Minding your own business

 

Introduction

Today’s world has become totally commercial. Nothing is free and every transaction is conducted for making a profit.

A child also trades ‘his’ or ‘her’ valued possession, for a more worthy one. The government collects taxes to make profits,

announces popular schemes to gather votes, and even supports a few initiatives that are against their own principles,

to go along with the ‘mood’.

Everyone wants to make a profit and the only decent, as well as legitimate manner of doing so is through business. 

As a matter of fact, every –third-person on Mother Earth wishes to become the next billionaire.

Regardless of nationality, culture or religion, everyone nurtures two types of greed; Greed for fame and greed for money. 

Let’s be frank. No one wishes to work for other individuals, organizations or corporate houses. Not even me.

But circumstances force us to toil and slave, while the latter make fortunes.

All of us aim to be something on our own; stand on our own legs.  All of us wish to start a business; But how?

Before embarking on this mission, one has to lay down these points,

1. The Concept or idea.

2. The Resources

3. The Current Trends

4. Legal Regulations

5. The Purpose;

The Concept or Idea:

It was truly said, “A revolution starts with an idea.” In other words, you don’t begin a journey, without knowing

how or where you are going to in the first place. “

First, decide what sort of business you wish to begin. Analyze if it suits your qualifications, interests and ideals.

A passionate student may not succeed in farming; and an learned individual interested in sharing education

may not do well in the fashion industry. 

Make your passion your profession.

Do business or trade in a field that both interests you and also, in which you are a master. History has

time-and-again proved that each successful business person has carved a niche for himself or herself

that others did not imagine until then, but something that would be followed by generations.

How?

Simple! They practiced what they believed in and what they were good at.

A profession or business need not be regarded as a task or hardship. It can also be a time of leisure,

as you will make money doing what you love!

The Resources

Now you have the idea; next comes the planning and analyzing. These terms may seem jargon,

but their essence is the truth.

• Your idea needs to be put into action and it is not as simple as pressing a button on the keypad. An idea is like a seed of a plantation. An entire farm starts to spread from a single seed. However, this seed needs nurturing, suitable weather conditions, frequent fertilizers, safeguards against external factors; and a lot of patience!

• Similarly, your idea of the perfect business needs to be cultivated, taking into account several external factors. These include the amount of money and time that you can invest, the current trends, legal regulations.

• And last but not the least; the period of time that you are willing to wait to see “water from the clouds”.  This is the reality; You wish to start a business to make money. And in life, ‘To gain something, you got to lose things as well’.
  

Once cannot start a money-making-business, without investing money in it at first.

The only ways of doing that is through corruption or day-light robbery; both of which I do not approve of

‘Count your pennies at first’. Analyze it if you have enough for an initial investment.

Even the requirements in different nations or localities may change.

You may be able to open a road-side eatery at just 50,000/- bucks of any currency.

But, establishing a modern restaurant will cost a fortune. Also, it wouldn’t be wise to invest whatever  you possess,

in one single venture.

As mentioned earlier, you require patience.  You may or may not see your ‘seed’ turn into fruit immediately.

Ensure that you have enough in stock, to meet your life’s daily needs and necessities.

A business venture is mostly a gamble or like a ‘roll of the dice’. You may or may not get the numbers right. 

Now you may ask, “What if I do not have the money?”

Relax, the options before you are endless.  There are several banks and finance institutions that offer short-term as well as long-term loans. These institutions provide capital that is calculated on the basis of the sustainability of your idea, and the time it would take to generate profits. Besides, most governments across the globe today encourage new business ventures and investors. You can easily get grants or sponsorships, just by describing your concept. In this case, you needn’t even place any mortgage or security, which may be required by banks.

Also, you can always get sponsors by sharing your idea with trusted people. A group of friends and yourself can get together and pool in resource to start the venture. Besides, if you totally believe in your and that it can ‘make a mark’, then preach that idea and fight for it! Recent figures suggest that at least ‘a million people in the world are millionaires’. They have enough money to start a hundred other businesses, without being concerned about its profitability. Hence if you don’t have the money, get it from them.

Share  your idea with them, resonate your idea’s profitability and as a sweet topping; fill your words with enthusiasm.

Convince them that they have the money, which you don’t; while you have ‘a million-dollar-idea’, which they don’t.

It will become a win-win situation for both sides.

The Current Trends

This is the ‘open-secret’ of every successful business-person. He or she does not fight the wave;

they just go with it, by being on the front. In the end, every credit for a successful voyage comes to them.

Your idea may not may not be related to the latest mania around town. If not, add certain hints that relate to it.

Here is a simple example,

You are an Asian and wish to start a small resulting reflecting your national cuisine, in big metropolitan cities like New York,

Sydney or London. People may not be interested to visit your outlet.

Your fellow countrymen have other, even more established outlets that they prefer to visit.

The rest of them aren’t interested in your food.

What do you do?

Simple!

Prepare your native dish in the manner they like. Confused? Let me put it like this.

Take the example of a “Dosa”. For the readers from outside Asia, let me explain a “Dosa” is just an Indian ‘pan-cake’ made from the flour of Rice and mixed with lenthils.  Even the modern generation of India may prefer fast-food like pizzas and burgers over their native “Dosas”.

So how does an Indian begin a restaurant selling “dosas”, in an urban hip-hop street of New York?

First market the “dosas” in a language that most understand; which is English.

Dress like a New-Yorkite, behave like a New Yorkite, but passionately sell the food you love.

Innovate further, serve your dish with sauce, add more ingredients, change the shape and what-not!

Finally, they will not be serving them “Pizzas”, which every bakery down the road sells today; you do better by selling them “Dizzas”!

This was just one of the various examples.  Learn the current trends and one of the best places to do so is on

the different forms of social-media. In this way, you both learn the trend and as well can market your product.  

The bottom-line is that “we have crossed the ages of invention. To go forward in today’s world, innovate! Choose any business line, share your passion with the world; but envelope it in the current style.

Legal Regulations

Legal factors also go into starting a business. It is necessary to abide by the legal requirements set by federal,

state and county rules and regulations. Abiding by these rules help you avoid legal issues regarding the business

structure in the future.

When setting up a business, your first job is to decide which business structure is best for you: sole proprietor, corporation,

limited-liability company or a partnership. These terms may sound too complex for a fresher.

It is always advisable to get the advice of an expert on these matters.

You will have to file paperwork with the state secretary’s office where the business operates,

but you first have to register your business and name with the state secretary’s office.

Enquire, if the state requires you to carry a state business license; some countries require a business license

while other countries do not. Also regional sentiments have to be taken into consideration.

Several Arab countries do not permit the open sale of liquor or pork. Get your facts right at first. 

If your business involves selling taxable products or services, most states also require you to obtain

a sales and use tax permit. Other types of business permits may be requirements.

These permits normally include a seller’s permit for reselling wholesale merchandise,

a health permit for food preparation businesses and a zoning permit for a home-based business.

Purpose:

We have discussed several factors, including your idea, the investment and legal regulations.

But the underlying point in starting a new venture is its purpose. Why do you wish to start a business?

The first response from everyone would be, “to make money”. However, I have learnt from experience t

hat the initial stages of a business may not always be profitable. Even when you do make profits,

it may not be much. Practicing professions of medicine, engineering or glamor could earn 10-times-more.

Then why do you wish to begin it?

Remember my first reference to a journey? Before you begin a journey,

you should decide where you wish to go and why you want to go there. It may seem irrelevant at the beginning.

However, one must realize that there is ‘no going back this road’. Once you are into business, it is not only money

that you invest. You put in your mind, body and soul. In short, you place your life on the table.

Decide if you really wish to do so. Decide if you really need to do so. Decide if you really can do so.

If your answer is “no”, go back to the first stage of “the Idea or concept.”

If your answer is “yes”, what are you waiting for? The world is yours, conquer it!

Yasir Sulaiman

YouTube: https://www.youtube.com/channel/UCvTdgVHCloW5HTdwUFyPRjA
Facebook: https://www.facebook.com/authoryasirsulaiman/
LinkedIn: https://www.linkedin.com/in/author-yasir-sulaiman/
Instagram: https://www.instagram.com/ysstudios1/