ON YOUR OWN

Most of us have got a lot of time to spare and self-introspect in the last few months, what we have done till now and the road ahead never could have imagined that the freedom one has, can be taken away so soon without even realizing it, A small virus, which is not even visible to naked eyes…. 

In the last few months, people who I have known both professionally or personally have approached me, asking, if it would be a good time to start a business (could be because of passion or may have been forced due to circumstances). I am no management guru, no expert, but I tried putting 20 years of experience of being on my own, which I have learned, while experimenting, time and again, in few points which may be of some help. As such this could be useful to any business but I have kept in mind small entrepreneurs who would be trying for a business turnover of around less than 10 Cr.

It all starts with a dream, to make that difference in the industry, and to achieve the goal, support a team, who can work for the dream and earn more than you can spend.

TO BE ON MY OWN

It is an exciting feeling, Being your own boss, deciding your time, working as you wish, following your passion, having your own product or services, your own brand… From day one, when the idea comes into our mind, we start thinking of Happy endings, all going well, but have you ever thought about how to start your own business?

While speaking to many I understand they are in love with their idea, for them, the idea will never go wrong, good…! understandable; as it is always advised, never be blind in love, Your business idea should be unique, problem-solving, innovative and profitable, that’s what most of them say, not necessarily, but I feel, your concept should be able to solve and help your target audience to achieve their goal if your Audience/Customers are happy, your business will work. It is a concept that can be used for monetary gain that is usually focused on a product or service that can be offered for money.

Once you are clear with your business idea, you may require developing certain skills in order to make it successful, A lot of people get into a business looking at a profit made by one of his friends or reading the idea on the internet. The Idea might look simple and also you may feel there is not much investment, but your skills may not match the business needs.

To take a very basic example, A very successful ice-cream salesman looks at his Real-estate Agent friend and thinks I am the best in selling Ice-creams why will I not be able to sell real-estate; yes why not, but you have to upgrade your skills in that area before venturing into it. I always thought while I saw my teacher solving a mathematical problem in the class, I felt it to be very easy, but when I sit alone and try solving a similar equation, I find it difficult.

SO,

1. A Business Idea you should pick up which you are good at.
2. You should be motivated to get back to do work every morning.
3. I have heard everyone say, you should love your Business, I believe you should be Married to your business, you may have trouble, but solving, understanding and moving on…should be that which should last.
4. Find what fits in your present life or the life you want to maintain.
5. The competition will always be there; can you make a small mark for yourself… Ask yourself?

Here, at this stage, it is important to not only write your Business plan but also your personal life…when you ask a question, How do you want your business to be now and five years from now, it is equally important to ask how do you want your personal life to be now and five years from now…

Business Plan

“Do I really need a business plan?” “Do I really have to invest my time in writing a business plan?” “It is all in my mind, I know my plan on the back of my hand” and many more excuses… But The answer to these questions are “Yes!!” A business plan is a blueprint for your business. It is a document that explains what and how to start a business and how it has to be implemented. Most of us think We write the Business plans only at the of starting of a Business, in reality, as the business grows and develops or otherwise… we have to keep making changes according to the new situations around us.

It is important to write a “Realistic Business Plan”, Most of the time, I find the figures put in there are to please yourself and to be in the happy space, Sometimes, the idea to start your own business may get discarded at this stage. It helps in coming up with some better or improved idea, Business plans are a great way to check the feasibility of your business idea. A good Plan can keep you inspired & focused.

From arranging your finances, understanding the Market and Industry, putting your Goals in place, that is what a good Business plan can do.

How to write a business plan? - will discuss in the coming chapters.

Planning Finances  

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Will be completing the documents in a few days/weeks, Please do write, comment and give your suggestions on what you would want me to address…write a mail to anupkrva@gmail.com or write in the comment section below.