Harit Gaba: How to Start a New Business in Three Steps

Harit Gaba on Starting a Business: Steps to Succeed

Starting a business is one of the most rewarding experiences you can have, notes Harit Gaba. But where do you begin? There are many ways to approach creating your own business, with many key considerations. To take the guesswork out of the process, follow this guide on how to start your own business. 

Determine Your Business Concept

Most people will tell you to monetize what you love, but you may miss two other crucial elements: it needs to be something you're good at and profitable. For instance, you may love music, but how feasible is your business idea if you're not a good songwriter or singer? Maybe you love making hand soap and want to open a soap shop in a town that already has three—it will be difficult to corner the market when you're making the same product as other nearby stores.

Research Your Competitors and Market

Many entrepreneurs spend more time on their products or services than they do getting to know their competition, notes Harit Gaba. If you ever look for outside funding, the potential partner or lender wants to know: what sets your business idea apart? If market analysis indicates your product is saturated in your area, see if you can come up with a different approach. Take housekeeping, for instance—rather than general cleaning, you might want to specialize in homes with pets or try garage cleanups.

Create Your Business Plan

A business plan is an important document that serves as your roadmap for establishing a new business, says Harit Gaba. This document makes it simple for financial institutions, potential investors, and company management to absorb. Even if you choose to self-finance, a business plan can help flesh out your idea and spot potential problems. 

The public often wants to hear about overnight successes because they make for an inspiring headline. However, it's not always that simple—they don't see the years of positioning, building, and dreaming before a big public launch. For this reason, always focus on your business journey and don't measure your success against someone else's, adds Harit Gaba.

Follow this Harit Gaba page for more insights on career counseling and starting a small business.