Before we start discussing about the topic, you need to understand that there is no business started with no investment. You also have limited time and energy, along with the financial resources which together become very important to spend. And you invest all of these to different degrees to make a business work.
But for the sake of this topic, let’s say you want to start your business with Rs. 10,000 or Rs. 20,000. Seems reasonable and to be honest it is. Though, it might seem impossible to start a business with such a low and reasonable amount, but it isn’t as we’ll see later. For this, you need some tips to start your own business and we’ll deliver you just that.
Tips to start your business
You need to have a mindset at first before jumping into starting a big business. That mean for this you can start small businesses. You need to make some certain changes in your life that ensures that you can earn money. It’s not difficult to do. It’s not impossible to create. For this, thoughts are not enough. You need to believe this notion. For this, start as small as having a lemonade stand or a fast food stall. Make this your challenge to generate Rs.3,000 extra (apart from your usual salary) at first. Do anything, there’s no need to judge yourself (As long as it’s legal). At first, try to make money. Keep yourself on this challenge for 2-3 months. You can increase the amount by 2,000-3,000 & surely something will snap. You’ll believe that it isn’t hard making money in the real world. This change in mindset will open up your mind to multiple possibilities. You’ll start seeing business everywhere. And more importantly you’ll believe in yourself.
2. Save your time and money
Now, it is important to understand that absolutely no one can teach you how to do business because it all starts with the mindset. You need to have a mindset that can generate money in the long run. People who do MBA with the amount of money they invest in those 2 years, could use the same amount to start multiple small scale businesses. And they surely will succeed in at least one of them. Not to discourage who have done MBA or are doing MBA. Moreover, you can only teach the art of business by yourself. In fact, if you want to gain information, it’s all over the place. We live in a technological era where everything is available online. You can save your time and money by using our Food License Registration.
3. Solve a problem
Every business solves a problem. It could be making goods available to people, better quality of goods, more quantity of goods, better taste & so on. The limit to servings isn’t there. The only question is where is it required? Analyse your daily life and find out an answer which will solve the problem. Make a list of all the problems keeping in mind the feasibility of the solution. The finance you put into it should be available to you. It could be as simple as making the service of pest control better.
4. Cost effective
Now’s the real deal. In this consumer based society, how can you save money and be effective in your spendings? Well, there are a couple of ways to achieve that.
- You can start investing in buying your appliances second hand. Be vary, as there could be some defective items available in the market.
- Remember that the business would be small scale as the amount of investment is very low. So, don’t overspend on your business.
- You can start with investing some and start earning. After this, you can reinvest the money earned in your business to grow.
- As it is said before, start small and make a better first impression by giving free samples/free demo or trial.
5. Better business proposition
Since you’re new to the market, you can give free demos or provide better discounts than the previous players in the market. As the previous players are there to earn profit and not to acquire customers that will serve them for long time. This is crucial as you need loyal customers that will be your client for a long time to come. For this to work, over-serve your every customer. You need to make them feel a bond that you’re willing to establish. Let the business be for love and not for the money entirely. Be an honest businessman as the customer may come and go out of your business in a snap if they don’t feel satisfied with your service. Be fair to your customers, charge a decent profit but also give proper salaries to your employees that you can hire once your business blooms.
You can solve a problem that’s never been solved or you can try and get a piece of a billion dollar pie (such as in the case of real estate), but you will have to face some competition one time or another. For this, you can provide a USP that’s never been done before. A secret recipe that makes your idea stand out from the rest and generates loyal customers into your business. This is essential, as if you do the same thing that’s someone else is doing, they’d have an advantage of experience with them to grow their business. You can also tie up with someone in your field who have the experience and charge some commission at first. You might want to work for no money at all (in other words, cost to cost business generating no profit no loss).
a). Almost every house suffers from various pests and they might need cleaning every 5-6 months or so. So, if there is someone who’s doing this thing, but charges too much and serves very little to the clients, you can go for this. Now, understand this, this is not a new business idea completely. Just that, that you’re solving a problem that is here but better. Let’s say you pay up Rs.5,000 upfront for a 1 year service tenure and then you don’t hear from the pest control agency. You can take up the task and buy the instruments. Roughly, let’s say it costs you Rs.5,000 only. Then it can be said that this business costs you zero money. As you will be using the same thing for yourself and you might be able to generate a better business from it, only if you over-serve at a little cost.
b). There’s another problem of a unhealthy fast food business. You can create a demand of healthy fastfood. For this, you need to create a new product and serve people in exchange of money. Now, with the change in times, there’s a change in mind. People now, want better health more than ever. There’s an awakening of some sort. Your product will be solving problem and would not be without competition as more businesses will be opening up quite soon. So, be prepared to innovate but at the same point of time gain tons of experience.
c). Catering business. You know that there’s much competition out there that serves the same purpose. For this, you need to make some changes in your approach. You can tap into some other business that also serves the same purpose. Let’s say birthday parties. You can choose a theme or maybe choose the type of meal. And don’t forget to spend lavishly on your business cards as they will be the first impression people will get of your business. You need to find better opportunities to tap to serve the same need. You might also need to use the cost to cost section here to generate your business.
In the end, we need to say that in the business it is more important to say NO, than to say Yes. Since, at first it may seem doable as you’ll be getting paid but if it’s not managed properly, then not only your current client but your future client might not seem interested in your services.
Author Bio: This article is written by Anubhav, who is a Content Writer at LegalRaasta. LegalRaasta is an online platform that provides expert legal services including ITR Filings, LLP Registration, Private Limited Company Registration, Partnership Registration & Proprietorship Firm registration and the list goes on. So what are you waiting for? Contact us now and get your business registered.