Who doesn’t want to be one’s boss and work how he wants to? Vinay Kumar Nevatia’s tips will help you to start a small business today and be your own master. But starting a business on your own is not as simple as it looks.
Starting your own business can be a difficult task as it needs deliberate thinking and various aspects affect your decisions. Tasks related to legal issues, finance, marketing are involved while starting any small scale business. But the most important thing is to have an excellent business idea that is sustainable in the long run. Some of these ideas require preparation and brushing up your skills.
A little time spent on these skills can let you help achieve your dreams. A small business idea can be started today with little investment, minimal resources, moderate knowledge, skills, and proper planning.
Take a look at these 5 important tips before starting your small business:
1. Have a proper and detailed plan:
Always have a notepad handy to write down all the ideas that come to your mind. Have a clear plan of action, targets to reach, achievable goals, opportunities to grab, and set deadlines for yourself. Never forget that it is important to have a plan, but the plan must be flexible and bound to reality.
2. Seek advice, have a good team, and talk it out:
There are always hardships in the journey. But do not feel lonely, Surround yourself with people who trust you, who motivate you, and who are optimistic enough. An honest, efficient, hardworking, and smart team will help in reaching the targets soon. A healthy work atmosphere and an amicable bond between the employees is a key factor.
An important thing is to seek advice from someone who has some prior experience in the field. It’s necessary to have a mentor who’ll help you take toddler steps and motivate you to reach your goal. A helping hand is necessary to direct us to the right path.
3. Always be prepared for the worst scenario:
Both soft petals and pricking thorns combine and make a beautiful rose. Not every situation turns into our favor. Most of the time small scale businesses fall into vicious circles of failure and losses. But one needs to be prepared to face the worst situation. Always have a backup plan to execute. If you’re an employee, then start your business as a side job and don’t quit the job until the business seems to be a success.
4. Keep up with the market and technology:
Have a clear-cut idea about what your product is and how it is beneficial to the buyers. Your good should be able to fill the gap in the market. Always be clear about your business motive and stick to it, With the advent of technology, you must utilize social media, internet, online marketing strategies and be available to the customers when needed. Have a well-tailored marketing plan which suits your business and fits in the budget.
5. Consider the finances:
A pivotal aspect of the business is money. One needs to be aware of the costs that go into the business. Calculate all the expenses that go into purchase, manufacturing, rentals, supplies, working capital, marketing, and salaries. Many times unexpected expenses come up. Take every minute cost into consideration and then make a plan that fulfills all the criteria.
Vinay Kumar Nevatia has also created a list of 5 Small Business Ideas for upcoming entrepreneurs to achieve success:
1. Tutoring and online classes:
Teaching is a noble activity. The amount of satisfaction a teacher gets when they see their students succeed is indescribable. Now, one doesn’t have to be 100% perfectionist in any subject to be a teacher. Even normal level skills and knowledge will help you. And, if it makes money, you are all set and good to go. There are good platforms where you can complete your profile and get paid for tutoring and creating online courses. However, it takes some work initially along with a few trials and errors, but it is one of the best ways to earn money from home. All you need is a good computer, stable internet connection, and a deep passion to teach and learn. This is the top and most sought idea in our small-scale businesses list.
2. Event planning and organizing:
Whatever may be the situation in the world, marriages and important events have their importance. Well, do you know that an average family spends 15-30 Lakhs at a wedding? Yes, you heard it right. Such is the potential of event management and organization. If you have little experience in organizing picnics or even birthday parties, then this is for you. With a good team and resources, this business can be scaled to one of the highest profits generating business. You can organize weddings, parties, cultural nights, concerts and as you build connections, you increase the chances to arrange bid budget events. Believe me, this is the most sought-after small business idea in India.
3. Homemade products:
If you are good at making products at home like chocolates, agarbattis, scented candles, imitation jewelry, DIY crafts, eco -friendly bags, masks, (we need them more now) then why not start selling your products and earn a profit? It’s a suitable small business idea for women who are creative and are genuinely passionate about creating a good product. Materials required to manufacture these products are the only investment that you need to do. If you create your website, then the audience will be able to reach you easily.
4. Affiliate marketing:
What is more difficult than creating a service or product? Selling it! Affiliate marketing is essentially a pipeline that can generate and maintain a company’s sales pipeline for a very less cost. If you have good writing skills and a zeal to sell, you can take up affiliate marketing and generate high revenues. All of you need is a laptop, a good internet connection, and a sellable product. It is indeed the best small business idea at home to start today. why don’t you give an example or platform to start affiliate marketing such as amazon affiliate marketing? [2 lines about that would be more than enough]
5. Hobby classes:
These days parents want their kids to not only excel in academics but also do well in extracurricular activities such as sports, music, dance, or art. Starting hobby classes for kids is a simple small scale business idea that requires a set of good instructors, ample space, and resources. If you are good at one skill, then you can pool in with other skilled people and establish your academy. Once your brand is in good books of mothers, then mouth to mouth marketing by them is enough to get you many students.
Throughout this article, we discussed various things related to small scale business. But honestly, no journey would be a cakewalk. And if it is, then it’s not complete. Endeavour is the real essence of success. Your business should not just be selling and profits but should give you real contentment. Hoping that you reach the heights of success.