: either join a reputed firm in your
field or start your own business. Starting a new business is not an
easy task to do, consist of a lot of risk in it. But with your own
business, you will be your own master. You can employ others and thus
you don't have to work under anyone else. You can apply your own rules
in you company and no one would be there to stop you. But starting a business
and running it successfully are not easy tasks. If you really want to
have a business of your own, then you have two options: either start a
new one from the ground or you can purchase an existing business for
sale.
Either you want to start a new business or purchase an existing one, there are a few basics things you have to follow: Market Research: Market research gives you a general idea about which new products and services are in the market and can make profit. Suppose if you want to start a mobile company, then first you have to research about the latest mobile technology and services in the market. If you are buying a small existing business for sale, market research can tell you whether available products are meeting their customer needs. Your Personality: Your personality plays an important role in your business. You will need passion, drive and a good idea to run a business. You have to know your strengths and know how to make the most out of them. Before go into the business world, first analyze yourself, either you are an industrious captain or a creator or an adviser or a doer. Legal Structure of Business: Legal structure of business will decide various things such as how much tax you pay, the amount of paperwork your business need to do, the personal liability you may face and the ability of your business to raise money. The most common structures are sole proprietorship, partnership or corporation. You should choose a structure that most closely matches your business needs. Naming the business: Name of the business is also very important in the success of your business. Name of your business should convey the value, expertise and uniqueness of the product or service you are providing. The name should convey information about your business that what your business is. Writing a Business plan: Business plan is something like a strategy you need to build before starting a business. It consists of strategy, priorities and various action points such as objectives for employees, managers, hiring or building a business place, hiring people, buying resources, selling your products, arranging finance or loan for business etc how to start a business |
