Starting a business is one of the reasons you need to take an MBA degree. Obtaining this degree is a kind of motivation and helps you identify the steps you need to take for your entrepreneurial venture. Entrepreneurship has been trending for the past few years and is prompting people to take to business instead of starting with a job. While there are a few advantages for people with MBA degree to begin a business, there are some challenges they need to tackle as well. One of the most significant steps is to figure out how and what to start. Quite naturally, you must have a plethora of business ideas in mind and narrow down the options at first.
Take a quick glance at the following points to understand how to do business after completion of MBA.
· Researching the options
Before you put money or any other resource for a business, try to ratify them with genuine facts and figures. One of the top reasons for failure of small business is lack of requirement of any service or product. Identifying target market and the focus of customers are the other things to consider. India offers plenty of opportunities to different segments of business whether it is MSME, defense or any other field. Apart from this, opportunities exist in tourism and hospitality as well.
· Build your expertise
Once you complete your MBA, you must build on your skills and try to pick a business idea that is compatible with your expertise. Most of the business sectors require additional skills for taking the business forward. Your knowledge can help you to commence the business with few stumbles.
· Obtaining fund for your business
Regardless of the location of starting your business, you need to secure funds to begin. From micro units, venture capital, crowd funding, cooperative societies offering credit, you must study the offerings carefully before moving ahead.
· Business registration
There are a variety of ways to register as a new business. Your business can fall under the category of proprietorship, partnership, LLP or limited liability partnership, public or private limited company. If you are planning to begin as proprietorship firm, you must figure out the methods of proprietorship firm registration as an essential step to start the business.
· Documents to begin business
For starting your business after completion of MBA, you must acquire all the documents such as Direct Identification Number, Udyog Aadhar for setting Micro, Small, and Medium Enterprises. Besides this, you must apply for an Aadhar card online, GST registration, PAN card, and Digital Signature Certificate, and Articles of Association.
· Obtaining license for small business
When it comes to licenses for small business, the Government of India has eliminated the problems of obtaining license regardless of the documents required to start a small business. To obtain a genuine license for your business, you have to seek help through registered and reputed law firms. You can also overcome the problem when you apply for business registration through Ministry of Corporate Affairs.
· Finalize the location
When you start a small business in India, you must have a shop, stall, workshop, and office. You can register your business with local municipality and village administration. The premises you choose also serves as the physical address of your business. If you start the business in a rural sector, you have to pay less tax than the metropolitan cities.
· Getting a market position
It is not only the rules you follow that determine the success of your business determines the success of your business. You must hire a professional designer to start your small business.
· Publicizing small business
Due to intense competition, you must publicize your small business. Due to the cost involved for advertising your company, you can move through micro blogging sites for introducing your company and the product or services it offers to the customers. Apart from this, you can also post videos on YouTube to let your target audience know about your services and its key features.
· Ministry of MSME
The Ministry of MSME is assigned the responsibility to develop business in all the states of India and its Union Territories. There are various programs and schemes for entrepreneurial development that are offered by the ministry. You can try to collect the details to know about the funding schemes available for your business.
Finally, you have to open a current account in any of the private or public banks in India and establish a website presence to consolidate your business setup.