How do you start your own business

Ideas are worth nothing unless executed. They are just multiplier. Execution is worth millions.  – Steve Jobs

How many of you ever thought of starting your own venture/business but could not really do it due to fear of failure or complexity or lack of knowledge? It is far easy than you ever though as long as you are committed to it and have a strong plan.

Do remember that – “Opportunities don’t happen. You create them. The value of an idea lies in using it”

Everyone wants to be on top but most of them do not want to do anything about that. I am not encouraging you to start a business but if you want to do it or you aspire to do something big, go for it. The toughest thing is to take the initiative and get started – That’s a half victory.

Let’s look at the step by step process to give life to your idea and aspiration.

The research followed by initiative – Good research is core to the first step of your success. Please understand that there is nothing called complete research. You should look around and find out a few ideas – considering your interest, knowledge, feasibility, and outcome.  Look for all the possible solutions you can come up need to be within the timebox period. You cannot go for research forever else your idea becomes just an idea.

Brainstorm ideas – I advise people to go for a DAR – Decision analysis and resolution. When you have more than one solution for a given problem, DAR would help you to decide the best option. This can be used in any situation including deciding your life partner … when you have multiple options. 🙂

Talk to your friends, family, and people related to your ideas.  If you want to open a restaurant and the investment is big, I suggest you take a job at a restaurant for a couple of months in any good restaurant.  It would teach you enough to take your business forward. How many times your thoughts you could have done better when you attempted something.  This would significantly increase your chances of success.

Building a plan – The basic plan should have been done during planning but that’s just the starting point. You should write down every possible step which you would need to get started. Prioritize them so that you know where do you need to give a focus.  Don’t worry too much as you move along, you keep getting ideas.  As long as you are Agile, success becomes simple. You never need to boil the ocean instead be ready to deviate the plan.

It’s all money game – Check your finances
This is something you need to start thinking from the day one. Every step should be directly or indirectly related to this. You need to understand how much you can invest. How much is needed for a business? There is always a myth among beginners that what you start with is what your investment is going to be but that’s not true. You have to keep investing for the first few months/years. Even though I am a certified financial advisor, I would prefer to hire a CA. Spending little extra money is worth it.

The more you spend, more you gain. Money attracts money. Every penny you spend, you should plan it well. Don’t consider the sunk costs.

Legal Needs – You need to register your business to Govt bodies. If you have a – shop that might a shop act certificate. The “current account” is important. If you have a partner, the partnership deed should be discussed. It took us a week just to close on the partnership deed. Do ensure to adhere to any other Govt needs and be aligned to that.

Branding and advertisement – Most of the people forget that branding is really critical in today’s Era. This is one of the extremely crucial factors in order to be successful which is often ignored. It all depends on what kind of branding you may need to do. For example, one can use pamphlets, just dial, Facebook, personal website and other mediums.

Business expansion
What you earn in the beginning is what you have to keep investing in. It is ok to have a bad or average start. Don’t get demotivated. One of the people whom we ordered stuff from China has taken our money and ran away. That was sunk cost and we just forgot about it though the learning was there hence we were more cautious about choosing the right vendors.

Keep looking around what else we can do it. For instance, you started a business to sell school stuff, you business may be down during holidays. You can add on corporate gifts, and other add ons.

Take Risks.
This is very important. If you are risk-averse than chances of getting success in business are really fat. You need to keep taking a risk at every point. You should always have mitigation, contingency, and a fallback plan in place to manage your risks effectively. Be Agile, be adaptable. Don’t stick to one thing forever. If you find an alternate which is working, switch to it.