If you are planning to start your own business and need some guidance on mistakes you should not do then this article is going to be the boon for you. Starting a business in India or anywhere is not a piece of cake you have to do a lot of hard work to execute your ideas.
1.Not having an exact business Idea
It is the most important thing about any sort of business if you don’t have any idea to execute then what kind of business are you going to do. First of all, you need to make your mind that what you actually want to do there are a lot of options which you can try such as aerospace, tourism, hospitality, agriculture and a lot more.
2. Start without proper training and Experience
Any kind of work you do if it is not up to the mark then it is waste of time so even if you are trying to start a business you need to be perfect you can enhance your skills through attending workshops or by any other way you like because the experience is the thing which matters a lot in life.
3. Writing it down: The project report
Your report must include name, age, qualifications, experience, of the owner(s) and a revenue model with all the details (cost, sale prices, taxes, delivery charges, etc)
Your success is based on the uniqueness of your idea, try to read failed as well as succeed stories to get more ideas that what you should do and what you should not and you should also pay attention to domestic and international markets so that you can have an idea of revenue.
4. Not having a trusted source of Funds
There are a lot of methods from which you can raise funds for your business. Most of the time in small businesses people finance their own business or their family or friends finance their business, this can be good for the short-run but it can create problems for your business in the long run. So before making any final plan to raise your fund you need to calculate the revenue and fund required and as per the calculation you start raising funds from only trusted sources.
5. Choosing any random location
If you are planning a big-budget business then this might don’t affect your business at all but if you are planning to start a small budget business then location is a very important part you should focus on. As your location is confirmed you can proceed with legal formalities.
6. Neglecting Business registration and legalization
Legalizing your business is another Big step towards your dreams. A few years back it was a very exhausting and lengthy process but now as per PM Narendra Modi’s instructions it should be done in a working day.
7. Not giving importance to tax registration
You should have a Permanent Account Number (PAN) and Taxpayers Identification Number (TIN). If you don’t have both of these then there is no need to worry because of income tax department issues both (PAN) and (TIN) in 30 working days.
8. Ignoring digital platforms
This is in the digital era which can help in increasing the reach of your business there can be three types of business online /online and physical/physical (store, office, workshop). Launching a website can actually help you, in the era of content marketing you can post blogs on a daily basis to increase your reach.
9. Don’t satisfy in less
If you want to make your business successful you need to mark a position in the market, there are a lot of ways to do that such as you can implement your unique ideas in making your business more attractive, you can use a unique name so that people can remember it even if it is because of its weirdness, creating a logo is also a remarkable step.
10. Looking for professional officials
Most of the time in small scale business staff are family members or friends but if you don’t want to do that or you are not eligible to do that you can hire your staff on low wages, you can give the chance to beginners as they might be looking for experience so their expectations won’t be that much high and it will be good for both of you.
11. Publicize your business
It is the best way to increase your reach as you will interact with public they will get to know more and more about your reference but publicity requires a lot of money and as a beginner in the business world it won’t be that much easy for you so for your convenience you can start from social media because in this digital era that’s the best place to spread both positive and negative things you can also increase your reach through social media or you can try out traditional ways such as newspaper, radios pamphlets, etc.