START-UP BUSINESS GUIDE

Starting a business can be exciting yet very daunting, but it is undoubtedly a turning point in your life. You may have many questions and this simple ‘Start-up Business Guide’ is designed to help and assist you in the process.

There are lots of advantages that you will enjoy when you start your own business, including being your own boss, choosing your hours, making your own decisions, earning your own money and nobody telling you what to do or when to do it. It all sounds great on the face of it, but it is you and only you that will make your business venture succeed or fail. Forget your “protective bubble” or “basic salary” as starting a business means that you truly control your own destiny and future success. In order to achieve the rewards and flexibility you are looking for, you need to be prepared for the long hard slog ahead that will be required to build up your business at start-up.

A ‘GOLDEN RULE’ FOR START-UP ENTREPRENEURS IS “DO NOT PROCRASTINATE”

REMEMBER “THE BEST WAY TO GET SOMETHING DONE IS TO BEGIN!”

HOW DO I START A BUSINESS?

START WITH AN IDEA

All business start-ups begin with a business idea. You then need to know if your idea works and this means testing it. You’ll need to fully understand your target customers’ needs. A great starting point is to talk to your target audience and ask them, “What would make this product or service more desirable?” This will give you a clearer understanding of your potential customers wants, needs, desires and help you realise the benefits you can offer to them.

Your job as the start-up entrepreneur is to work out the most cost-effective way of delivering a product or service to your customers and to test the price on your target audience. Get feedback that will be valuable in moving your business forward, ensure your customers are happy with the price and find out what they don’t like and how you can improve on it. Make sure that you are able to make good returns and acceptable profit margins.

It’s also a good idea at this stage to research competitors to make sure that you are one step ahead and offering something that adds more value to your target customers.

YOU SHOULD BE ASKING:

Is my idea better than my competitors?
Does my idea improve on what competitors are offering?
Am I cheaper than my competitors and do I offer a better service?
Do I have a USP?

A Unique Selling Proposition is one of the basics of effective marketing and business which has stood the test of time. It is an invaluable tool to ensure you stand out from the crowd and to give customers a reason to want your product or service over others.

ALL ABOUT FUNDING

There are many different ways to obtain funding to start a business, but we’ll stick to the most simple. Here comes the role of S S Financials, Financial Management Service in Delhi, they can help you in a very friendly manner with experienced and practical advice. What you need to just ask a team members to be in touch with you, fill this contact form. 

START-UP LOANS (SOFT LOANS)

Business start-up loans, also known as soft loans, are a special type of business grant where the repayment terms are more generous than under normal circumstances for finance. These more flexible terms could mean lower interest rates, zero interest or even longer loan terms. There are lots of different business start-up loan organisations that offer soft loans, but the most commonly used and prominent is the Government Funded Start-Up Loan Scheme.

SOME ADVICE FROM THE START-UP LOANS SCHEME

“A lack of support and advice is one of the fundamental reasons for business failures. There is no doubt people starting their own business are usually good at their jobs, but they don’t always realise they have to be good at a variety of other things as well – HR, financial planning, legal, admin, marketing, branding – the list goes on. At S S Financials, we always urge people to hire experts in those areas but as the founder of a start-up you still need to have a good breadth of knowledge. Whichever sector you are operating in, there will always be plenty of specialist investors for you to target. Whether you are in the business of providing a product or a service, whether you are launching in the India or expanding overseas, We passionately encourage you to find yourself an expert. Get this right – and you are giving yourself a head start.”

BANK LOANS
Bank loans are commonly used by start-up entrepreneurs to get funding for a new business if you do not qualify for a government start-up loan. You simply borrow an agreed amount of money over a set term and make set monthly repayments. When paying back the loan, you will be repaying the amount borrowed as well as the interest. Usually your loan repayment and amount of interest you will have to
pay will depend on:
• Amount borrowed
• Loan term (how long you borrow for)
• Whether the loan is secured or unsecured
• Whether the interest rate is fixed or variable
In order to qualify for a bank loan to start a business, you would need to present a full Business Plan
and a realistic Cash Flow Statement. This will give the bank confidence in your ability to repay the
loan and interest.