So you want to start a business 2024 Right? ok so this article will become very helpful for you in this article i will discuss 13 efficient steps by which you can easily start a successful business. In 2024 you can follow the steps given bellow to create or start a successful business.
You want to start a business than i think you knows about business features that what you can do with business if yes than its good if you don’t learn still about business features than you can learn from our website. I have recently write a article on this.
In that article i have discussed about top 15 features of a business. So if you don’t have knowledge about this than i should recommend you to read that article before continue with this article.
13 Steps To Start A Successful Business in 2024
So after reading the article or summary above we will start main topic of this article that how to start a successful business in 2024. Here i will discuss about 13 easy steps which you can follow to start a successful business. So let’s start and discuss these steps.
(1.) Conduct market research
Before starting a business in 2024 you should do a market research. It will help you to understand the market situation that how market flows goes. With the help of market research you can easily know about that which product needed by the customers.
Which qualities needed by the customers in a product. Market research can help you to identify some important things like market needs, consumer needs, society needs. These all are very important aspect of the business.
Also Read: 15 Benefits Of Business That May Change Your Perspective
Market research can also help you to understand the risk of producing a product. If their was you found a any problem in market research with any product than you can make solution for it.
(2.) Evaluate market research
After conducting market research evaluate it. Market research is only first step of starting a business. But market research is null without evaluation of market research because without evaluation you can’t find out opportunities for you from the market.
So after conducting market research follow this step and evaluate the market research that you conducted in the first step. In evaluation of market research try to find out something better for you that will help you in a starting of a business.
(3.) Analyze yourself
After evaluation of market research analyze yourself. In 2nd step when you evaluate the market research you may found many opportunities. In this try to fit yourself with these opportunities. Only select one opportunity from list of opportunities. Only select that opportunity in which you can actual fit.
When you analyze yourself than analyze everything like your resources or many other things. It will help you in selecting a suitable opportunity from a large list of opportunities.
(4.) Write your business plan
After 3rd step in this step write about your business plan that which work you want to do, How you can do that work, How you can hire employees, Means in this step create a list of question about the business which you wants to do.
After preparing list of question than start finding answers for every question. One thing that you should keep in your mind is that you should also keep on your mind the competition of the business that you wants to do.
(5.) Collect fund for business
I want to call funds as a breath of business because without funds business is nothing. You can collect funds from different resources. You can collect funds for your business from your family members, your friends, your relatives as well.
If your business has large scope than you can also take loans from banks or other financial institutions. But if you started small scale business like sole propertership. than you can collect funds from sources that i discuss above.
(6.) Think about business structure
After everything done like market research, evaluation of market research and even if you has been collected. Now you can think or decide business structure that you want to do. If you have lot of money and you want that more people can join your business than you can start a company.
Otherwise if you have not much money collected in 5th step and you never want to take loans from bank than you can start small scale business like sole propertership. There are following business structures available in business industries.
- Sole Propertership
- Joint Hindu Family Business
- Partnership
- Corporation
- Company
So above are the some business structure you can select anyone from them which is suitable with your needs and suitable with your resources.
(7.) Business Location
Location is very important and it effect business success. If you start a business at a location where are lack of peoples living and the resource are not available that location than your business have very low chances of success.
When you decide the location of your business than try to find out that location for your business where lot of peoples lives (because later on these peoples will become your customers as well as your employees), and also try to find out that location where resources are easily available.
(8.) Decide business name
After deciding business structure and location of your business now you should decide name of your business. Try to decide a catchy name for your business which is easily memorize. Choose your business name only under government laws of India.
(9.) Register Business
After 8th step of this process in 9th step you should register your business. Registration of business not required in case of sole propertership. If you start a company than you should register your business as company act 1956 or either companies act 2013.
But now companies act 2013 applicable on company business. Means if you want to start a company than you should register your business as companies act 2013 with company registrar of your state.
(10.) Decide business terms
In this step decide your business terms that what you want from your customers as well as your employees and try to create rules that’s why employees and customer will follow your terms while they use your business.
(11.) Apply for license and permits
License is very important for any kind of business even if you want to start your business as sole propertership. So after completing all the above steps apply license and permits for your business. License and permits is legal proof of your business that your business is actual existed.
If you don’t own license and permits than you can become prisoners because running a business without license and permits is a totally illegal’s work. If you do your business without license and permits than you can be considered at court.
(12.) Create bank account with business name
For payment purpose you should create a bank account with your business name which will held your all financial activities. This account will help you when you want to pay salary to your employees and also when you received money from you clients.
(13.) Hire employees and start working
If your business is not sole propertership than you should hire employees for your business. Because without employees you can’t do anything most of works in your business are done by employees. So you should hire employees for the work.
You can create a procedure by following that procedure your business representative can hire more and reliable persons for job. In starting you can select any person who is reliable as a Human Resource Manager.
Who will do human recruitment work on your behalf. That will reduce your some pressor about selecting candidates for your employees.
Conclusion
So after completion of this topic we can conclude that its very easy to start a business. I hope after reading this article you were now able to think about starting a business. If this article help you anywhere to start a business than kindly share this article with your friends it will also helpful them to start a business.