Hello Sir,
I am willing to start a new business in the Address Verification firm. However, I don't know the process involved. Could you please provide a detailed explanation starting from the first step? Your guidance would be greatly appreciated.
Regards,
Raghav Shetty.
From India, Bangalore
Acknowledge(0)
Amend(0)
I am willing to start a new business in the Address Verification firm. However, I don't know the process involved. Could you please provide a detailed explanation starting from the first step? Your guidance would be greatly appreciated.
Regards,
Raghav Shetty.
From India, Bangalore
Acknowledge(0)Amend(0)
Raghav Shetty,
First advice is always to start a business you have familiarity with. You will find it difficult if even fundamentals have to be told/explained. Starting a business involves money, hiring employees, licenses from Municipal authorities, etc. So one must take all this into account and then go into business.
From India, Pune
Acknowledge(0)Amend(0)
3251First advice is always to start a business you have familiarity with. You will find it difficult if even fundamentals have to be told/explained. Starting a business involves money, hiring employees, licenses from Municipal authorities, etc. So one must take all this into account and then go into business.
From India, Pune
Acknowledge(0)Amend(0)
Hi Raghav,
Nice to see your email. Where are you from, and what's your background? What made you get involved in this BGV process? Let me get back to you after viewing your replies to my queries.
Thanks,
Sundar
From India, Chennai
Acknowledge(0)Amend(0)
Nice to see your email. Where are you from, and what's your background? What made you get involved in this BGV process? Let me get back to you after viewing your replies to my queries.
Thanks,
Sundar
From India, Chennai
Acknowledge(0)Amend(0)
Sorry, but if you have no idea how to go about this and expect other people to tell you, then you are headed for disaster.
Take a step back and do some research on this FIRST.
Start first with a thorough SWOT analysis of both yourself and the business idea. After that, put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
What is going to be different about you and your business?
How are you going to find clients when all the other similar businesses around you are seeking the same clients?
How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary?
What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, pay for marketing and advertising, insurance, etc., etc.?
How many other similar businesses are there right now in your area that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Secondly, you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their own businesses and are now desperately seeking clients, etc., because the business is failing. I'll guarantee that none of these people did any research first or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
I have just saved you a lot of money from making a wrong decision.
From Australia, Melbourne
Acknowledge(0)Amend(0)
Take a step back and do some research on this FIRST.
Start first with a thorough SWOT analysis of both yourself and the business idea. After that, put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
What is going to be different about you and your business?
How are you going to find clients when all the other similar businesses around you are seeking the same clients?
How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary?
What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, pay for marketing and advertising, insurance, etc., etc.?
How many other similar businesses are there right now in your area that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Secondly, you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their own businesses and are now desperately seeking clients, etc., because the business is failing. I'll guarantee that none of these people did any research first or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
I have just saved you a lot of money from making a wrong decision.
From Australia, Melbourne
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.