Every company requires four factors namely land, labor, capital and enterprise in the initial stage. If you are confident enough and have sufficient funds, you can set up your own business to satisfy entrepreneurial yearnings.
Bear in mind that Rome was not built in a day and it is going to take a lot of hard work and endurance before you kick start your business.
Step1 – Put on your thinking cap to come with a unique idea or concept. Chances of making profits would not be very high if you have a lot of competitors competing with you. Moreover since you are new entrant in the field it is going to take some time before you actually gain the trust of existing customers.
Step2 – Find the target audience who could benefit from your idea once it materializes. This is essential to ascertain the needs of consumers accordingly. Improvise your plan if the initial performance fails to give you the desired outcomes.
Step3 – Draft a feasible business plan. There is no point in contemplating about the business. You have to be practical and work to achieve your business goal. Outline the nature and extent of resources and expenses you would have to meet in order to set your business.
Step4 – Pull all the finances available to you, in the form of savings, loans from family or friends, banks, financial institutions, business administration agencies to procure funds to commence your business.
Step5 – Begin with the selection of the human resources to mobilize the other factors of production.
Step 6 – Organize and monitor business processes time and again. Evaluate performance against standards. Find alternatives to minimize deviations in the production as per the set target.
Step 7 – Keep expanding your business contacts as this is essential for the success of your business. Media, Public relations and event management are a few ways to develop networking.