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PLAN
START
FUND
SETUP
MARKET
RUN
Start
Congratulations on completing your Project Report!
To run your business legally, you need certain LICENSES and REGISTRATIONS.
In 'Stage 2 - START', we will give you step-by-step instructions on how to get these.
As always, our business ambassadors are just a click away - you can contact them
any time you need help.
Fund
Borrowing money is one of the most common sources of funding for a small business, but getting a loan is not always easy. In ‘Stage 3 – FUND', we will guide you through the FUNDING PROCESS. Remember, here too, our business ambassadors are there to help you.
Setup
Congratulations on getting this far! What are we waiting for? Let's get SETUP for
business!
In 'Stage 4 - SETUP', we will give you valuable advice and tips on buying equipment
and furniture, getting your premises ready, hiring your team - in short, everything
you need to START RUNNING your business.
Market
Customers are the lifeblood of your business and marketing is the process of creating customers. In 'Stage 5 - Market', we will give you valuable advice and tips on how to MARKET and LAUNCH your business successfully.
Run
Congratulations on a great start to your own business!
In 'Stage 6 - RUN', we will tell you what you need to know to RUN YOUR BUSINESS
AND SUCCEED. Good luck!
FEASIBILITY STUDY |
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FINANCIAL VIABILITY |
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I've decided to start my business, but I'm not sure what all I need to do and how to go about it!
No problem! That's why I'm here. I'll help you PLAN! What are the things you should be thinking about?
What services can I sell? Where can I sell? How can I sell? Who can I sell to?
Absolutely right! You need to think about all this as well as 'HOW MUCH you can sell' - that is your SALES and 'HOW MUCH it will cost' - that is, your RUNNING COSTS!
FEASIBILITY STUDY |
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FINANCIAL VIABILITY |
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Let's look at the competition you have. What are the services
they are offering and the prices? What are their strengths and weaknesses?
But how is this going to help me?
This will help you decide your services and pricing!
Oh! I hadn't thought of that! I'm ready to go ahead and study the competition.
FEASIBILITY STUDY |
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FINANCIAL VIABILITY |
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Okay! So now I am aware of my competition. What should I do next?
You have to decide the services you want to offer and the prices!
That sounds good! What should I keep in mind when doing this?
Your target customers and their needs; your competition and what they are offering; your strengths and weaknesses!
FEASIBILITY STUDY |
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FINANCIAL VIABILITY |
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You’ve studied your competition and defined your services. You now need to estimate your annual sales for the first five years of your business.
Oh! How do I do that?
I will guide you through a very simple step-by-step process.
If you want to see detailed financial calculations, click on the button below to download the Financial Viability excel sheet.
If you want to see detailed financial calculations, click on the button below to download the Financial Viability excel sheet.
FEASIBILITY STUDY |
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FINANCIAL VIABILITY |
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In this step, we are going to estimate the working capital – that is the CASH NEEDS for your business.
What is Working Capital?
It's the money you need for the day-to-day operation of your business. It includes items like electricity, rent and staff salaries.
Interesting! Let's go ahead and work it out!
FEASIBILITY STUDY |
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FINANCIAL VIABILITY |
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Great! We’re almost done. All you have to do now is work out your CAPITAL COSTS.
What are Capital Costs?
These are FIXED, ONE TIME expenses for setting up your business; the cost of your furniture, equipment and so on! Very simply, you need to estimate how much it will cost to get your business to a RUNNING status. Ready?
FEASIBILITY STUDY |
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FINANCIAL VIABILITY |
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You've done a FANTASTIC job. Now let's complete this last table.
| 1 | Estimate of loan requirement (slab) | Rs. |
| 2 | Actual loan requirement (as per calculations in your Project Report) |
Rs. |
| Loan requirement LESS than estimated slab | ||
| 3 | Loan requirement MORE than estimated slab | |
| Loan requirement WITHIN estimated slab | ||
| 4 | Initial estimate of own contribution | Rs. |
| 5 | Actual requirement of own contribution (as per calculation in your Project Report) |
Rs. |
| 6 | Difference in own contribution | Rs. |
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Remember, I had told you earlier that to legally run your business you will need certain licenses, documents and registrations. Pay close attention as this is VERY important. Let me help you make a checklist of the documents you will need, so you can start collecting them.
If you face any difficulty, I am always here to help.
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We have to get you a PAN card and a TAN number now. These are VERY IMPORTANT steps in starting a new business. It is MANDATORY to have a PAN and TAN number for financial transactions and tax payment.
The good news is that you have to enter your personal details into the secure system only once. This information will be automatically filled in to the other forms.
That's a relief!
Ready to start?
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We’ve already applied for our mandatory business licenses. We will also need to open a bank account for our business.
If I am the sole owner of my business, can I use my personal bank account for my business?
No, you need a current account for your business. Also, it is not a good idea to mix your personal and business finances with each other.
Oh, ok! So how do I open a current account?
It's really simple!
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I didn't realize there were so many licenses and registrations required to set up a business.
That's why I'm here to help you. It's actually quite simple, but you need to make sure you follow all the government and legal requirements.
Thanks for being there for me! Are there any other licenses or registrations I need?
Actually, you need to get one or two additional licenses, which are needed for your specific business. But don’t worry; I’m here to help you. Just click the "Let’s Do It" button below to see which additional license/s you will need.
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I have now got all my business licenses and registrations. Is there anything else I need to do?
Yes, you now need to record the details of these licenses – the date of issue, period of validity and when they need to be renewed. Remember it is very important that you renew all your licenses in time. Scan and upload them to the locker.
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Great going! You've obtained all the necessary documents required to run your business.
- PAN card
- Professional Tax Registration Number
- NOC from the concerned local authority (Municipal Corporation / Gram Panchayat / Other)
- TAN Allotment Letter
- Shop Act License
- A Current Account
- Other Business Specific Licenses
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WELL DONE! You now have a Project Report, your business premises, current bank account in a bank and all the requisite licenses and registrations. It's now time for you to think about FUNDING your business.
I know! That's what I'm a little worried about.
Don't worry! It's not as difficult as it sounds. We'll look at various banks, identify one which meets your requirements and fill in the relevant forms!
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Let's visit a few banks...
Different banks have different schemes and requirements. We want to find one that best meets your needs.
Log on to http://smallb.in/%20/fund-your-business/financing-schemes- various-banks to view various financial schemes.
Additionally click here to view various Government funding schemes available.
Is it true that this requires a lot of running around?
Well there are procedures you have to follow, but I can help. We have a relationship with several banks and institutions. Click here to view a list of all our Associates, including banks with which we’ve signed a Memorandum of Association. Remember you can always contact me – your Udyog Mitra!
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We're nearly there! The bank will need you to furnish some collateral.
What does collateral mean?
It is usually some immoveable property that the bank can sell to repay the loan if you default on your payments.
If I've bought a property to run my business, can I use it as collateral?
Yes you can, but since you are just starting your business, I'd advice you to rent your premises instead of buying it!
Okay! Makes sense...
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CONGRATULATIONS! You've finally got a BANK LOAN. Are you ready to SET UP your business?
Yes! I'm really excited. I've got my bank loan and I want to set up as soon as I can.
Great! It's now time for you to buy your furniture and equipment. Then you can place it in your premises, hire and train your staff! Are you ready to proceed?
Yes! Let's go...
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To make sure your business runs smoothly, you need to invest in essential equipment and supplies, ranging from basic requirements to more advanced equipment.
How will I know what to buy?
Very simply, what you buy will depend on the services you are offering. I'm here to help you, so let's work out the equipment we are going to buy….
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You've made great progress! You've bought your equipment and some furniture! We're now going to arrange it in your business premises!
Is there any particular way in which I should arrange my furniture and equipment?
There aren’t any hard and fast rules, but it is very important that your business setup looks appealing to your customers and makes them feel welcome. Your staff too, should have enough space to carry out their services comfortably.
Hmmmm... I had never thought about the importance of placing equipment and furniture.
That is why I'm here to help you. Are you ready to place your furniture and equipment? Keep in mind a few Do's and Don'ts when doing so. You can view some Do's and Don'ts here.
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Now that you’ve placed all your furniture and equipment, your setup looks ready for business.
I know! It's like a dream come true for me! I can't wait to start my business.
I can understand your eagerness to start, but you need to look at another very important point before beginning...
Oh! What's that?
If you want your customers to come back, you must maintain consistent quality and standards for each service. You can achieve this by putting in place standardized processes for employees to follow for each service. In this way, your customers will be loyal to your business rather than a particular employee.
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Great! All you need to do now is hire and train your employees. Remember hiring the right people and training them well is your main asset.
I am sure I can train them well because I have standard operating procedures and quality checkpoints already written down, but how can I go about finding the right people?
There are various ways to hire people – advertising, networking and referrals are the most commonly used methods.
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Can you feel the excitement building? It's now time for you to get some feedback about your business. Remember, finally it is what the customer says about your service that counts.
That's true! How can I find out what my customers really feel about my service?
You can always offer some free services to some of your friends, family members and a few potential customers. They can then give you some valuable suggestions and feedback.
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Great job! You've made excellent progress. Are you ready to go ahead?
Absolutely! I can't wait to actually start my business.
Remember, your customers are the lifeblood of your business and marketing your business successfully will help you increase your customer base. You already have a marketing strategy, which you put into your project report, but now it's time to actually put that strategy into practice!
I agree! How should I go about doing this?
Don't worry! We will look at a few simple but effective methods of marketing your business.
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One of the first things you should do to market your business is to create your marketing material, which includes your business cards and brochures. This is a very effective way of letting people know about you and your business.
Oh! How should I do this?
First you will need to collect all the relevant details and other information regarding your business and jot down the contact details and services you are offering. Then you should visit a designer who can help you design your brochure as well as your business cards.
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Okay. I now have my marketing material. What else should I do to market my business?
Today, everyone is computer savvy. To reach a wider range of customers, you should have an online presence and use Social Media to your advantage.
I see. But how do I go about doing so?
You’ve got nothing to worry. Come on, let’s see how you can create an online presence.
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Now I have a database of potential customers and customer influencers. What do I do next?
Now these potential customers and customer influencers need to know about your business, services/products, as well as any offers. It is time for you to distribute your marketing material
I see. Isn’t it simpler to just put an advertisement in the newspaper?
Not really. For your marketing efforts to be effective, you should identify the best methods to distribute your material to each customer. Let’s look at how to do this.
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Now that you have your customers, you must ensure that you retain them
Oh, I hadn’t thought of that
Yes, it is important to build your customer loyalty so that they are not tempted to move over to the competition. For example, offering your regular customer loyalty points or discount coupons is a great way of building loyalty.
True. Let’s look at how I can go about building my customer loyalty
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You've come a long way in your marketing efforts. It's time for you to plan and host an event to create a buzz about your business. This could be a launch event or something around a festival, or on the anniversary of your business. This can be used as a platform to collect contact details/referrals to add to your data base
That sounds exciting. But won’t it be expensive?
Not really. You can choose something small. The main idea is to stay in the public eye and increase your customer base.
Hmmm.. Makes sense. Let's go ahead and plan an event.
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You've done all you had to, to market your business. Now you need to concentrate on ways in which to increase your sales.
I agree. How should I go about doing this?
It is necessary for you to continue with an ongoing marketing plan. You can do this with special discount offers, regular e-mailers, newsletters, tips and information that is useful/interesting to your customers.
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Congratulations! You have successfully marketed and launched your business. You’ve printed business cards and put up posters. You’ve set up an online presence and inaugurated your business!
It is now time for you to successfully RUN your business…
It is now time for you to successfully RUN your business…
I can’t believe how simple this has been! All thanks to you helping and guiding me every step of the way! I’m really looking forward to running my business now…
To run your business successfully, we need to ensure that we have a good grip on
money matters and that we always remain legally compliant. So let's
start by seeing what we need to take care of.
In case you need help, remember, I'm always there...
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Remember, maintaining a record of your income is not enough. You also need to track your expenses.
Alright! How do I do this?
First of all you should get bills for every purchase you make and file them. You should also maintain a register where you enter all payments made by you for your business, whether they have been paid by cash or cheque.
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You've been doing well so far. To continue
doing so, you need to maintain an accurate account of all your transactions.
How can I do this?
You should maintain a Cash Book to record all cash transactions done for your business.
This will include cash coming into your business or cash going out of your business and should
be updated daily.
Sounds good. In this way I will always know how much money has come into my business
and how much I've spent.
That's right! But there is one more aspect you need to look into.
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Maintaining a cash book, however, is not enough to get a clear idea of the financial position of your business.
What else do I need to do?
You need to keep a sharp eye on the movement of money into and out of your account.
Click here to see how to do this
You should review these records every month. Only then will you know whether you are meeting your goals. You will also be able to identify the areas where you need to make changes or adjustments.
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To avoid any kind of penalty
or closure, you must always ensure that all mandatory regulations are followed and
compliances are met.
But how will I know what are the compliances I need to meet?
You've got nothing to worry! That's why I've been with you every step of the way, right from the
time you started to plan your business.
I know! I don't know how I would have been able to complete all this without your help!
Let's look at what mandatory compliances you need to meet to ensure that your business
remains a legally viable business.
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Congratulations! You're now running a successful business! We want to make sure your business continues to be successful. Make sure that you have in place.
- Accounts and inventory records
- Order and Suggestion Book
- Performance tracking system
- Performance review and improvement system
Thank you so much for all your help and guidance. I've now successfully Planned, Started, Funded, Set up and Marketed my business. I now look forward to successfully Running my business...
