Business Consultancy

BUSINESS CONSULTANCY

The overriding reason for anyone to think of establishing a Small business unit can be summarised in one word - OPPORTUNITY. If one can see an opportunity to provide a product or service in a manner to generate sufficient surplus, then one way is to start up a business. This is all the more true if one believes in the maxim, "Small is Beautiful"

Opportunities emerge out of ideas that one comes across by thinking about lives of friends and neighbours. This can generate ideas about products and services that can make things easier, and improve quality of life of people

Here is a 10 basic step guide to set up your own business and make it successful as well.

1. Do what you love.

2. Start your business while you're still employed.

3. Don't do it alone. You need a support system while you're starting a business.

4. Get clients or customers first.

5. Write a business plan.

6. Do the research.

7. Get professional help.

8. Get the money lined up.

9. Be professional from the beginning.

10. Get the legal and tax issues right the first time.

In short, ideas need to be filtered through a 5-layer sieve of

Researching your industry- how can you learn more about your chosen industry and about the resources that are available to help you?

Market assessment- is there a market for your product or service? If so, how much income can you expect to derive from it?

Profitability assessment- how much will starting a new business cost you? Can you afford a lengthy "red ink" period following startup, as well as periodic lulls in cash flow? Can you afford to fail?

Financing assessment- will you be able to obtain the necessary financing for your business? If so, from where?

Legal assessment- what potential legal liabilities are you exposing yourself to by starting a new business? Are the costs of protecting yourself worth the trouble?

Once the ideas are screened and a viable business opportunity emerges the project has to be conceptualized in all its dimensions.

The 4 P's of Project Conception are:

Product (Shape, Size and Nature)

Process (Technology to produce the product)

Place (Location of Plant)

Partner (Technological or Financial Collaborator)

Having a business plan will help you in defining these 4 P's and chalking out the strategy for future of your business. It will help you establish goals, targets and identify the strengths and weaknesses.