How To Start Your Own Business

Nowadays, Youths are want to become entrepreneurs by start their own E-business like freelancing, drop -shipping or traditional business like Food Stalls,Saloon etc.due to their passion or in some cases lack of jobs.To start your own business Courage, Passion, Hardwork, Patience are some basic important skills need to remember.But How & where to start your business  are the major issues faces by many youths due to inappropriate knowledge.

Here are the steps that will surely help to you to start your own business-

1. Idea & Planning.
2. Check your idea gives value to the customers.
3. Search similar business which matches to your business idea.
4. Budget planning for your business idea for the next 1 year.
5. Register your business with the goverment.

 1) Idea & Planning for your business idea-

First step is to decide & fix your idea.Then told your idea to your friend circle or anyone. By this way you will get feedbacks & suggestions for your idea.Then discuss what are the pros & cons of your business idea.Then make a proper planning of your idea into business model to execute it.Select crowded region to locate your business.

• How to think ideas for a business?

I want to start my business but I didn't get a good idea for business this is issue is majorly faced by youths. Many youths thoughts that I need a unique idea for my successful business but it's not 100% right in my opinion. It's too difficult to get a unique idea for business. You need to put uniqueness in your business idea  against your competitors' business which matches to your idea to grow up your business idea. Select your business idea by your passion, willingness to execute it, required skills for it.

 2) Check your business ideas gives value to the customer- 

      Once, your idea is fixed for the your business then check your idea is providing value to the customers or not. Its important step for Swot Analysis of your business.It will clarify that your business is worth or not.So it's important step for your business idea.

 3) Search similar business-


 Search the similar businesses model that are similar to your business ideas. Study their business model how they are providing service to the customers. Try to put uniqueness & good service in your business idea to provide better customer value than your competitors.

4) Budget plan sheet-

Make a budget plan sheet for next one year for your business idea. This will help to analyze how many investment need to  invest in your business & how much  will get profit (If business successful) or loss (If business plan unsuccessful).

Start-up
Start-up India, Pradhan Mantri 'Mudra Scheme' are the initiative taken by Government of India to support Entrepreneurs.'Mudra Scheme' is the best to take loan for your business for entrepreneurs.

5) Register Your Business-

By this Registration  your business is legally register with government. Here are different registration types as per different businesses models like small businesses or big business as per follows-

1. Sole Proprietorship
2. OPC (One Person Company)
3. Private Limited Company
4. Limited Liability Partnership (LLP)

1) Sole Proprietorship-

Sole proprietorship registration is mainly done for small business which has less than 10 employees and has low turnover in lakhs. This business has low government regulations. In this registration owners is personally liable for his business. This registration is done in Gram-Panchayat or Municipal Corporation. It registration cost around ₹1000 & required 1-2 days for complete registration.

2) OPC (One Person Company)-

If you want to put separate legal entities between you & your business in that case OPC registration is beneficial for you. If suppose your business went into loss then no anyone can take to recover loss from your personal property like home,car,land with this business registration. In this registration there is one share holder & one director for your company. If suppose your company's name is "Delivery Transport" after registration it becomes"Delivery Transportation Pvt. Ltd. (OPC)". Cost of  registration is nearly ₹6000 & takes 5-6 day for completion of registration.

3) Private Limited Company- 

The major difference between OPC & Private Limited is that private limited company requires minimum two director & two shareholder. Shareholder can be increased upto 200 shareholder .If you want more than 200 shareholders then company automatically convert into Public Limited. Shareholders are not personally liable if company went into loss. Private Limited registration consider as a very reputatable registration because by this registration it is become easy to get loans from banks, get funding from investors for the business. This registration cost nearly ₹7000 & take 5-10 days for completion of registration.

4)Limited Liability Partnership (LLP)-


LLP registration helps to develop business for limited time & after completion of work it can ve dissolve .For example Suppose you are builder & want to construct a building. Then builder will hire some workers. After completion of building you want to dissolve company.For this type of conditions LLP Registration is beneficial.Mostly Engineers & CA etc. are use this type of registration. LLP Registration fee is around ₹7000.