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starting a small business is a great way to earn

Starting a small business is a great way to

earn a living and contribute to the

community. Many people with great

business ideas never started, simply

because they’re overwhelmed...

How to start a business in India | Starting

your own business, Starting an online

business

Venture Care

starting a small business is a great way to earn 1

Starting a small business is a great way to earn a living and contribute to the community. Many people with great business ideas never started, simply because they’re overwhelmed by the process of starting a small business and unsure of what specifically is involved. It’s understandable to freeze up at the deluge of things that are required how to start business, but getting going is actually easier than you might think.

With ato-do list of smaller tasks,you willbe ableto tackle enough of the actions necessary to get started. Hereis thestep bystepguide to simplifythe process andgettingstartedwith yourown smallbusiness:

STEP 1: WRITE YOUR BUSINESS PLAN

To get started, write your own simple business plan that is a high-level overview of the small

businessyou’reabout tostart. Theplan should explain the vision and mission ofstartingthe business.It will serve asyourguideto decision makingduringbusiness process. You will need to providebusinessplan to satisfylenders and investors, beforetheyapprovealoan or make an equityinvestment inyour company. Plans also serveasameans of communicating with potential partners, allies, vendors, employeesand evencustomers.

STEP 2: CALCULATING BUDGET

Keep the initial cost as low as possible. Know how much you will be able to spend. If you’re

self funding, be realistic about numbers and whatever you anticipate your budget to be. Keep aside an additional 20 per cent amount reserve so you can survive if things go leaner than expected. Keeping budget in mind, you should also determine how long you can stay in business before you need to turn a profit. One of the most frequent mistake people make is over-estimating revenue and under-estimating expenses.

STEP 3: LEGAL DOCUMENTATION

When starting a business, it’s wise to start as sole proprietorship, as it means less paperwork

and up-front expenses. As a sole proprietor, you have full personal tax liability for all the business’s profits. The upside is that you can deduct the business’s losses on your personal tax return.

Filing paperwork to start a business costs money. You’ll need to account for city or municipality licensing, state incorporation or business entity fees and more. So, file for a business entity once you’ve proven in the first three to six months of business that you’ve got a viable, sustainable model.

STEP 4: SEPARATE BUSINESS AND PERSONAL EXPERIENCES

It’s easy for your personal finances to get tangled up with your business finances. Whatever

business entity you decide on, keep the funds separate from your personal accounts. For one thing, doing so will make it much easier to figure out what you can deduct and what you can’t at tax time and it will also make it easier to grow how to start businessor even sell it.

STEP 5: TEST MARKETING

Check the market potential of your product or services before throwing all your time and

money into an unproven idea. If you have a service-based business, get involved with your local chamber of commerce or small-business chapter immediately and ask what resources

are available for you to speak, present or share information about your business. If you have a product-based business, test the viability of your product at local swap meets, farmers

markets or other community events to test what the public really thinks.

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