Hi, I am Nikita Bansal. I used to work for a company as an HR manager. I have four years of work experience. Now, my friends and I want to open a BPO for tech support outbound process/domestic call center with a small investment. I need all the details from basics. Please provide the information. Thanks in advance.
From India, Hyderabad
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From India, Hyderabad
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Dear Nikita,
The plan that your friends have is not bad. However, for this, you should have proper planning and sufficient funds. You need to follow the legalities and get yourself registered at various places such as getting your company registered, obtaining PAN, TAN, and navigating through the complexities of various laws.
As you know, every fruitful business requires time to grow and bear fruit, so you should also have patience. Lastly, I want to say that having your own business or working for yourself would be a great decision.
Wishing you a great future ahead.
Thanks.
From India, Delhi
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The plan that your friends have is not bad. However, for this, you should have proper planning and sufficient funds. You need to follow the legalities and get yourself registered at various places such as getting your company registered, obtaining PAN, TAN, and navigating through the complexities of various laws.
As you know, every fruitful business requires time to grow and bear fruit, so you should also have patience. Lastly, I want to say that having your own business or working for yourself would be a great decision.
Wishing you a great future ahead.
Thanks.
From India, Delhi
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I will repost what I have said to prospective business owners in previous postings.
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, 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 aside. 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
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745Take 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, 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 aside. 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
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"i want all the details from basics. please do provide the information. Thanks in advance."
The most important thing about business, in my mind, is never to start something of which you are not fully aware.
You are asking for details from a basic level.
The nuts and bolts of the particular business should be known, apart from knowing about what licenses, infrastructure, and equipment are needed.
First, prepare a business plan.
Second, analyze the business environment as someone mentioned – SWOT analysis.
Do not hurry up, study the field, and then invest.
Get into a proper legal agreement with your friends and be sure that these friends will remain together when initial teething troubles begin.
People sometimes join a business thinking that it is an instant passport to riches, but the illusion fades out when people understand the difficulties, ups, and downs, and then resolve weakens.
You need to consult a good lawyer for documentation.
You need to consult a technical expert in the same field for the technical part of the business and the financial angle for ensuring fund flow.
Proper planning is the most important aspect when starting a business.
From India, Pune
Acknowledge(0)Amend(0)
The most important thing about business, in my mind, is never to start something of which you are not fully aware.
You are asking for details from a basic level.
The nuts and bolts of the particular business should be known, apart from knowing about what licenses, infrastructure, and equipment are needed.
First, prepare a business plan.
Second, analyze the business environment as someone mentioned – SWOT analysis.
Do not hurry up, study the field, and then invest.
Get into a proper legal agreement with your friends and be sure that these friends will remain together when initial teething troubles begin.
People sometimes join a business thinking that it is an instant passport to riches, but the illusion fades out when people understand the difficulties, ups, and downs, and then resolve weakens.
You need to consult a good lawyer for documentation.
You need to consult a technical expert in the same field for the technical part of the business and the financial angle for ensuring fund flow.
Proper planning is the most important aspect when starting a business.
From India, Pune
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