1.Planning: lt is the first step before setting up a business. It includes which business will be suitable for you on the basis of your knowledge and skills. For example if you have worked or having some experience Medical Field then you should go for pharmaceutical business including medicine or equipment etc. If you have expertise in any other field then you can choose according to the knowledge of your own.
2. Make Budget Plan: Calculate Total cost of the business you have decided to start. For example how much money you need to acquire land, building, machinery or anything that is initially needed to start a business. You have to keep raw material and daily expenses in your starting budget until your first sale.
3. Arrangements of Finance: Once you have worked on the idea of business you want to start and allocated budget for initial operations then it comes where to arrange finance. Whether you want to barrow money from your friends and family members or to sign a deal for loan with commercial bank. You can also convenience different investors by telling your complete roadmap. You can offer share or commission to you investors or let them to decide what they want.
4. Start Operations: Once finance is generated now you can officially start your business by purchasing necessary setup for your business including services like expert and other human resource.
5. Supervision: Once set-up is functional you have to closely observe daily operations to ovoid mismanagement of organizational resources. Ask your managers and supervisors to provide you daily, weekly and monthly reporting. This is the time when you have to evaluate the performance of different departments of your business. Sometimes you have to take corrective measures for betterment of your business.
5. Advertisment:
As your business is running properly, products are in the production line irrespective of it whether your products are tangible or intangible you have to spend some of your resources on advertising on the product you are preparing. On the side line you can hire services of marketing companies or can advertise by using different platforms of social media like Facebook, Whatsapp, Instagram and TikTok etc.
6. Finally it's Time to Make Sales: After the effective marketing and advertising you got your first order. You have to keep in mind that you have to build trust with your customers by providing delivery services at the doorstep. Also give incentives in the form of discounts etc to your initial customers so they will further recommend your product to others.
If you have successfully launched your business and made enough sales to overcome daily expenses including share or commission to your investors, then decide whether to invest more and more to current business or setting up different portfolios for maximizing your profit. If you think current business has potential to grow for long run then reinvest your profit in it and if you feel that this business will not be profitable after a specific period of time then invest your profit in low risk businesses like Real Estate and saving institutes.
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