Financial Management

[Sakina Rampurawala]

I am currently doing job in accounting field,but i want to do business, what advice you can give me so i can do some business.

[ca.ahmedali]

You can start with following:

1. Analysis which field you want to go into (like which business you want to start).
2. Do a Desk Job – ie. studying that business field (its pros,cons, market, supply chain, how things works etc).
3. Re-Analyse, if you actually want to continue or revisit step 1
4. Make a Field Visit – ie. study practical aspect, if possible do a training ( when u had a non working day at office eg Saturdays, Sundays or some other govt Holidays).
5. Re-Analyse, if you actually want to continue or revisit step 1
6. Make a small move, start it from home (if possible) or take a small space on rent & make a start.
7. Start Marketing your product, use digital & referral Marketing options.
8. Make a Grand Opening.

[Mufaddal Panwala]

there are several ways you can start a business, but it also depends on how much resources you have.
resources can be in terms of contacts, knowledge, finance, skills.

there are few ways to start a business:

*if you can invest, but you don’t have any experience of doing business, you can have a partnership with someone who is struggling with finance who is doing business in your interested field. you can bring in capital, share each other’s knowledge then you can both increase business together.

*if you don’t have finance, then try to find and work with someone who is having a well-established business.
be straight tell them your intentions clearly, you can offer them to hire you as a freelancer partner, you sell their products to new areas which are out of reach their reach. you get paid only for the sales/profit you do.
in this way, he will teach you about the products and you can learn new skills and develop business more quickly, in this method you have very fewer chances of running out of capital, plus you get a lot of resources at no fixed monthly cost.
there are many business owners, who are willing to work in this way, the only problem is people are not approaching with the correct mindset.

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