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  • Category: Miscellaneous
    Points:5

    Actions and plans before one goes for self employment

    After completing one's education one can think of going for self employment. There are a variety of options ranging from opening a small selling stall to a business shared with other people want to start a combined business. Such endeavours require finance for starting it as well as a place to start business operations. This would also require some permissions from local authorities and licenses and permits whichever applicable.
    What are the things that one should keep in mind before starting any such self employment project small or big? Does one get help from banks and Govt agencies in the matter? What is your experience in this regard? Please share.
  • #777038

    Points:5
    One should make a detailed step-by-step process for starting a business. It should be documented properly. Once we start writing down the process, we will know what are the requirements and how to go about it. Before deciding on the type of business or service we should evaluate the potential of the business. The marketability of the product made is very important.
    As an example, a person who wants to start a Xerox centre should search for a place where the chances of people coming for Xerox are higher. Near a college or a court or a government office if we start a Xerox centre we will get more business. What is the advance to be given for getting a space in that area is to be known. What will be the monthly rent also should be known? Then only one can understand whether the business is profitable are not. The business is to be registered under the Shops and Establishment Act. The total expenditure for starting, the fixed expenditure for the month irrespective of the business is also to be assessed.
    drrao
    always confident

  • #777041

    Points:5
    There are many opportunities for self employment but it requires a good amount of planning and thinking beforehand. If the student gets some help from the family members or relatives then the job becomes easier otherwise he has to run for everything even required to start a small business.
    I have seen some enterprising young people who start their livelihood journey from a small business like a pavement or roadside hawker stall and slowly hire a shop for their business. It requires a lot of patience and hardwork for getting success in such an endeavour. Many young men today are not accustomed for such hard work and compromise by joining a low paid job in some private organisation. They chose to become a security guard or driver or shop salesman etc and avoid taking risk of starting something on their own.
    Thoughts exchanged is knowledge gained.

  • #777050

      

    Points:5
    Before venturing out, one has to decide whether they are going to provide service, manufacture products or simply be a distributor/retailer of some products. Many plan for such self-employment opportunities but not all succeed. Proper planning is important before execution and one must carefully consider the finance matters. Who are the customers, marketing of the products/services, capital required for the venture, monthly expenditure including repayment of a loan, if any, etc. must be defined properly.

    To start anything, permission from the respective authority is required, which we call a licence in general and apart from this, specific licenses related to the product/service may be required also. For example, dealing with food items requires an FSSAI license along with a Trade license which is essential for any business. Various loans are available for startups these days and one has to search thoroughly to know which category their ventures fall into. After proper planning, it's time for execution which may be considered the beginning of the journey. It takes some time for any business to get acknowledgement from customers and one has to be patient in this regard and must make the required efforts.
    Sankalan

    "Life is easier when you enjoy what you do"

  • #777092

    Points:1
    Yes, there are many aspects which are to be taken under consideration before going for self employment. Selecting a particular area of business and a proper location for the same is one of the crucial factors.
    Knowledge is power.

  • #777094

    Points:4
    Keeping in view of the limited availability of the job - scope in the private or public sector, it makes sense to explore the merit of the self - employment. However, the prime task is to undertake homework exploring all the areas where they could earn substantially with their inherent skills. This could be the installation of an eatery in the vicinity of their residence or a tea stall followed by some snacks. A stationary shop might be the next idea to be thought of.
    By far, farsightedness is more important to pave success. The aspirants need to identify their own potential apart from the crowd of such shops lying around the corner. Intrinsic skill to operate the business is certainly the crucial aspect for achieving success in the self occupation.

  • #777100

    Points:4
    Some fair knowledge about the practical and legal and moral aspects of the business or project (self employment) ne goes to take up-is necessary. One should be aware of the statutory requirements like license, permit etc. if needed.
    A minimum knowledge about the feasibility and economic(income generating and profit) viability should be acquired. If one does not have such expertise one should employ or consult such an expert or expensed person in the project or business to start and streamline the same.

  • #777127

    Points:4
    One additional point in the context of self-employment is the aspirants connected with any business is to understand the psychology of the customers so that the aspirants gain rapport with the customers. It implies that the aspirant has to keep a close vigilance to the needs of the customers. Just to remain ahead of other associates engaged in the same line, the candidates need to collect the reviews of the buyers relating to their anticipations so that such valuable ideas can be included for the customer's satisfaction. Hence, I believe, innovation is an important attribute in the promotion of any business.


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