STEP BY STEP GUIDE TO STARTING A NEW BUSINESS IN NEPAL
Nowadays most people are attracted to startups and want to become an entrepreneur.
Becoming an entrepreneur and the head of a company is most people’s dream but the road up is tough.
For those who are willing to start a startup, it might be difficult to figure out how to start a business? What should you sell? Who should you sell to? How will you get customers?
That’s not enough, every week there seems to be a new business trend online.
Here in this guide, we have mentioned some steps that might help you to start a new business.
1. First Ask Yourself, Are You Ready?
Most people think that starting a new business is like a full t time or even less work but it is not like that. It’s much more than just a full-time job. You need to work more than 12 hours a day at times and holidays are rare at most.
You will have to completely redesign your life so be prepared before planning.
The success of your business is a reflection of the hard work you put in.
2. Is Your Idea Enough to Start New Business
Before starting your new business, you must have to analyze the market enough. Your idea must be innovative so that you can attract many customers. You have to do different research on the market you are targeting.
Also, you can hire experts to analyze what the market is right now and what it may be in the future.
While starting a new business, you also have to focus on timing. You should start your business at right time.
3. Determine what type of business to start
Before starting a business, you need to figure out what type of business to start. Is there a niche you are particularly passionate about? Are you seeking to turn your ideas into a business?
4. Choose a Business Model
After determining a business idea, now you need to think about how you are going to execute it in your niche. This is where the business model comes into play.
It is a strategy for how you are going to provide value with your idea and can make money.
Here we have mentioned six types of business models you can consider:
1. Affiliate Marketing:
By promoting other business products and services online, and receive a commission for each sale you can make money.
2. Freelancing: Providing a service to other individuals and businesses using a skill that you have, you can make money.
3. Coaching and Consulting
By becoming a coach or a consultant you can make money.
You can use a service like Shopify to create a website and can sell physical products online.
5. Software as a Service(SaaS)
You can create software and can charge users a recurring subscription fee.
5. Don't forget that law exists
Before starting your new business, first, decide what type is it. Is it on the partnership, it cooperative, or is it an LLC? Anyway, every business structure has different laws that come with it. Paying tax will also differ accordingly.
Don’t forget to figure out all the legal stuff first so that you don’t need to take any extra stress later.
So now that you have got the idea you have created a plan, and you have figured out government law while starting a business. It's time to get feedback from an expert who is a specialist in their own field to improve your idea. They help you to boost your business towards success
You can keep yourself advised on everything related to your business.
7. Can you afford it.
What are your finances like? Where is the funding coming from to invest in your business? How are you going to sustain your business for a long time in the future? Are you planning to take loans?
There are so many questions you need to ask yourself before starting a business. You should look out for the investors, partners, and crowdfunds before taking loans from a bank.
There are other factors also involved in starting a new business in Nepal as well. You need market knowledge, experience, contacts, etc.
However, with the above-mentioned steps, you can definitely start your new business and of course, sustain yourself in the market if you are a beginner.