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Harsh

Harsh Bharwani  |55 Answers  |Ask -

Entrepreneurship Expert - Answered on Aug 24, 2023

Harsh Bharwani is a fourth generation entrepreneur.
As CEO and managing director, he leads the international business and employability initiatives at the computer networking institute, Jetking Infotrain Limited.
After graduating from Delhi University, Bharwani joined the family business in 2010 and set up operations in the US and Vietnam.
He has trained over three lakh students in employability, confidence and key life skills.... more
SAMRAT Question by SAMRAT on Jul 03, 2023Translate
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Career

I am a State Govt. Employee in Tripura. I want to start a business. Please help me.

Ans: Starting a business involves planning, making crucial fiscal opinions, and completing a series of legal conditioning. Read on to learn about each step. Conduct request exploration request exploration will tell you if there’s an occasion to turn your idea into a successful business. It’s a way to gather information about implicit guests and businesses formerly operating in your area. Use that information to find a competitive advantage for your business.
Write your business plan your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to move people that working with you — or investing in your company is a smartchoice. Fund your business your business plan will help you figure out how important plutocrat you’ll need to start your business. However, you’ll need to either raise or adopt the capital, If you do not have that quantum on hand. Fortunately, there are more ways than ever to find the capital you need.
Pick your business position your business position is one of the most important opinions you’ll make. Whether you’re setting up a slipup- and- mortar business or launching an online store, the choices you make could affect your levies, legal conditions, and profit.
Choose a business structure the legal structure you choose for your business will impact your business enrollment conditions, how important you pay in levies, and your particular liability. Choose your business name It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name is n’t formerly being used by someone differently.
Register your business Once you’ve picked the perfect business name, it’s time to make it legal and cover your brand. However, you’ll need to register with the civil government, and perhaps your state government, If you’re doing business under a name different than your own.
Get civil and state duty IDs you’ll use your employer identification number ( EIN) for important way to start and grow your business, like opening a bank account and paying levies. It’s like a social security number for your business. Some but not all — countries bear you to get a duty ID as well. Apply for licenses and permits keep your business running easily by staying fairly biddable. The licenses and permits you need for your business will vary by assiduity, state, position, and other factors.
Open a business bank account A small business checking account can help you handle legal, duty, and day- to- day issues. The good news is it’s easy to set one up if you have the right enrollments and paperwork ready.
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As I have experince in the field of Safety of metal Industries, i want to start my own business in semi-urban area of Bihar. KIndly advise the nature and type of business, whether opening a wholesale shop of House building materials like cement, tiles, TMTs. In case i start a agro based consumable foods etc. from where can i get govt help to start-up business.
Ans: What kind of help are you looking for to start your own business? It's not clear.
It's preferable to start a business where you have experience, knowledge and connections/ network plus it's a growing,large market. You would need to study the market you plan to operate in, check out who are the competitors, kind of customers, where there are gaps in the market, which suppliers would be the ones to work with etc. That can help you arrive at a few (2-3) viable choices which you need to examine in depth including talking to suppliers, dealers, influencers, buyers etc before you make a final decision. It's possible that such conversations can lead to active business propositions too. Building materials is a large market. It's also competitive and margins widely vary across product categories.
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I'm contemplating a career change in my late 30s, earning Rs 14 lakhs annually. How can I navigate this transition while ensuring financial stability and working towards long-term goals such as retirement?
Ans: Transitioning to a new career in your late 30s while maintaining financial stability and planning for long-term goals like retirement requires careful consideration and planning. Here are some steps you can take to navigate this transition effectively:

1. Assess Your Skills and Interests: Reflect on your skills, interests, and values to identify potential new career paths that align with your strengths and passions. Consider seeking career counseling or taking career assessment tests to explore different options.

2. Research Potential Careers: Conduct thorough research on the industries and roles you're interested in pursuing. Look into job market demand, salary potential, and growth opportunities to ensure your chosen career path is financially viable.

3. Skill Development and Education: Determine if you need to acquire new skills or education to transition into your desired field. This could involve enrolling in courses, obtaining certifications, or pursuing higher education such as a degree or specialised training programme.

4. Financial Planning: Evaluate your current financial situation and create a budget to understand your income, expenses, and savings. Factor in any potential changes in income or expenses associated with your career transition. Consider setting aside an emergency fund to cover unexpected expenses.

5. Debt Management: If you have any outstanding debts, develop a plan to manage and pay them off efficiently. Prioritise high-interest debts like credit card debt while maintaining minimum payments on other loans.

6. Retirement Planning: Review your retirement savings accounts like the EPF, and assess whether you're on track to meet your long-term retirement goals. Consider consulting a financial advisor to develop a personalised retirement plan based on your age, income, risk tolerance, and retirement objectives.

7. Health Insurance and Benefits: Evaluate the health insurance and other benefits offered by your new employer, if applicable. Ensure you understand the coverage provided and any associated costs. If transitioning to self-employment or freelancing, research options for obtaining health insurance coverage independently.

8. Networking and Building Connections: Network with professionals in your desired industry to gain insights, advice, and potential job opportunities. Attend industry events, join professional associations, and leverage online networking platforms like LinkedIn to expand your network.

9. Side Hustle or Freelancing: Consider starting a side hustle or freelancing in your desired field while maintaining your current job. This can provide additional income, valuable experience, and a smoother transition into your new career.

10. Evaluate Risks and Rewards: Assess the risks and rewards associated with your career change, including potential income fluctuations, job stability, and work-life balance. Be prepared to adapt and make adjustments as needed throughout the transition process.

By following these steps and carefully planning your career transition, you can navigate the change while maintaining financial stability and working towards your long-term goals, including retirement.
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