The key to starting a successful small business lies in preparing a comprehensive to-do list that breaks down the entire process into manageable chunks. Here’s a 5-P checklist to keep you aware of the actions you need to take when venturing into your own business.
- Determine the vision, mission, objectives, and viability of starting an enterprise. Ask yourself: Why do you want to begin a new business? What is your business idea? Will the business idea bring in profits?
- Analyse your customers and competition to judge the demand for your business idea and the presence of possible risks.
- Determine the budget needed to get started. Be realistic when doing so, know your funding source, and investigate for possible financing sources.
- Make a presentation to help you raise funds.
- Choose a unique and appealing business name. Make sure the name adheres to the prescribed guidelines and have it trademarked.
- Determine a suitable location, like your home, a rented space, or a virtual setting, for your office
- Obtain PAN and TAN cards from the Income Tax department.
- Register the company and obtain the Director Identification Number.
- Register for taxes pertaining to provision of service and purchase and sale of goods.
- Obtain the Shop and Establishment Act certificate.
- Open a bank account.
- Consult a lawyer to ensure you have all required documents in place and do not bypass any laws.
- Create a website and purchase a domain address to market your business online.
- Open accounts on social media networks with your brand as the profile name for quick business promotion.
- Drive traffic to these online platforms organically using catchy content.
- Use classifieds and word-of-mouth techniques to advertise your business.
- Test sales at local events or markets to judge your business viability.
- Adhere to your timeline for achieving goals regardless of the obstacles you face.
- Study the customer feedback you get and alter your business model accordingly.
- Refine your pitch and product based on market trends and customer needs.
Remember, unless you plan, prepare, complete the paperwork, and promote yourself well, you cannot launch and propagate your small business successfully even if you’ve found that elusive gap in the market.