Having seen my dad operating a business consultancy firm ever since I was a toddeler has helped me a lot in understanding ’’ Whats not to be done in business?’’. Surprised ? Yes I mean it---If you know what not to do in a particular business there are 80 % chances that you would avoid losses....Now learn the tricks of the trade to ensure that you mint profit to secure the remaining 20%.
The whole nation is burning on the issue of reservations. Irrespective of the result of this agitation one thing is dead sure. The demand supply situation of the jobs in nation is in a pathetically bad shape....What do the whole lot of educated freshers do then.....Is there any other way out????? -----YES there is and that magical mantra is called ’’ Self employment’’...where in instead of being a job seeker you become a job creator, that helps the nation to get over this situation of job.Want to know a few simple steps to start your business.
1.Create multiple options of the businesses that you find attractive.
- Analyse the sector to which each business caters, take a long term perspective on the possible clientale.If prospects of the customers is bright , then you stand a fair chance to grow with them.
3.Based on the above result shortlist 2-3 businesses that you want to operate in.
- Prepare a revenue model for the above businesses along with the non monetory pros and corns comparison. Rate the pros and corns on a 0-10 scale and take a weighted average of the pros and corns.
5.Through the above analysis choose the business that you want to venture into.
- Look for the source of funds---If your business is tech based and innovative you may find a venture capitalist financing you.
7.Phase out the investment , and predict a break even schedule for each phase. By doing this even if your business plan fails, you would not have a quantum loss, It would still be a part loss..
Once the business has passed the initial rough weather, consolidate try to satisfy the existing customer by giving value added services that are unique to you.Try adding new products and service domains that relate to your earlier business.
Once you are a name to reckon with in the market, try to reduce the competition...How do we do it...Simple acquire your competition or sale your business to the leader at a high price earning and start afresh into a new sector.
An acquistion would help you improve both the top and bottom line of your business.
These basics , If followed would help you to have a systematic jump into a un known ocean of the business world.