Like scores of others before you, you are excited and nervous about taking the plunge into business. It takes tremendous gumption to be able to make the switch from a stable job to going into business for yourself. Not only is it a risky move, but one is open to the possibility that the business may tank or never break even. But there is always the chance that the business will do well given time and effort – after all, the most successful businesses in the world had the most simple beginnings, just like yours! Microsoft and Tesla were started in garages, and so was Apple – they were start-ups at one point in time, and look at their reach on a global scale today. Your business could be next.

First step

Now that you have decided to take the plunge and have your start-up functional soon, you need to follow this plan.

• Conduct market research: This entails understanding the market and the demographics you will be serving. The thrust is on answering a few questions, such as, ‘Is my product/offering needed?’, ‘What kind of demand does my product/service have?’, ‘Does a similar idea already exist, and how can I differentiate mine from it?’ etc. You can have a private agency run a market review on your behalf and come back to you with a detailed SWOT analysis to consider.
• Invest in manpower, space and equipment: Once you have the idea in place, you will need the technology, equipment, the right talent and a space for all of these to work out of. Start scouting the area of your choice for a suitable space, and hire an agency that can source the best talent for you. But first, you must make an estimate of how much buying equipment and paying salaries for a few months will cost you. If you can cut down on certain expense heads, you should – for example, if you don’t need a physical office right away, you can function remotely to save rent. Once you have a final figure in hand, you can apply for a personal loan after checking your business loan eligibility (more on how to do this in the next section titled ‘How to get an instant personal loan online with an app’)
• Set up your working space with everything you need: Whether you invest in an office or not, you will still require a desk to operate from. The desk will house your computer, router, files and stationery, account and voucher books, etc. Make it as comfortable and well-stocked as possible, with a neutral background behind your chair for video calls with clients and associates.
• Spread the word: You will need to plug your network of contacts to get the first level of business, and for them to experience your products and services so that they may recommend them to others. Meanwhile, you can create social media pages for your business and think of ways to monetise your work by way of discounts, freebies, BOGO (Buy One, Get One) offers, and so on. Do review your networking and advertising strategy every six months to stay relevant and ahead of the competition.

How to get an instant personal loan online with an app

You can get a personal loan from a traditional lender like a bank, or from a new-age lender like a loan app. Going with the latter is a better choice: the best lending apps in India offer a digital and quick interface for approval and disbursal of the loan, flexible EMI options, easier credit score rules, and so on. The best ones offer quick loans even to those who have low credit scores but a stable source of income and a good repayment history, with minimal documentation.

● Install a reputed loan app on your smartphone and submit the required financial and personal details as directed.

● Check the business loan eligibility criteria, rate of interest, schedule of fees, repayment terms, etc.

● Self-attest copies of your documents and keep them ready for submission.

● The app approves the business loan and disburses it to your bank account

● Repay the loan every month in easy EMIs.