How To Start a Business: Meet These 10 Requirements (Most Read)

Before starting a business, study these points

The probability of sustain rate of new start up not satisfactory. This is due to many reasons. These following points help you, how to start new business and make it successful. Implement these ideas or lesson or tips, whatever you say.

How to start a business: Starting 10 points

How to start a business

1. Get an idea

This is very first stage. You should have your own business ideas.

2. Research your source of idea

This is an important point. Because the source of your idea can say the future of your business. nearer the source, higher the chances become more chances you become successful. I mean if your sources of idea is your workplace, your college or your home environment, you have more success rate than  who starts business from searching on net.

3. Study the market

even you have a brilliant idea you should research your local market to find out the applicability of your ideas.

4. Make your financial plan

Very very important point for starting a business.
For any startup financing is very crucial point. The main reason behind business failure is lack of financing. So it is very important to make a full financial plan. Financial plan is very important than business plan. Because financial plan is pre-phase of business starting, but you can learn and modify your business plan at any time. Business plan is ongoing learning process.
Financial plan includes:

  • Source of initial or set up funds.
  • Source of back of funds
  •  Source of opportunities-fund.
  • How to minimize operating cost. (i.e. office setup, workforce management ).
  • Define wastage and necessary cost. 

5. Set your long-term goal and divide it in different part

Every business requires some time of span to make profit. It is said; even Twitter has not made profit till date. (Twitter recently made a net loss of $69 million in the first six months of 2013.)* I have to do more research on this topic.. So make your long term goal and divide your work, complete one stage and go for next. More you complete, very soon your right time will come.

6. Improve your skill and knowledge

There is always a gap between required skill and your present skill. That's why all great entrepreneurs say they are learning. Every day try to fill this gap. Narrower the gap, higher the chances of success.

7. Know required man power

Every successful business needs to have a strong-goal oriented team. Set you mind, you are making team not hiring a employees.
You can not do every work of your business. You have to get help from some people (your employees - your team). You define what types of man power you need? What are the desired skills you want? Make a team of right people.

8. Define the sources of your man power or team

Now where can you find your manpower. That can be your family, friends’ circle or Manpower Company.

9. Set location

Now you are almost going to start your own business. Choosing right location is very important. if you have well information about your targeted customer, your nature of business this won't be a problem. But remember it is not necessary to pay high cost just for location only. Wisely decide, know your inflow of cash.

10. Register and run business

Know all provision and requirement of legal processing. Register your company with long-term goal. Fulfill all rules and law. Get consult with lawyer or government authority. Make updated accounting system. And forward toward your goal.

Bonus tips:
1. Learning is ongoing process. You do not need to be extremely well prepared.
2. Start small but plan big.
3. Always make plan b, plan c or plan d whatever you say, but make exiting plan or business loss plan. It will help you if you that situation come.
4. Launch your business if you can give more value than existing business.

Disclaimer: This is recommended you to take more time of study and research before starting any business. and carefully make financial plan - not business business plan.