Starting Business

Starting Business: Things to keep in mind -

There are certain things that you should keep in mind before starting a Business. Because Starting a new Business is exactly same like jumping from the airplane without parachute. Here are those things that you should keep in mind before starting Business.

Let me tell you the example of my self. When I have started this Web Business (This Blog), I kept many of these things in my mind and some i learned from my experience.

- Business Plan – You must have a proper Business Plan before you start your Business. Business plan doesn’t mean some sophisticated, expert made Business plan. A Business Plan can be on a piece of paper only. A Business Plan is your vision means at which level you want to take your Business. Some people spend hundreds of thousands of rupees behind a Business Plan. But in my opinion, if you are starting a new Business than keep the things simple. Don’t waste this much money behind Business Plan. Just write down your Goals & Strategies on a simple notebook. But yes, Don’t forget to make your own Business Plan.

Another thing you have to keep in mind that, your Business Plan MUST contain the detailed Market Research & the marketing Strategy of your Product. In other words, before starting Business, you must understand your market and its needs.

- Start-up Capital – Before you start any Business, you must raise enough start up capital otherwise your business will fail at middle of the way before stabilizing. When I wanted to start my own Business, I did not have enough capital. In fact, I did not have few thousand bugs only in my pocket. And that’s why I used my mind and chosen a Business model that requires no (or Minimal) start-up Capital – The Web Business. I was passionate about Money, Finance, Investing & Entrepreneurship since many years. So initially I wanted to buy my own property in which I can teach people of my city about money & investing. But I did not have capital to buy or rent a property. So I changed my Business Model & started this Blog. Because it doesn’t require any start-up capital.

It only requires a Computer that I already had. No doubt, later on in my life, I will re-invest the profit of this Blog and buy my own Properties & develop my own Financial Education System.

- Don’t Borrow Money – As a Start-up capital I personally advise not to borrow money from anyone even though they are your friends & family. I know that many Business gurus will advise you about how to raise start up capital for your new Venture. But honestly speaking, It doesn’t work. And even if it work, I have never seen a single person in my life for whom this formula worked.

The reason is very simple. Once you borrow money, you are in obligation of your lender. And initial few years of any new Business is very critical. it takes a time to grow your Business, Customer base & generate revenue. So if you have borrowed money from the first day of your starting Business than you may be in trouble.

So keep in mind the above things before starting your new Business.