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Important factors to be considered for a start up?

Date: 14 Apr 2016   Posted By: Chitra Rana Raghav     Group: Finance and Investments    Category: Investments   

If a person decides to start a new business what are the major factor need to be considered?
For example a daily usage gadget made by a local and he wants to sell it and make it a business. What all factors need to be kept in mind before releasing to the main market?
1. What kind of market survey should be done to know if that gadget can be sold or not?
2. Is there any patent system to be followed before starting to sell it since it can be copied by others?
3. Which one is better: door to door selling or supplying it to existing market shops?
4. Even if do not become a great success, how to come out with least loss?
5. Is any registration is required before selling any product?
Experts: do advice.

Interested in starting your own business? Wondering how to go about it? Find responses from experts on this page.

Author: Mahesh    18 Apr 2016      Member Level: Gold     Points : 4  (Rs 4)    Voting Score: 0

First thing to think here is that if there are paying buyers for your service and product. That is what decides the demand for your service. Make sure you know about the market before you spend the money. Because that is what is going to minimize the failure and improve your chances of success.

Here are answers to rest of your questions.

1. You need to research for the buyer profile of your product and service. You also need to see the demand of the product in the market.

2. Patent system is expensive and also subject to the approval, There is not need of any patent system to follow if the service or product is too generic.

3. Each selling system has its benefit and issues. For example door to door selling works for some products. And some product better be sold through online. It depends on how you wish to approach.

4. You have to take calculated risks in order to generate the funding. So it all comes down to how you wish to proceed. So make sure you don't waste your money in something that your startup can't afford. Make sure to measure your moves before you spend the money.

5. Mostly you need registration to PVT ltd or LLP. And after that you need to get TAN, PAN and VAT. Once you do that then it is possible to sell online in flipkart or similar other site. And even on your own.

Author: [Anonymous]    25 Apr 2016      Member Level: Gold     Points : 6  (Rs 6)    Voting Score: 0

First of all, here the question is not clear. What do you want to do? What is your intention, either to start a new business of your own or you want to make a product and giving it to the main market for selling purpose. Both seem to be same but in work they are different.

If you want to start a new business and want to sell through another party, you will get return a little amount. Suppose if you are wanted to sell, say for example, almaras. What you have to do for that? You should bring iron sheets from somewhere else; you need workers to make them into a proper shape, coloring machine, frames, electricity and if at all any damages then how to use it wisely etc. For this, you have to invest some amount. To make almaras and bring them to market it may take suppose one month (if already you have contacts with market holders). You need to bear all expenditures. Even though, if you send the almaras to the market you need to wait for the money to get return. The reason is: they give you the money only after they get benefited from almaras. For this it may takes minimum 3 months. If you run the business patiently then gradually your income will be increased otherwise you lost the chance and you need to sell all your things to other again. It is a large process. I have seen this through my eyes. This applied to the gadgets also.

If you want to start a new business then you should do a market research first. There are totally 20 types of market surveys available. You decide what survey suits to you.

Depending on the product you have to select which is best either door-to-door or supplying it to the existing market. Suppose if you want to click with food business then both are good. If it is gadget then supply it to the main market will fetch you good results. It totally depends on the product you have selected.

There are two choices if you start your business. If the business is click then you will get profit and becomes a business man otherwise experience will be there in your hands. But it totally depends on your hard work. Generally, a business man should do hard work, how we impress our customers, at times sleepless nights too and some other times we will not even get minimum cost too. A business man is the person who sees his profit and loss as equals (Sometimes profit and sometimes loss). Then only we can continue with the business.
Start with a small budget. If you think you are getting profits or you can benefited then go on otherwise with less loss. This is the simple technique how here we are following.

If you want to start your business in the metro cities then the chances are less to become click because of technology. Maximum of all gadget are available in the internet with the low prices. A small piece of advice from my side: If you want to start a business of like this then better to start in the small cities.
For normal businesses no need of registration required.

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