There comes a time in our lives when we start disliking our mundane 9-5 job. The monotony becomes too overwhelming and our spirit simply wavers. Working under strict conditions for someone you do not know personally can take a toll on us. We often think of quitting our jobs and start something on our own but then someone we know brings to our attention the insurmountable efforts required to start a small business. When we start thinking, we need capital, policies, labor, legal documentation, and so many other things, suddenly our 9-5 job appears charming again! Today, I have laid out a 5 step guide to help you start a small business, which requires bare minimum effort and resources.

Get It On Paper

No matter what type of business you want to start, no matter how enthusiastic you are about it, you cannot succeed with it if you do not have a plan in place; a vision in sight. In short, you need to have a template for success. For instance, if you are setting up a small business, there are plenty of small business budget templates to help you with the direction of your business. A good template tells you about the funds required to kick start the business as well as other overheads like rent, insurance, operational costs, labor costs etc. An effective business plan is the first thing you need. You need to make sure you identify what kind of business you really want to own, it could range from existing businesses like this home care franchise to an online e-commerce business.

Research Like A Maniac

Absorb the opinion of others, especially those with business acumen. We are living in the digital age and you have internet at your disposal. Research how other people who were at your point managed to pull it off and succeed. Discuss your startup idea with more and more people and observe what their reactions are. Moreover, do not ignore the power of advice from seasoned business owners. These gentlemen know first-hand what is feasible and what is not.

What Is Your Unique Selling Proposition?

Startups spring up and die every day. All those ambitions wilt because the market is already cluttered with a lot. People are spoiled for choice; nobody wants another individual annoying them with the same product. Therefore, your business needs to have a U.S.P (unique selling proposition) to succeed. You have to address the problem and come up with something innovative.

How Will You Earn?

The sole motive of a business is to earn a profit. Yes, you might argue that it also empowers people and so on and so forth but without profits, your business cannot sustain. After all, how would you pay your employees? Who would pay the rent? How would you buy raw materials? So, before starting out, you need to figure out how much you will need to cover all costs and start operating in profit. You need to do a break-even analysis.Also, ask yourself, do you have a backup plan?

Hire The Right People

Let me quote Sir Richard Branson here, “If you want to succeed as a business, hire people who are more intelligent than you”. When hiring, do not just go with the ones who are the most highly qualified, look for individuals imbued with motivation and the will to succeed. See if their personality fits the needs of your organization. Most importantly, hire people for the long term.