Tips for Starting Your Own Business.

Finding your business the right idea and model

You have a thought. Take the time to explain what you're selling or giving away. Could you give a short and clear explanation of what you do or sell? If not, you should work on your idea. Is there a need for your idea? Businesses that solve or meet a clear business need or problem are the ones that do the best. There might be a hole in the market, or you might be able to make your service stand out from others in the same field. You can do this by giving the customer more value, a unique selling point, or a cheaper product or service that meets the same need.

You might want to switch from a full-time job to selling your skills as a freelancer or under a contract. It's still a good idea to do some market research before going out on your own. How much do other freelancers charge for their work, and how do they get known? How can you make your service stand out from others in the same field? Ask yourself if you want to be an all-around expert or an expert in a certain field. Do you want to work with companies in a certain industry, like food and drink or banking services? You will have a smaller market, but finding a niche can be good for you and make it easier to get business.

Or maybe you want to change jobs and make a business out of a hobby. A lot of people choose to buy a franchise because it lets them use a well-known brand name and a business plan that has already been tried and tested. On the other hand, something like this usually requires a big expense. You might find it helpful to use tools like Franchise Providers to help you figure out what might work best for you.

ProMunim of India helps people in many different areas start and run their own businesses. The following is a list of some of these business types. They might give your ideas if you're still looking for the right business plan and idea.

• Mobile businesses, like hairdressers, beauticians, and tutors who come to people's homes to provide personal services; 
• Creative businesses, like those that make and sell jewellery, crafts, interior design consultations, candles, paintings, and sculptures; 
• Retail businesses, like those that sell things online or in stores, markets, in-store concessions, or shopping boutiques; 
• Coaching or consulting businesses, like giving advice to individuals or businesses; 
• Teaching or training businesses, like building up the team at work.
• For people who don't have much time, there are services like washing, babysitting, cleaning, gardening, and salespeople.
• Fashion or clothing businesses: designing and making clothes, bags, and accessories, as well as changes and sewing. 
• Technical businesses: maintaining and servicing cars, fixing computers, working as a gas and heating tech, and other skills.
• Food and drink businesses: this can be a local café, event serving, cake making, or even brewing and distilling
• Business support services businesses include marketing, public relations, copywriting, advertising, web development, and virtual assistant work.
• Health-related businesses include personal trainers, gym owners, healthy eating advisors, health and safety officers, and pest control. 
• Driving-related businesses include delivery drivers, couriers, minibus hire/drivers, movers, and taxi drivers. 
• Tourism-related businesses include providing lodging (hotels, B&Bs, campgrounds, etc.), outdoor activities, and recreation facilities.

Seeing if your business can make money

In addition to getting feedback from the market and your ideal users on your idea, there are some real things you should think about before you start.

• Will you do business from home or a Commercial building? If so, how much will it cost, and what are the legal implications?
• Where will you sell it? Online, in person, by mail, in a store, at a market stall, etc.
• Do you need skills, licensing, or insurance to run your business?
• Do you need help or can you do everything by yourself?
• Do you have all the skills you need to run the business, or will you need to hire other people? a computer coder, a bookkeeper, etc.
• How are you going to pay for your new business? What will you eat and drink until it starts up?

All of these questions will have an impact on your cash flow and your ability to run the business. It is important to get these straight from the start and have a clear plan of what you want and need to do for the business to succeed. You can find more information about starting a business, managing cash flow, setting prices, and predicting sales in the online tools at www.ProMunim.com/register/sign-up.

Understanding if you're right for the Business

• It may seem simple, but it's an important thing to think about. It's not enough to just have a good business idea. Running a business can be very satisfying, but it's also hard work that needs persistence, self-motivation, and creativity. Even if you have the academic or technical skills to work in your area, you should take some time to think about your attitude and how you like to work. It's important to get this right because it's your chance to make the best work setting for you. Here are some things you might want to ask yourself:

• How would you like to split your time between work and home? What amount of time do you have each week to work? Depending on your business, you may have to do a bit of everything during the start-up time until you make enough money to hire staff. If you do this, you will be solely responsible for the needs of the business. Set limits right away. In what ways are you ready to change?

• Can you tell me about the money you have to start the business? You should think about all of your spending, both business and personal. This will help you set the price of your product or service, make a budget, and make short- and long-term sales predictions.

• Have you thought of a backup? If you have a backup source of income or are thinking about what you will do when work slows down, you can rest easy. It's always a good idea to spend some time at the beginning to make enough money to pay your bills for a few months. Think about this before you spend all of your start-up money on inventory and a place to work.

• How well do you talk to people? A good boss? Could you work on this? To be the best person for your business and the people you hire, think about getting training and growing. Communication is key to running a successful business, whether you're trying to get the best deals from providers, build a loyal customer base, or lead a team. This could also mean getting better at a certain thing, like computer skills. People who want to start or run a business can get help from our Digital Boost program, which includes one-on-one advice, classes, and online tools. The digital upskilling guide is a great place to begin.

• How do you deal with problems and not know what will happen? Think about what you can do to handle worry better. Take care of your physical and mental health and learn how to deal with problems.

• Have you checked to see what licenses and legal requirements you need to work in your field? It is important to find out what the law says before you start dealing.

More support

People who want to start or run a business can get free training, classes, and one-on-one help from ProMunim of India. By going to www.ProMunim.com/events, you can book them.

You can also meet people who share your interests and hear from people who have run their businesses. Contact your local ProMunim of India branch office or visit www.ProMunim.com/stories to read some of their inspiring stories.

Frequently Asked Questions