Establishment of business
I think the best way of earning money in today's era is doing a business, as u can make a lot of money by establishing a new business . The thing all u need is a creative idea , in other words a unique idea to run a business . As there are many types of business as you can start , but mainly there are three types of business sectors as described below:-
- Service business :- A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products. Examples of service businesses are: schools, repair shops, hair salons, banks, accounting firms, and law firms.
- Merchandising Business :- This type of business buys products at wholesale price and sells the same at retail price. They are known as "buy and sell" businesses. They make profit by selling the products at prices higher than their purchase costs.A merchandising business sells a product without changing its form. Examples are: grocery stores, convenience stores, distributors, and other resellers.
- Manufacturing Business :- Unlike a merchandising business, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus, there is a transformation of the products purchased. A manufacturing business combines raw materials, labor, and factory overhead in its production process. The manufactured goods will then be sold to customers.
Qo1 :- How to start a business ?
To start up a business you need 3 things 1st a creative idea that what type of business you want to start you have to plan a complete layout of your business it doesn't matter the business is small or large there should be a perfect planning of planning before establishment of business .
2nd thing you have to arrange sufficient capital for business . It can be arranged through taking a loan from bank or if you have financial support from your family
3rd thing you need to complete all legal formalities . as three is a large legal procedure by which you have to go through like you have to pick a unique name for you business example:- facebook , it is one of social networking business and you can not start a new social networking site by using this name facebook you have to select a unique name it can be fusionbook etc. than after selecting a unique name you have to register that name and so on there are many legal formalities you have to complete and for that you can take a help of any advocate.
Qo2 :- WHAT TO DO AFTER SET UP?
The very first thing you have to is to do find a appropriate land where you can to establish your plant or shop or warehouse etc. and than a very important step recruitment of employees. Recruitment can be of many types like you can post advertisement in news paper you can take help of recruitment companies which will charge you and give perfect employees for you business
Now you are ready to fire and ready to earn money throughout your business. all you need a long vision in your business and to maintain a positivity because it can take time to attract costumer's but you have to be calm.