A lot of successful people have already answered this question on their autobiographies. There is nothing that I can write which can be better than what they have already written. But let me try to put my learning from them in a periodic manner. If you want to make a lot of money, start business in India, you must do the following (Assuming that you are currently an employee):
Leave Your Job Now And Start Business In India
By 8 PM tomorrow,
Make a decision that you will leave your job in next 3 years, no matter how good your job is. A job is a trap to stop you from unleashing your full potential. A good appraisal is a bigger trap.
Within 30 days,
Finalise the business that you will start. Ensure to meet at least 100 people from different businesses before you make that decision. Those people must be from various businesses. They shouldn’t be your relatives.
Within 3 years from today,
Have enough capital to start the business which is going to fail. Start small. Chances are high that your first business will fail. Spend only a small portion of money you have collected for your business. First business is your learning phase. If first business fails, start second business with some portion of the money that you had collected. Again, don’t spent everything on your second business. Never invite your relatives to the opening ceremony of a business. They will laugh at you when it will fail.
Within 3.5 years from today,
Start delegating your work to your staff. Have somebody do the manual work while you only focus on making decisions. Guide them. This is the phase when you start using ERP or billing software for your business. Spending 6 months in business also makes you feel that you have survived.
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With in 4 years from today,
Plan expansion. If you had a small Momos Counter, plan to open another one. No matter how small your first business was, you can always make it big. By now you have 1 year experience in your business. This is the phase wherein you apply for trademark & other registrations for your business.
With in 5 years from today,
Start expansion. Ensure that your system is full proof to prevent any possible pilferage, have solid supply chain, have staff back up etc. It won’t be easy to run a business when you aren’t present at that place. That’s where your management & delegation skills will come in play. By now you would have completed 2 years in your business. Don’t make a mistake of rapid expansion. Your system may not be mature enough to expand. This is when your need your first store manager.
With in 7 years from today,
Start expansion phase 2. Keep it limited to the same city or a nearby city though. Expand your business locations to 5 or 6. At this stage you must start investing on marketing. Take some profit out of your business & spend it to make your business a brand. This is when you need your fist area manager.
With in 10 years from today,
Start expansion phase 3. Take your business to some other cities of the same state. This is time when you need to start borrowing money from banks or financial institutions. Since you have been in business for over 7 years, you have low risk of failing & banks will lend you good amount of money. This is when you need another area manager or a cluster head. You also need to tie up with a good CA.
With in 12 years,
Start expansion phase 4. Take your business to pan India level. Open as many stores as you can fund & operate. This is also a stage when you need to start delegating the power of major decision making to your team. This is when you need a business head.
With in 15 years,
go global. This is when you should tell your uncle that you have started a business.
I personally do not recommend online sales. In online sales you have to compete with the entire world. Margins are thin & expenses as much higher than that of opening a physical store. Exchanges, returns, refunds, shipping cost, pilferage, damage etc eat all of your profits.
In short, if you want to make a lot of money, you have to make people work for you. There is a systematic approach to do it. I have tried to list it down for young entrepreneurs.
If you have a vision to start a restaurant or a food court, start with this :
I mean to say that you must start small. Unless you have parents who can fund your second or third business attempt. Over 90% businesses fail within their first 6 months.
Leave your job if you want to make a lot of money.
PS : Never ever plan to start a franchise business along with your job. That will be biggest mistake of your life. Franchise business is bigger trap than being an employee. As an employee you at least don’t have to make your own investment & there is no risk of losing your savings. In a franchise business, you are an employee who has made his own investment to lose his own money.
HR Management, Talent Acquisition & Employee Engagement
Article Source: Quora.com
Hi I am Harish. I am a blogger, writer. I am also a photographer. I love to share my thoughts and experiences through the words in my blog. Thank you.