How to start your own business?

  

1. Polish your idea

The first step to start your business or startup is  that you must have an idea. 

But that idea should not be necessarily new or that no one has ever thought about as  it is very difficult and risky to start a business where there is no customer base established, or very few trail and error have been carried out .

So it is important to realize  your interest and passion and how that particular interest provide value to the people.  Coinciding these two things, find out what business or companies are existing and functioning in the market. You should also try to find your Why factor?

Considering to open a franchise of an established company can be another viable option as all you may need is to find a good location.

2. Business Plan

Make a business plan with as much detailed as possible.  Detailed market research , raising capital for investment are an important part of preparing a good business plan. A business plan directs and shows aspects like how your company will be going ;what are the risks involved and so on .

Market research can make you well acquainted and help understand your target customers and competitors.

For investment , it will be better if you can manage by yourself or through family and friends as these is a new business. Going for bank loans can pull you into debt. 

3. Registration or legal structure

In Nepal, there are three popular types of businesses on the basis of ownership viz. Sole Proprietorship, Partnership business and Company- Public company and Private company. 

Sole Proprietorship/ Private Firm

A sole proprietorship is a  business owned by a single person. Sole proprietorships are easy and inexpensive to create and operate. But the owner is liable for profit and losses. The owner of a sole proprietorship has limited options for financing one’s business


Partnership.
It means that two or more people are held personally liable as business owners.

Public and Private Company

Generally speaking, public companies are ones which can raise money by inviting the public to purchase their shares.

Private companies refer to those companies which cannot borrow money from the public and whose stock is not floated in the market.

4. Branding

Branding helps company and businesses to be exposed to  potential customers as an established, credible one. You are advised to follow these four steps in order to successfully brand your company.

Determine your target audience

Choose a logo and slogan
Position your product and business in the market.