Starting up is always hard ... there are so many choices ... how should one pick a simple field or their niche (which SBI makes very clear)?
A simple test is the 'feeling' factor... when ever we do something, be it for fun or for work, we do get a feeling about it. We either feel great or we feel miserable or just indifferent. It can't be without 'feeling'. If it makes you 'feel' happy ... just try and understand if it is legally and ethically right ... before you go full stream ahead with it.
At this stage we either research and read or ask an expert. Here you should try to consult with a professional to find out the legalities of the matter. Do not feel daunted and sit back thinking that it will be expensive. This network will help in finding you the right adviser. Then you can discuss with the executives in the field for their experience with the corporate clients. Who knows they might lead you to a regular buyer of your products??? Doesn't easily happen, but sometimes word of mouth helps your business. Or better still, you might find a buyer in the corporate world or the executive herself!!
On the other hand, if you feel miserable or indifferent with your choice of trade ... just drop it ... this feeling won't go, it will only worsen with time.
Networking provides the platform for outreach ... we will be adding nice little catalogs for you to see ... and update them as much as we can...of course, it's up to you, send your stuff and we'll upload it for you.
Suppose a busy executive has to redo her house ... wouldn't it be great if she finds an interior decorator right here? She knows the decorator, is familiar with her work and style and likes it.
Legal Entity and Corporate Structure
As you consult and discuss your particular requirements, the Corporate Structure your business entity should have, will become clear. It will be a sole proprietorship concern, a partnership or a private limited company.
This is how you will register your business. Do not listen to those who advise against registering with several excuses...
Business start-ups without a corporate structure in mind, tend to end up wasting more resources as their efforts and achievement prior to registration are not taken into consideration.
Register your business as a legal entity and get a tax registration. Also get a local Chamber of Commerce or Trade Association membership.
This gives your business a credible status and helps in the future in a number of ways - be it raising finance, inclusion in trade delegations, exhibitions, business travels etc.
For details on corporate structures follow the link below.. Some basic factors are outlined to assist you in the decision making process on which type of legal status best suits your needs.
Then understand the kind of Business Model you need or suits your style of working.
There is a famous saying ...'If you fail to plan...you plan to fail' - cliché, but so true.
Starting up a business with a clear plan of action helps in achieving success more efficiently.
Once you have decided on your field of interest, registered your business as a separate legal entity ... let's put the Business Plan together.
Your business plan should focus on the larger picture of what you want to sell/produce, who is your buyer and how you connect the two.
Follow the link below for more on how to make a simple business plan for your business.
So, as we are starting up a business, with the 'feel good' factor and have the advise on our preferred structure ... put a 'Business Plan' together...
... the next is to do 'Product Development' and it's 'Supply Chain Management'.