Being your own boss is an exhilarating feeling. You have full control and complete freedom to execute plans how you best see fit.
Do you want to experience the freedom of being your own decision-maker? Oftentimes, all it takes is saying no to excuses and that niggling procrastination. The key is to take action now. You must have already heard about the saying, “The best time to do something worthwhile is NOW”.
When the opportunity to be your own boss comes knocking, make sure you grab it with both hands.
Here are our recommendations for getting started on your own business.
Deciding on a business idea
To create a beautiful painting, you need a clean canvas! Similarly, to run a stellar business, you need a solid business idea – an idea that is in line with your goals and budget. Here is how you can on decide a good business idea:
- Write down different ideas based on your personal preferences, hobbies and suggestions
- Review examples of existing businesses with similar ideas and check the feasibility
- Choose an idea that suits you the best after brainstorming various options
- Propose a professional business plan; it is important to bring your business plan to paper for the world to see
- Proceed with the next steps such as marketing, funding, profitability, scalability and more
Importance of choosing a business name and checking for trademark availability
Marking your territory is an important first step in the implementation process. Give your business a name that is yours and yours alone. Trademarking is critical to avoid legal complications. You don’t want a competitor knocking at your door claiming you have stolen their name.
- Any name, signage, logo, and other aspects of your business name should be trademarked under the Trademark Act of 1999 in India.
- This will give you exclusive rights to use your name the way you want; you can be sure that this name is not illegally used by anyone else.
- Having a trademarked name automatically makes you look professional, thereby giving your business much-needed credibility.
Steps to registering your company and getting the required permits
Now that you have your name ready and trademarked, it’s time to get into the business side of things. Yes, it’s now time to make your business legal. You may have the best business idea and the perfect plan to run your business. However, it is of no use if you haven’t completed the legal formalities.
So, here are the legal formalities you need to complete to become the hero that you set out to be:
- What kind of business entity do you have (sole proprietorship, partnership firm, etc.)? Register the status first before proceeding to the next steps.
- Get the appropriate licenses that allow you to run the business in India. MSME registrations, tax registrations and startup registrations are some of the mandatory licenses you have to apply for, to ensure that your business is legally protected.
- Depending on the nature of your business, you have to apply for some special licenses. For example, if you are in a pharmaceutical business, you need to have a proper drug license. Some other similar business-specific licenses are food safety licenses, export-import licenses, pollution control licenses, fire licenses and more.
- Check with a legal expert to ensure that you complete all the legal formalities that are appropriate for your type of entity and nature of business.
Funding basics – bootstrapping, loans and investments
At this stage, the skeleton of your business is ready. It is now time to bring this to life by infusing flesh and blood into it. This is where the concept of funding comes in. You need money for raw materials, managing day-to-day affairs, equipment, marketing campaigns, growth, expansions and other purposes. How can you get proper funding for your business?
Here are some ideas:
- Bootstrapping – If you believe in the saying, “Self-help is the best help”, bootstrapping will work for you. In this technique, you use your personal savings to fund your business. You have strict control over your expenses, and maintain extreme financial discipline so that you don’t spend an extra penny anywhere.
- Loans – The lending scene in India has undergone a phenomenal change today. There is a rapid increase in the number of banks, financial institutions and fintech companies providing you innovative types of loans at attractive interest rates. Based on your business, you can consider the loan terms of different lenders, and choose the one that works best for you.
- Investments – If you don’t have the proper collaterals or good credit history to approach banks for loans, you can look for investors and venture capitalists to invest in your business. Yes, they may charge you a higher rate of interest than traditional lenders. They may also require a share in your profits. However, they are a quick source of funds. So, you can use them even when you don’t qualify for bank loans.
Bottom Line
Here is a big applause to you for choosing the road less travelled, and aspiring to create your own business! That, in itself, takes a lot of character and discipline. When you combine our tips mentioned here, your plan is sure to hit the bull’s eye. The key here is to remove ambiguity of any sort in every stage, and be clear of your requirements & goals. Success will follow, eventually.
Bonus: Free business launch checklist
For more information on a detailed guide to launching a business, you can use our free downloadable template. It contains all the steps you need to taste success in your project. It is designed by professionals, and it is absolutely free of cost. Download it right now to see the benefits it brings to the table.
