Wanted to start up a Business

POSTED BY sunil ON August 8, 2012 2:51 pm COMMENTS (10)

Hello Guys,

Looking at the market conditions in Indian IT Market, it is obvious that anything can happen at any given point of time…

I have interest from starting to set up a business (small scale) and have a cushion to my career….

I need few ideas from learned people like you in starting up a business (with atleast 3-4 lacs).

I would really appreciate your feedback and comments.

Thanks in Anticipation,

Sunil Ramidi.

10 replies on this article “Wanted to start up a Business”

  1. Sandeep says:

    Dear Manish,

    Could you share a link for an article,I tried searching but could not get it. I am also planning to start business. Also thinking in the direction suggested by dear Ashal. But if you could have some generic ideas, please share.

    Dear Sunil,

    Did you come up with ideas or already started something. Could you please share your experience.

  2. sunil says:

    Yes Manish will wait for the article. This wll also help to organise things in a proper way guided so that steps taken towwards the dream shall move until we reach it.
    Thanks once again.

    @Jig, in case you have any ideas and searching for apartner to share and develop you can contact me always. Its better to have two brains working than one.

    I can be contacted on ramidi.mf@gmail.com.

  3. Jig says:

    Correct my last line ” it will be a great idea” 🙂
    thanks

  4. Jig says:

    Great Topic guys,
    I have raised this earlier and try to check best & worst , compare to put lumsum in equity or buisness, but reached nowhere.
    thanks again for raising this again.

    I am so much involve with computer online surfing and personnel interest in databases and one day i got thought about do something in online marketing/selling or something like online store. i tried to gather some information but couldnt succeed so far..

    Many times , we have idea that what we want to do but our legal requirements are not transperent and so we are end up with nothing. e.g. i wanted to start export buisness to middle east of textiles but i dont know how to export and what are legal requirement and procedure to complete those requirements..

    Really need some guidence on how to start own buisness.
    I just tried to provide honest reply.. sorry if i write any silly things.

    I will be a great idea by manish to write an article on it.
    thanks

    Regards

  5. sunil says:

    Manish,
    I have till now only in mind taking up of any franchisee and continuing on the business.
    New thoughts, i should be honest i have none. And if you or anyone from the forum can list out few of the available ideas i will be greateful.

    Bringing an article on this will certainly help people.

    1. Lets wait for an article then . It will generate better idea’s 🙂

  6. Yea good idea to gather some points .. Also I thought you already have something in mind . Let me make an article on this and it will really be a great discussion point . I will also take some data from people on this .

  7. sunil says:

    A real comprehensive and moral booster.
    Thanks manish for taking out time and writing this out for me (and many people like me).

    In coming days i shall use this thread for putting up ideas on various fields i feel i can start (or for that matter anyone can put his ideas on what bussiness to start up with).
    This really helps like minds to gather at a single place.

    I really value your point of MAKING this a PROJECT….

    Many thanks once again and i request people to pour in ideas as in what can be a profitable bussiness (let it be a rubbish idea, but still its an idea. We are thinking atleast).

    We can discuss and can corner few options…

    What do you say guys?.

    Thanks in Anticipation,
    Sunil.

    1. Dear Sunil, instead of asking for ideas from others, please look into yourself. Ask some questions to you. What’s your passion? What’s your strong area where you can move ahead for this business thing. Can you read between the lines of dear Manish’s reply?

      It was his passion first for personal finance & thinking of earning was a secondary thought. So please check on your own for yourself also.

      Thanks

      Ashal

  8. Sunil

    I must congratulate you first that atleast you are thinking in this path and have the guts to openly ask for suggestions and help . Its not easy and many people just die with that idea in their mind.

    Let me give you my example .

    I left my job in Yahoo in 2010 end , At this point of time , I was having enough confidence that even if Yahoo fires me, I will be able to sustain , because I had setup Jagoinvestor in a way that I can make my daal roti from it . I knew that in coming years my income will increase , but the start would not be that great (you know how much IT guys earn and they are attached to a big number , so its really tough to go back to 20% of that income ) .

    Some of the things I can say from my experience are these

    1. Start the background work now ! .. Start making sure that you understand how to run a business which you want to get into , before actually starting , learn the tricks and trade of the business so that you dont have to do it at the run-time 🙂

    2. See if you can paralelly start the business , I would suggest get a trusted partner who will also be there with you , see if you can start some income while you are at first job . If you could earn even 30-50% of your current income while you are at job, it makes it really more easy to take decision of leaving the job .

    3. Create the buffer – I dont need to say this, but make sure you have the buffer for 3 yrs atleast . More is good . This buffer is not only to make sure you go full stomach each night, but its mainly because can sleep each night properly . The buffer is to act like a cushion if you have some stormy months in business.

    4. Make it as a project – I cant underestimate this point more , a lot of people who think like you , do not seriously take actions on daily basis. Understand that if you have to do it , your next 5 yrs are tough , no expensive gadgets , no expensive outings, basic living and saving maximum is the key .

    5. If your wife can earn on the side , it would be amazing thing . A lot of couples who are themselves into IT (both of them) , it becomes more easy for them – because one leg is earning money and other leg is burning money (startup) .. so net net .. they are atleast ok , see if this is possible

    6. Imagine the worst case and take care of it – a lot of people are not able to take the jump because they dont want to handle the worst case , but if you handle it from start , then you are not fearful . In your case what is the worst case ? The business will not work out , you will loose all capital , your buffer will be over , then you will need to search for job again, your salary will not be same , it will be lower . Thats worst thing which can happen

    FINE – be mentally prepared for it

    You know you can start again , may be with lower income , things will get back to normal , yes you will have lost it for a time being , but you have given that shot atleast , believe me you will value your life more than ever and you will be a happier person ! 🙂

    When I was leaving my job , some people asked me – “Why are you doing this” and I said -” Because I dont want to take risk in my life” (I meant I cant spend my life like this sitting on computer for whole life wondering what i am doing, I need to give a meaning to it, hence I need to take the shot)

    I know its so easy to say things like this, its really a tough decision .

    Manish

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today