1. Decide the Business Type
- Choose the ownership model: sole proprietorship, partnership, or company.
- Affects decision-making, funding, and legal setup.
- Example: Riya chooses sole proprietorship for full control.
2. Study the Business Environment
- Do market research to check demand, trends, and legal requirements.
- Helps avoid risks and prepare better.
- Example: Riya learns cupcakes are trending, and food safety certification is needed.
3. Select the Product or Service
- Choose what you will sell or offer.
- Match it with market demand and competition.
- Example: Riya selects custom cupcakes to stand out.
4. Choose the Business Location
- Pick a place with high customer traffic.
- Check rent, accessibility, and competition.
- Example: Riya opens near a busy college to increase foot traffic.
5. Select Technology & Equipment
- Determine the necessary tools and machines.
- Compare cost, ease of use, and maintenance.
- Tip: Use modern tools to save time and money.
6. Prepare a Business Proposal
- Write a simple plan including: Business Goals, Market research, Budget estimate, and Possible risks.
- Helps guide business direction.
7. Arrange Finance
- Calculate how much capital is needed.
- Choose funding sources:
- 1) Own savings: No interest, but limited funds
- 2) Bank loan: Large amount, but must be repaid with interest
- 3) Govt. scheme: Low interest, but more paperwork
8. Register the Business
- Apply at the District Industries Centre (DIC).
- Submit documents:
- 1) ID and address proof
- 2) PAN card
- 3) Application form
9. Arrange Resources & Staff
- Secure shop or workspace.
- Buy or lease equipment and raw materials.
- Recruit and train employees.
10. Start Production and Marketing
- Begin making products or offering services.
- Promote your business through:
- 1) Posters and flyers
- 2) Social media
- 3) Special offers (e.g., discounts)
- Example: Riya offers “Buy 1 Get 1 Free” in the opening week.
11. Review and Improve
- Monitor performance: sales, profit, customer feedback.
- Make changes as needed:
- 1) Improve product quality
- 2) Adjust pricing
- 3) Try new marketing ideas
