How to start a small business?
Plan, plan, plan! When your idea is fresh and exciting, it's easy to start without a thought to how it will pan out and all the implications. There's nothing worse than an uncompleted project. It can completely ruin your confidence. So here are the steps you should take.
Step 1: Calculate how much available capital you'll use to start your small business. The more money you have, the wider your options for the type of small business you can start. Consider getting a business loan at a local bank if you have the credit and the means to pay it back. As always, don't dedicate money to the small business that you can't afford to lose in regards to your household budget.
Step 2:2Select the type of small business you want to open. The possibilities are virtually endless. If you want ideas or advice, visit Entrepreneur.com. You can also research at your local library to find a small business idea that piques your interest.
Step 3:3Research the field completely. After you selected the type of small business you want to start, examine that field thoroughly. Find competitors, and see how they conduct their business. Don't be afraid to ask questions. Look for areas that you can improve on and think of unique ways you can market your small business.
Step 4:4Construct a total plan of action. Write out in detail each step that stands between you and the ultimate goal of having a functioning small business. No detail is too small to list. By making a plan of action, you can go down the list and accomplish each step before moving on. It'll also make the overall task less daunting.
Step 5:5Decide on what type of business structure you will use and file the appropriate forms. Choose between a sole proprietorship, partnership, corporation.
Step 6:6Get your business license. For certain types of businesses, you must file for a license. The Small Business Administration website can tell you if you need a business license for your chosen type of business. Once you are licensed, you can begin conducting business.
Tips & Warnings:
Give yourself plenty of time to start a small business. Rushing into creating a small business is a bad idea and an easy way to lose money.
Avoid get rich quick schemes. If a small business idea sounds too good to be true, investigate it fully and with a skeptical eye before proceeding.
Self Employment Scheme:
The Kerala State Backward Classes Development Corporation Ltd. (KSBCDC) is a public limited company fully owned by the Government of Kerala, registered under the Companies Act 1956 (1 of 1956) on 28/02/1995 with the Registered Office at Thiruvananthapuram. The paid up share capital of the company is 36.9 crores against the authorized share capital of Rs. 40 crores. The Corporation has sufficient infrastructure for the implementation of various schemes for the welfare of backward classes and minorities. The Corporation has offices in all the 14 Districts of the State with the Head Quarters at Thiruvananthapuram.
The backward classes and minorities constitute the target group of this Corporation. It is estimated that the backward classes and minorities constitute about 70% of the total population of the State. Kudumbis fall in the Eligible list of Other Backward Classes of the State (Source: The Gazette of India Extra Ordinary Part I Sec I No. 186, New Delhi Sept 13, 1993). Hence, eligible to avail loan from KSBCDC.
Do you want to start a small business under Self - Employment scheme?
Click here to apply
For other schemes, click here
The following are some of the projects financed by KSBCDC under the Self-employment scheme. This may be used as a guideline for selecting projects