What if: you find yourself in a scenario where you have a limited budget to start a business

In cases where a person has money to start a business, he or she can take two pathways. One which leads to starting a business and then putting in money as and when required. And secondly, analyzing the kind of money that would be required and then starting the business. Here, I discuss the second pathway. Remember, there is nothing wrong with the first pathway.

Business Success: If you ask me whether XYZ is a successful business in India?

For any business to be successful it is important to manage and be successful at very many variables. Moreover, every business has a different set of such variables. Lastly, every person has a different view of success. By taking an example, I show why it is important to have clarity and specificity at the beginning of every opportunity assessment.

Business Profitability: If you ask me about the profitability of XYZ business

Although, someone working in the same sector or industry as XYZ business will let you know the profitability according to his experience of one, two or three companies he has experience of. But, Profitability assessment is critical to stepping into any business. Such assessment can be done depending on the kind of business you are looking at. By an example I, explain this.

Franchise?: All that glitters is not gold and diamonds are found in the rough

Franchise as an option to enter a market has been a well established option. For example, Domino’s is operated in India on a franchise model. Many things are offered as franchise, like brand name, business model, technology, invention, etc. etc. Here, I list bare minimum essentials in evaluating a franchisee. Remember, this is not a list of entire things to do.