You must Sign In to post a response.
  • Category: Marketing Jobs

    Wants to involved in to buiness while working


    Want to start a new business? Precautions to safeguard your business under these volatile market conditions are essential. Learn what precautions one should take while starting a new business.

    Dear
    Presently my son is working in the Industry, but industry is not doing well.
    He want to start business parallely at the beginning. Once business sets properly he wants to make changeover in to business.
    Looking at the present market condition what precaution he has to take?
  • Answers

    9 Answers found.
  • The first precaution he has to take is that, never let his colleagues or employer know about this decision of his. It is illegal to start a business when you are working for a firm and that too if the business is in the same field as that were he is working now.

    Secondly, start a business in his field of expertise. Learn the market and start the business in an area were he thinks the sale can be maximum. Target customers and do the rest accordingly.

    He should have good financial back-up as well, as no business at its initial stage will bring in revenue. Once his business is established and has quite a number of clients, he can slowly quit the current job and engage into his business full time.

    As doing two tasks at a time is difficult, he should have someone trustworthy with him to help him or to do jobs in his absence.

    Regards
    Chitra
    "Do not give up, things might not favour you always"

  • Hi Kalpana, Your son seem highly aspiring and confident person so do not suppress his desire to do something of his interest. Support him but at the same time be cautious. Setting up a new business requires a lot of risk, money, patience, hard-work and smartness. It would be wrong and also, very difficult if he continues to do job and tries his hands on his new business.
    So i would suggest that once his final report on Market survey and possible clients is all prepared, he may resign from his current job and focus completely on the set-up of his business. Now a days some Banks give loans for the establishment of new business if they like the project proposal and think that it is going to make profit.
    Initially, your son may take guidance of some aged retired persons in the same field and if possible ask them to join him so that he may have proper guidance and expertise backup.
    In the mean time he may do some freelance work for parallel income and focus more on the establishment of his business. For few years, the new work may not bring much income but keep supporting him and ask him not to give up. Continue to progress removing all set-back slowly and steadily.

    ________
    Regards,
    JS.

  • Hey Kalpana,
    First of all it's a very bright idea to start a new business by your son, and not many parents may support their son in doing the same. So hats off to you.
    Coming to the point, your son needs to be aware of which line of business he wants to get into. He should have thorough knowledge of that line and must have studied every aspect in detail. Business contains high amount of risk, which can take you to glory as well as complete failure.

    These are a few topics he should study before starting any business:
    1. Competition in the market for his product.
    2. Price at which his product can be acceptable in the market.
    3. Financial budget.
    4. Future of the business line he is entering.
    5. Sources of funds.
    6. If it is legal in the eyes of law.

    These are few aspects which he should study thoroughly before starting a business. These precautions should be taken by your son in order to have a good business income in the long run.

    Every business takes time and grows slowly.


    Regards,
    Karan Kapadia

  • Hello Kalpana,

    Your son is already working in an industry but he wants to start a business continuing with the job is a very good decision. But the main problem is shortage of time.
    As money is a big matter in our daily life so you should appreciate him to start a business. For tht you have to keep some important thing in mind :
    1. The business your son wants to start should not hamper his job timimg.
    2. He should start such a business which is totally different from his job.
    3. He should start a business with a very low investment so that risk is low.
    4. he should have a good social market for developing his business.
    5. After duty hours he can do such a business to get a good income.
    6. He should have market knowledge.

    If a person can do a job and after duty hours can do overtime for another person then why not business. so support him for the best.

    Jignesh M.Patel

  • Thanks to all for valuable guidance on the subject

  • Doing business involves high risk and challenges. Below are the highlighting point where you need to take precautions
    1) The high risk of failure in the business due to less experience in carrying out business and managing it. If your son has good experience of management then there is no need to take any external training for it. If not then it is required to have basic knowledge of management along with people handling skill.
    2) As your son is working in another firm, that means he has very less time to spend in business. So proper planning is needed to be taken in order to get more and sufficient time for business.
    3) The social factors such as attending parties, family functions, these have direct impact on schedule of your son. So if your son is doing business as part time, there is dedication required to carry on the business.
    4) There is also need of knowing the people who are interested in doing business. So need to improve the skill of identifying such people
    5) One more important thing is, it is required to your son to stay away from people who can create obstruction in the business path for your son.

    Regards,
    Ajay
    Go Green else Green Goes...!

  • Hello Ms. Kalpana Patil,

    Any business requires:
    1. Understanding: Sound knowledge in the industry and its structure. Minimum 4 year of experience in the same field will be good, so that you will have an idea about the operations.
    2. Capital
    Sources for capital: Own money, bank loans and local money lenders (high risk).
    3. Working capital, staffs and machineries for the operations.
    4. Scope for your product or service in the market against the competition.
    5. Management skills

    I have mentioned the minimum requirements to start a business, if any person has these requirements can be an achiever. But hard work is the key word to any success.

    If your son is confident, he should quit the job and start the business, but returns from any business takes at least 6 to 15 months. If is financially strong, he can start immediately, or else let him continue his job and save some money for his business.

    Convey my wishes to him.

    Thank you.

  • Starting a business requires detailed study of your product and its demand in the market. One has to work out right from availability of raw material to delivery of product to the prospective clients.
    Finance is one of the most important aspect whether you are approaching a bank for loan or arranging it from your sources.
    If you are thinking of a trading business then the question of manufacturing may not arise and the business will be limited to getting the goods on wholesale and then delivering to the retail customers either in person or online.
    Now a days there are immense possibilities in online sales where you have to tie up with some bigger online business platform and send your product directly to the customer on getting a send product demand from the business house.
    Another important thing is - are you going to manage your business alone or in a group. Sometimes a group is advisable so that people can contribute as per their individual expertise.
    Working for a company is entirely different than having your own business. Business requires lot of hard work and perseverance. It is a 24x7 effort.

    Knowledge is power.

  • TThis response is marked as DELETED by the admin.

    Thinking of starting a business alongside employment?
    Should you tell your boss about your small business? I'd say some of the most important factors are your relationship with your company/boss, and whether your sideline is competition. The size of your employer is probably quite a big factor too.

    Organising your time is key: You need to be pretty brutal with your time. Plan, put things for your new business in the diary (say at lunchtime or at the end of the day), and divide your tasks into achievable bite-sized bits. Work out what is genuinely important and make lists. Look for dead time, such as a commute, that you might be able to press into service. If you have a family, explain to them what you are doing so they will expect you to be busier.
    Don't forget about taxes: It's quite common for the newly self-employed to overlook putting money aside for their tax bill – particularly for those who have been employed and are therefore used to their tax being collected via PAYE. We would recommend that you always put aside at least 30% of your profits for your tax bill to avoid those nasty surprises. HMRC's penalty regime is pretty severe now. You can incur penalties for late registration, late payment of tax and late filing of tax returns – to name but a few. So trying to avoid leaving everything until the 11th hour would be my best advice.

    There is a misconception that HM Revenue & Customs will somehow know that you have self-employment income. But this isn't the case – you must inform them by completing a CWF1 form or registering online. If you anticipate that your self-employment earnings will be below £5,595 per annum, then you may also be able to reduce the amount of national insurance you pay. Not many people are aware of this.
    Build as many relationships as possible: Since setting up we've found that the most efficient way to market your business, especially when you don't have much time on your hands, is to get involved in as many local networking events as possible. Joining your local Chamber of Commerce is always a good way to get your name out there and start finding out about local networking events that are available to you.
    Why not hire people to work on your small business for you, while you are at work: When you come home in the evening you can take a look at their daily report and instruct them on the upcoming day's work. If you only hire people for a few hours per day, or alternatively hire them through the internet in eastern Europe, for example, the amount of money used should not be of an overwhelming significance. Elance is currently giving $75 to all new British businesses who want to try hiring people online rather than locally.

    Here are some time management tips: One way to free up time for your family and friends is to analyse all tasks you have to do in order to set up your business and identify how long they take, how complex are they and what could you do with the time if you did not have to do them yourself.

    Then you would come up with a list of things that you need to do, but you would also come up with things to do that are time consuming and simple. Those that fall into this box, you should consider having other people to do for you, such as getting a bookkeeper that handles all your billing and invoices, an accountant that takes care of your budgets, a student that can punch in a lot of data to your website or write content.

    Keeping this focus enables you to take care of the business-critical tasks, and then other people can help you deal with the things that do not require immediate attention.
    Channel your focus in one direction: Get a really clear understanding of your target client and their specific needs and concentrate your efforts and energy in this one direction. Don't try to communicate with too many different audiences, as this will confuse and weaken your message.

    It's worth liaising with your employer: Speaking from personal experience, there are employers who are prepared to look at a "phased resignation period". It will help your case if you can consider what the benefits will be for them by accommodating your needs.

    In some cases, and if relevant, you might also be able to get them to consider using you as a consultant, perhaps on preferential rates, for a period beyond your finishing date. It amounts to the same thing, and they get to keep you for longer.

    Relaxing is important: Maintaining energy levels is really important, and being able to recognise when you are at your peak is a useful skill to develop. My recommendation is to take some time each day for regeneration – even if it's just walking the dog or gassing on the phone to a friend for 10 minutes. You'll find it easier to stay fresh and more creative when you remember to take time for yourself.
    Make sure you have financial security: It's massively important to go into a startup with a degree of financial security, if you can. In the first instance, unless you are very fortunate, you won't be able to pay yourself a salary and the last thing you need, when trying to focus on getting a business off the ground, is personal money worries. You'll be very focused on the cashflow of your new business, so could really do without having to worry about your own.

    The mental shift from being employed to being your own boss can have an effect. I've seen it have more effect on people than they anticipated. You might feel fine – even exhilarated – in the new role, but are you working effectively? Any new job takes time to adjust to and I've sometimes seen startup adrenaline compensate for a slower shift in managerial approach – they are very different roles, after all.


  • Sign In to post your comments