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Module 5

The document outlines a step-by-step procedure for setting up a small-scale business, starting from identifying a business idea to launching the business. Key steps include validating the idea, creating a business plan, understanding finances, and establishing a digital presence. It emphasizes the importance of market research, quality products, and effective sales strategies for success.

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jainarinjay1244
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12 views6 pages

Module 5

The document outlines a step-by-step procedure for setting up a small-scale business, starting from identifying a business idea to launching the business. Key steps include validating the idea, creating a business plan, understanding finances, and establishing a digital presence. It emphasizes the importance of market research, quality products, and effective sales strategies for success.

Uploaded by

jainarinjay1244
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Steps and procedure for setting up small scale

1. Identify a Business Idea

👉 Choose a product or service that aligns with your:

 Skills and interests

 Market demand and trends

 Availability of local resources

📌 Example: Organic soaps.

2. Validate Your Business Idea

👉 Ensure your idea solves a real problem.

 Conduct market research through surveys or interviews.

 Analyze competitors and understand customer pain points.

 Test with a minimum viable product (MVP) or pilot.

📌 Example: Ask locals if they'd buy organic soaps.

3. Get a Name & Logo

👉 Choose a name that’s simple, unique, and brandable.

 Check domain name availability and business registration conflicts.


 Design a professional logo that visually represents your brand.

📌 Example: “GreenGlow” with a leaf logo.

4. Make a Business Plan

👉 A solid plan acts as your roadmap. Include:

 Executive summary

 Market and competitor analysis

 Product/service details

 Business model
 Financial projections

 Marketing strategy

 Funding plan

📌 Example: Target ₹50k sales in 3 months.

5. Understand Finances

👉 Determine startup costs (equipment, marketing, legal fees).

 Forecast cash flow, revenue, and expenses.


 Choose accounting software (like Zoho Books, QuickBooks, or Tally).
 Understand your break-even point.

📌 Example: Startup ₹20k, expect ₹5k monthly profit.

6. Choose a Bank

👉 Open a current account in a reputed bank.

 Compare banks on:

 Online banking features

 Charges & transaction limits

 MSME-friendly loan options

 Integration with accounting tools

📌 Example: SBI MSME account with low charges.

7. Decide Business Structure

👉 Choose proprietorship/LLP/Pvt Ltd.

📌 Example: Sole proprietorship for small start.

8. Get Licenses & Permits

👉 GST, trade license, FSSAI (if food).

📌 Example: GST for billing customers.


↓

9. Pick Software

👉 Use billing, stock, and finance tools.

📌 Example: Tally for accounts, Vyapar for stock.

10. Set Up Digital Presence

👉 Make a website, social media pages.

📌 Example: Instagram to show products.

11. Build a Team

👉 Hire helpers, designers, marketers.

📌 Example: One helper for packaging.

12. Make a Great Product

👉 High quality, test with users.

📌 Example: Soaps with good fragrance, safe ingredients.

13. Launch Your Business

👉 Grand opening, first sale offers.

📌 Example: 10% off for first 100 buyers.

14. Be a Good Salesperson

👉 Learn to pitch and close deals.

📌 Example: “This soap is 100% chemical-free.”


↓

15. Raise Funds & Grow

👉 Pitch to investors, expand reach.

📌 Example: Ask for ₹1 lakh to open new branch.

Role of Banks and Financial Institutions in Development


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