Many people are drawn to the concept of entrepreneurship, but figuring out how to get started can be intimidating. If you're wondering how to establish a business, you might be surprised to know that it's not as difficult as you think.
You can create a product or service that meets consumer demand. However, before you get into anything, make sure you do your homework. This is crucial because only 79.4% of businesses survive their first year in trade.
Planning, making financial decisions, conducting market research, and gaining skills in areas you never expected to learn about are all part of the process of starting a business.
Below we have mentioned a 5 Step guide, to start your own profitable business. We have developed these steps to assist you in putting your best foot forward right now.
Ask Yourself, If You Are Ready?
When it comes to deciding, if you are ready to start your own business, it is more about mindset than timing. Are you in the frame of mind right now to win? Now, if you did not shout heck Yeah at your computer screen now, then you might have to re-examine if entrepreneurship is the right path for you or not.
Determine What Kind of Business You Want To Start
Next step to start a business is to figure out what type of business you want to start.
Is there any particular area that you are actually passionate about? Or are you looking for a business that you can work on or just own? Do you want to convert your hobby into your passion? These are some handful of questions that you need to ask yourself before starting a business.
To figure this out, create a list of the things you are actually passionate about. Then focus on the top 3 most popular keywords on your list.
Choose Business Model
Consider how you'll implement your business concept in your area when you have come up with one. A business model comes into play at this point. The business model is a plan for how you will use your concept to deliver value to your customers while also making money.
It helps to have some tried-and-true business models in mind when learning how to establish a firm.
Market Research
The next step is to define your target market. To put it another way, who will you serve? Make sure that you are a member of your intended audience.
Consider that for a moment. You'll understand the concerns, desires, and language of other campers if you've been camping your entire life. As a result, selling camping products on the internet would be considerably easier.
Furthermore, because you will have a greater understanding of how to communicate with other campers, your marketing will be more successful. On the other hand, if you've never been camping before, you'll probably find it difficult – if not impossible – to sell camping gear online.
Get Government Loan To Start Your Business
You can apply to any bank under the Pradhan Mantri Mudra Yojana to raise funds. For this, you will have to fill a form, in which these details will have to be given. Name, address, business address, education, current income and how much loan is required.
There is no processing fee or guarantee fee to be paid in this. The loan amount can be returned in 5 years. Prime Minister Narendra Modi announced the Pradhan Mantri Mudra Yojana in 2015. The scheme's goal is to support non-corporate, non-farm small/micro-enterprises with loans of up to ten lakh rupees.
The PM Mudra Yojana has 3 products, namely 'Shishu,' 'Kishore,' and 'Tarun,' to indicate the level of growth/development and financial requirements of the beneficiary micro unit/entrepreneur, as well as to serve as a reference point for the next phase of graduation/growth.
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Loans up to Rs. 50,000 are available from Shishu.
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Loans between Rs. 50,000 and Rs. 5 lakh are available in Kishore.
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Tarun – Loans ranging from Rs 5 lakh to Rs 10 lakh.
You can also start these profitable small business with full government support.
