How to become independent & start your own business

You must have heard that Covid-19 caused massive layoffs across the country. It is estimated that around 12.2 crore Indians lost their jobs due to nationwide lockdown. Have you ever wondered what would you do if you also become a victim of the massive layoffs and become jobless someday? How long would it take to get another job? Would that job be exactly as per your desire? And even if you don't lose your job, do you ever feel that you should reduce your dependency on the job for your livelihood or do you want to have the freedom to work on your own terms?

The solution to all these concerns is that you should choose some profession which can make you feel 'independent' and the only option which can make you feel so is your own Business !!

But you might be wondering about the process and the right way of starting a business. Read here to know everything about it.

How to start a business?

There is a systematic way by which you can plan out your business. Follow these steps to start your business :

Business idea- First of all you should decide what type of business you want to do and what will you offer. It can be a unique concept or even your passion or hobby also. For eg. if you are fond of cooking, you can think of starting your own cafe/restaurant. Research about the following aspects before choosing any business idea:

How much capital you would need to start the business?
How that industry functions and what is the level of competition?
What are the risks involved in that business?
What is the profit margin generally?

apna app is also a great platform to get a lot of business ideas. By downloading the app, you become a member of "Start your business" group in which you can get ample of business ideas and useful business tips too.

2. Business model- Make a business model which tells you :

Mode of operation
Customer base
Source of income
Inputs required to get the desired output

You should also make a business plan which is a 1-year plan of running your business.

3. Registration & licences- It's important and safe for you to get your business registered under a name. For some businesses, you might have to even obtain a licence also as per government regulations. For eg. alcohol trade

4. Funding- You need to arrange funds for your business to start. One can choose the source of funding according to the business finance requirement. For small requirement, you can invest your money and for big requirement, you can take a loan from friends and banks or take benefit from government schemes which are meant to help budding businessmen.

5. Staffing & Hiring- If you can't run your business alone, you shall hire staff for it. Post your requirement on apna job portal and hire staff within 72 hours easily on this fastest-growing job portal for blue and grey collar job seekers.

6. Open bank account & start your business- For doing daily business transactions and to show your business identity, you must open a bank account in the name of your business. And then, you are ready to start your business. Just follow your business plan, keep tracking your finances, utilize your team well and keep a positive attitude to overcome any challenge that you might face in the course of business.

Top 5 government schemes for funding new businesses

MSME Business Loans in 59 Minutes- Financial assistance up to ₹ 1 crore for medium & small enterprises
MUDRA Loans- This loan is generally granted to micro & small businesses in the manufacturing, trading and services sector
Credit Guarantee Fund Scheme for Micro and Small Enterprises- loan from Rs. 10 lacs to 1 crore
National Small Industries Corporation Subsidy- NSIC scheme gives 2 types of financial benefits: Raw Material Assistance and Marketing Assistance
Credit linked Capital Subsidy Scheme for Technology Upgradation- This loan is granted for manufacturing or supply chain technology up-gradation in your business in order to reduce your cost of production.

So you can stop worrying so much about starting your business and related challenges. Join apna and get business ideas and tips through its "Start your business" group now.
All the Best !!