Many people are drawn to the concept of entrepreneurship, but knowing where to start can be daunting. If you are wondering how to start a business, you might be surprised to know that it is not as difficult as you think.
You can create a product or service that meets consumer demand. However, before you jump into anything, be sure to do your homework. This is crucial because only 79.4% of companies survive their first year in commerce.
Planning, making financial decisions, doing market research, and building skills in areas you didn’t expect to know are all part of the process of starting a business.
Below we have mentioned a 5 step guide to starting your own profitable business. We’ve developed these steps to help you do your best right now.
Ask yourself if you are ready?
When it comes to deciding if you’re ready to start your own business, it’s more a matter of mindset than timing. Are you in the mood right now to win? Now, if you haven’t shouted hey Yeah on your computer screen by now, you may need to reconsider whether entrepreneurship is the right path for you or not.
Determine the type of business you want to start
The next step in starting a business is determining the type of business you want to start.
Is there one area in particular that you are really passionate about? Or are you looking for a business you can work on or just own? Do you want to turn your hobby into a passion? Here are some questions you should ask yourself before starting a business.
To figure this out, create a list of the things that you are really passionate about. Then focus on the 3 most popular keywords on your list.
Choose the business model
Think about how you are going to implement your business concept in your area once you find one. An economic model comes into play at this point. The business model is a blueprint for how you will use your concept to deliver value to your customers while making money.
There are some proven business models that help you to keep in mind when learning how to start a business.
The next step is to define your target market. To put it another way, who will you serve? Make sure you are a member of your target audience.
Consider this a moment. You will understand the concerns, desires and language of other campers if you have been camping your entire life. As a result, selling camping products on the Internet would be considerably easier.
In addition, because you will better understand how to communicate with other campers, your marketing will be more effective. On the other hand, if you’ve never been camping before, it will probably be difficult, if not impossible, to sell camping gear online.
Get a government loan to start your business
You can ask any bank under the Pradhan Mantri Mudra Yojana to raise funds. For this you will need to fill out a form, in which these details should be provided. Name, address, business address, education, current income, and loan amount required.
There is no handling fee or warranty fee to pay for this. The loan amount can be repaid in 5 years. Prime Minister Narendra Modi announced the Pradhan Mantri Mudra Yojana in 2015. The objective of the program is to support non-commercial and non-agricultural small / micro-enterprises with loans of up to ten lakh rupees.
PM Mudra Yojana has 3 products, namely “Shishu”, “Kishore” and “Tarun”, to indicate the level of growth / development and financial needs of the beneficiary micro unit / entrepreneur, as well as to serve as a point of reference. reference for the next phase of graduation / growth.
Loans up to Rs. 50,000 are available from Shishu.
Loans between Rs. 50,000 and Rs. 5 lakh are available in Kishore.
Tarun – Loans ranging from Rs 5 lakh to Rs 10 lakh.