Business Idea
Hello Guys, I have this business Idea which is completely unrelated to IT sector. I have Zero knowledge on how to proceed with any kind of business though. Never had anyone in the family who was in this lane.
Can anyone help me out? Like basics, where do I even start? I am sick of working in IT. I need this. Please keep an open mind and share your suggestions/advices.
Talking product sense with Ridhi
9 min AI interview5 questions
Keep it simple. What's the cost of creating product or service vs what selling price you have. If there's enough profit left after paying taxes, expenses and salaries, you have a business idea in your hands.
Don't need to complicate starting up by getting into incorporation stuff or pitch decks. Create a low cost MVP and get your first 10 customers minimum (ideally 100). Get feedback and then decide if you want to go ahead with incorporation or not. Until then just accept payments in your personal bank account through UPI or something.
This is actually good advice. Thanks
Start with registering a company, even a sole proprietorship will be fine for now.
and then for the next step take help of online tools and freelancers.
Thank you, that's helpful. What about drafting a financial plan or even a structure? How to find info for it?
Start with a decision on wether you're looking for external funding in 1-2 years or self funded? Ask co related questions on chatgpt/claude etc. then there's Twitter.
Assuming you've already built a mvp/ demo for your service, and vague math of money in < money out
Speak to someone in your circle, preferably who has experience of running a business. Validate your idea, what appears great on Excel can be bullshit in real world.