“Life is too short to be working for someone else’s dream.” – Hugh Hefner.
When talking about business, freedom, courage and passion are the three terms that come to your mind. Maybe you are passionate about something and it is your dream since your childhood. And maybe you don’t want to work with someone and wish to be your boss. That’s when you can launch your own venture.
The reason could be anything, but we all want our own business. To make your new business venture a success, you must have a clear and solid knowledge of the business. But if you don’t know how to start your business? Not to worry. This article will help you start your business.
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Here are 5 tips to start your new Venture
1. Idea and planning
The first step to start your business or startup is that you must know what exactly do you want to do. What is your idea? You need to think that what do you like to do. If you want to start a new business, then you have to plan and create the idea of your business. It will help you direct your business as you start and grow. A good business idea and plan guides you through each stage of starting and managing your business. When these two things are clear, you can start your business. Your business idea and planning can help you get funding or bring a new business partner. So, for any business, make a business plan and idea.
2. Make a business budget
If you are starting your business, then you have to prepare the budget report for it, that how much capital and investment will you need to start it? So, first, try to think of a venture where you can invest yourself and you have the capital or your friends and family are ready to give you that amount. This is for the initial stage. Once your venture is established, then you can think of taking a loan from a bank. You can minimise risk in this way. Make your budget and business plan strong so that the investor will get convinced that this venture will surely work and if they invest in this, then they won’t incur any loss and gain only profit from the it.
3. Register your Venture
Now next step is to register the business with the government. According to the type of business, there are different ways to register it. And these different ways are called business entities. The first and easiest way to register it is “sole proprietorship.” It is a way to register your venture where the owner is you and whatever will be the profit or loss of it, it will be your profit and loss. So, in a way, you are personally liable for everything that’s happening with the business. Many small businesses owners use this way and register their shop and ventures as sole proprietors. There are many benefits of proprietorship, where the government regulation is the minimum.
4. Yearly mandatory compliance
It is very important. The first thing is income tax returns. Every business has to file an income tax return at the end of the year. The second thing is accounting and which you need to do carefully. Maintain a balance sheet where all your profit, loss, money, received, etc is done on a balance sheet. You can hire an accountant for this or if your company is small, then you can do it yourself. And if you are registered for GST, then you have to file GST, it has monthly or quarterly compliance. So, all this compliance is very important for your business. You need to learn all this and implement it in your business.
5. Value of your business
It is very important to think about how can you give value to people through your business? To give value to the client, customer or the people and society. All the business gives value and if you are going to focus on the value, then your business will run well. And somewhere you can only give value when you enjoy working. So, only do such business where your interest lies and you enjoy working in your business. There is no point in doing a business that runs unsustainably, which leads to destruction.
Therefore, we conclude that these steps are the essential to start your venture. Keeping those steps in mind makes you a successful entrepreneur. These steps give you a lot of knowledge and a lot to learn and a lot of value.
By – Bharti Sharma
