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  • Category: Other Jobs

    How to start own business

    I want to start my own business. I quit my job in BPO sector, what are the career options now?

    I am SelvaKumar and 34 years old. I have 8 years experience in various BPO sector and I quit my job and wanted to start own business with minimum investment. Please suggest what kind of business is better now and how to get funds?
  • Answers

    9 Answers found.
  • By asking this blind question, you cannot get right answer from us. There are many factors before thinking of doing of business. First of all what business you want to do. Is it producing something , marketing a product, or just concept selling. If you want to produce something and sell the cost involved would be more and that has the lengthy process. If you want to have some marketing business , then you have to tie up with like minded companies for the sole distribution for which you must have marketing expertise. And if you want to have some concept selling, it needs great guts, planning and above all the strategy to do such business. And above all you are asking the main question as to how to get the funds. I think my response to your question is well addressed and you better think about your position first as to without investing any money first no one would believe to partner with you.

    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • This thread will be shifted to the Ask Expert section. Members who are interested in responding to this query are requested to wait till then.

    'Any fool can know. The point is to understand."- Albert Einstein

  • Since you have not indicated the field in which you would like to start your business, I cannot give you any relevant guidance. First of all, consider your area of interests and out of these, choose the best one which suit you the most. Now the second consideration would how to raise the finance so that the business can be initiated. As for example, you want to start a foundry shop, then you need a constant supply of foundry - pig iron grade from the nearby blast - furnace. The shorter is the distance, the better. In the cupola furnace this pig iron has to be refined by the small addition of manganese, silicon etc at a predetermined temperature. The finished product has to be dispatched to the parties concerned without any time lag. So, you have to understand the entire mechanism of activities with which you have to involve. You need the experienced personnel to operate the business.
    You will have to contact the banking - authorities in order to get loans, tracking of suitable customers, sources of availability of raw materials, clearance from government - machinery to start the business etc.
    So come out of with a concrete plan so that you would emerge successful in your venture.

  • Your background is from IT industry specifically BPO. You can make use of the BPO experience and work on the business models that makes best use of the skills you have learned so far. Here are some of the business ideas for you -

    1. Soft skill training business.
    2. Web design service.
    3. App design & development service.
    4. Backend tech support service.

    These are just examples, you're free to choose the idea of your choice that suits you.

    After the business idea and the local demand or offshore demand, you have to make sure you have enough finance. Try to accumulate 1 year of finance for your company formalities. And also emergency funds for your own personal use. This way you can focus on business and think about growing it.

    Out of these four you can easily get the idea of how to manage them. You can easily get estimate of initial startup cost for these services.

    After that you need to register the company in one of the following mode.

    1. OPC Pvt ltd.
    2. LLP
    3. Pvt Ltd

    Based on that selection you have your business created. Now you need customer and leads to get the business going. Here your skills of the sales and the networking plays important role. You have to focus on getting leads for your business. Depending on the type of the business you choose your method for the customer acquisition will be different.

    Consult with CA on the point business formation, taxes etc. Make sure you build such contacts with CA, Lawyers and few other types of industry contacts.

    Note: You have crossed 30s. And if you don't have the enough finances then initially you have to avoid hiring and work yourself on the business. And then slowly you need to hire other people. It's not easy, it's hard but make sure you do hire people once you get into better business. Delegating is very important in business. Know what to delegate and what to keep.

  • Since you worked in BPO sector for 08 yerars and now you want to change your field and planning to start a business. You have not indicated your area of interest and how much fund do you have readily available. In which city you want to start your business. Before knowing some basic points, it is difficult to give a piece of advice to you. Before starting any business, you must have basic knowledge about it. To grab the knowledge about a business, first enter into it as a worker/ employee. I mean to say you must have basic knowledge of the business, which you are going to start. It is applicable in service sector also. For example, IPS officers are not offered the seat of Police Superintendent directly after passing written and interview, but before being appointed as Police Superintendent they are undergoing tough and rigorous training. In training period they are familiarized with the role of constable onwards. So first choose a business of your interest. Learn the basic concept involved into it. Plan as per the budget available with you and loan eligibility.

  • It is a good idea to start a business. You should be precise and give a clear idea about your area of interest. Anyway, I will give you some idea on general business areas.
    As you have a god experience in BPO sector, you can start a business in BPO sector. If you are able to to grab some BPO project From oversees or India it will be fruitful. Some other areas where you can focus is running a paying gueat accomodation or a restaurant. Both of these businesses have excellent earning potential but needs more time and devotion. For running a PG, a good area near to IT companies or Coaching centers wil be good. First of all a fair analysis of your available resources and time is needed and then after a lot of thinking you can decide the perfect buisness for you. Always try to try to start business in you area of interest and stick to that work for considerable time duration to see good output.

  • There are various opportunities to open business.
    1) You can open pizza shops, D.T.P and any retail shop but for that also you need investment to get place for business either rented or own.
    2) You can do low scale business such as bangles, fish stall, sandwich corner, vegetables stall.
    3) You will also require manpower and their paid wages to maintain.
    4) To have proper marketing strategy to get customer
    5) Customers want quality products and benefits.

  • We can start our own business with marginal money or we can take loan from banks. There are many schemes run by state governments and even the center sponsored schemes are there. We need to visit our state government sites for the update. However, there is a list of small business information below.

    Start your own business from home.

    Small stationery shop at home; use this shop as a base and crack some orders from the market and it will be good if you have some orders from the school.

    Small candle factory at home: we can prepare candles by purchasing some raw material from the market easily. Use this factory as job processing unit for other factories. The input cost is low; it will bring profits if you crack the orders.
    Coaching center at home; we can start from a small coaching center at home. When we feel the coaching center is going fine, we can take the franchise of national level coaching centers. This is a good way to learn and earn.

    Small Computer institute: Start from two to three computers with marginal fees. There are many sites available on net which provide online typing jobs.

    With this we can start our own typing classes for others

    Poultry, Dairy and Fishery forms: Many State governments provide free training and subsidized loans for starting this business.
    There are many ideas available on net.

  • I agree to K Mohan. This question is very broad and you need to know first what line of business do you want to start so that we can help. Regards, Maryann Farrugia on Twitter.

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