Your skills can become a business
Not everyone wants a job. Some people want to build something of their own. Skills such as electronics repair, food service, graphic design or video editing can become the base of a small business. The key is to start small, learn as you go and grow carefully.
Step 1: Choose a clear idea
Pick something you are good at and that people need. Talk to potential customers about their problems and what they would pay for. An idea that solves a real problem is stronger than one that only sounds exciting.
Step 2: Understand your market
Find out who your customers are, where they are and how they buy. Look at competitors nearby: what they offer, what they charge and what they could do better.
Step 3: Make a simple plan
Write a one-page plan covering what you will sell, to whom, at what price, what it will cost you and how customers will find you. A plan helps you think clearly and is useful when you talk to lenders.
Step 4: Work out the money
- List your start-up costs, such as tools, stock, deposits and setting up.
- List your monthly running costs, such as rent, travel, phone and materials.
- Work out how much you need to sell each month to cover those costs.
- Keep business money separate from personal money, ideally in a separate bank account.
Step 5: Find funding carefully
Most small businesses start with personal savings or help from family. Banks also lend to small businesses, and there are government-supported credit programmes for small enterprises. Ask your bank about the options, read every term carefully and never pay an agent who promises a guaranteed loan.
Step 6: Register and get licences
The registrations you need depend on your business. Examples include GST registration where it applies, Udyam registration for micro, small and medium enterprises, FSSAI food registration or a licence if you sell food, and local trade or shop licences. Use official government websites, and check the requirements before you start.
Step 7: Keep records from day one
Record every sale, purchase and expense, and keep your bills and receipts. Good book-keeping helps you understand your profit, meet tax requirements and apply for loans.
How SkillMan can help
SkillMan offers 360-degree support for start-ups, including book-keeping, accounting, taxation, fund raising and compliance management. We also provide process orientation services that help commercial and corporate establishments expand their businesses. Our affiliations include NIESBUD, the National Institute for Entrepreneurship and Small Business Development.
Next steps
For business enquiries, contact us. To build the skills you want to turn into a business, send a training enquiry or book a counselling session.