How to start your own business from scratch

As Marie Forleo once said, "Never start a buisness to make money, start a business to make a difference". Entrepreneurship is one of the most sought after professions in this ever changing world, and here's your guide on how to start a lucrative business, from scratch!

  1. Have a well structured buisness plan

A strategic business plan must involve:

  • A rough idea of your overall buisness plan. Eg: if you plan to start a floral shop, include details like the location, the best flower suppliers in your city, budget, interior design etc.
  • Proper idea about finances. This is often overlooked by most entrepreneurs, as they go all out and spend a lot more than their initial budget, in hopes of improving their buisness model. This doesn't necessarily have to work always, so make sure you know how much you want to spend and how much cash flow it can generate so you can keep your buisness running.
  • Strategic location. A new cafe in the heart of the city sounds a lot better than the same in the outskirts. Location plays a key factor in the development of your business, so be mindful while choosing one.

2) Find your team

Find people with similar interests as you, as it will not only motivate you to work harder, it'll also boost your business atleast 10x times. These people could be from your social circle, like your friends or relatives, or from online networking. Building your network is the most vital requirment to build a buisness, because all it really is, is a group of people doing great things together. Note: if you're looking to have a co founder, make sure they have complimentary skills.Eg: if you're good In communication, but can't do the financial tasks, find a financially strong person to do that for you, so you can distribute the shares of your company accordingly.

3) Build mental agility

You know what you really need before you build your buisness empire? You need to build your mental strength first. Most people don't realise this beforehand and quit later because everything gets too stressful.Entrepreneurship is one of the most challenging professions, and the ability to not only tolerate stress but to strive under it is crucial. So, find yourself a mechanism to handle yourself under stress, be it yoga, meditation or just a few breathing excercises.

4) Get your legal documents ready

Talk to your lawyer,and get your legal docs ready. Make sure you have everything it takes to make sure you can run your business smoothly. If you don't have a lawyer yet, try to find someone trustworthy as soon as possible, as you'll definitely need em sooner or later.

5) Just do it

Don't sit around waiting for the "right" time. Once you've finished all the above steps, you're pretty much ready and all set to be the next big person. Believe that you're meant for great things, and just go for it! 


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