A lot of people wish to work for themselves, but only a few show the courage to take the plunge. Running a business requires gumption and enterprise, and most people give up the good fight halfway through. If you intend to start your own business soon and want to make a success of it, this article is for you.
Starting a home-based business? Read on.
Starting your own venture is a big challenge, but you must set yourself up for success by taking the right steps from the get go. If you’re mulling over how to start your own home-based business, you should consider the following points:
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- Research and refine your business idea: We live in an immensely competitive world, and like you, there are scores of people looking to make good on the germ of an idea they have. While your business idea might seem excellent to you, it might need a fresh perspective from an unbiased source, or even a market research exercise. Do test your idea on a focus group within your target demographic to gauge the need for your potential product/service. This exercise gives insights into what is likely to work and what must be avoided – and if you need to overhaul your strategy completely, then do not shrink from doing so. The point is to launch a product/service that the market needs but does not have.
- Make a business plan: You could have saved up money over the years hoping to start your own business. You might even have investments made to coincide with the start of your venture. No doubt your business requires an influx of capital, but if you wish to start small and have the revenues to run for a few months, then you can forge ahead. If not, you must pitch for funding by way of a business loan. This requires a detailed business plan with a clear strategy, market and profit projections for at least two quarters, etc. The lender will ask to see the business plan and have a meeting to discuss the venture outcomes before discussing if funding would be possible.
- Make a shopping list: Once you decide on the launch date, you must work backwards in terms of gathering the equipment and help needed to meet the date. If your business is based on customer orders, then you must be prepared with a first batch of products by the launch date, and have enough inventory for orders that come thereafter. You will also need to invest in supplies, equipment to create the product, storage boxes/space, stationery, delivery bags, etc. The money for all these purchases can come from a low interest personal loan from a small loan app. (Read the section ‘How to get a personal loan for business’ below for details).
- Make goals for every quarter: You cannot map the business’s progress at a later date. You must have clear goals for sales and marketing for every quarter before you begin. You may certainly refine these goals as you go along, but they must be charted out before you commence operations.
- Set up your working space: You will need a desk, computer, records and accounts books, office chair, broadband router, desk calendar, drawers for files, etc. Buy these essentials so that you can start working right away.
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How to get a personal loan for business
The good news is that you don’t need to furnish a reason for taking a personal loan, whether to start a home-based business or for another purpose. You can borrow a low interest personal loan from a reputed app that offers high flexibility and a digital interface to apply and get the loan money. Start by assessing how much money you need to borrow for immediate purchasing and set-up. Meanwhile, install the small loan app and do a personal loan eligibility check on it. You can apply for the loan online as directed and await disbursal of the money to your account if your credit score and repayment history check out. Be sure to have a repayment plan for the loan without depending on the business’s profits to pay EMIs.
