How Can I Start My Own Business If I Am Rendered Jobless,

I had been working for about 6-7 months with a small transport organisation, having fleet of vans etc. now it has closed down and I am jobless. i want to start my own business and I am told that the Ministry of MSME has many schemes under which Working Capital and Term loans are given by Banks, without collateral and subsidy is also available. Please guide me in this regard..

Kindly get in touch with the MSME section which most banks have. Be sure to have a good business plan ready while pitching in for any working capital and term loan requirements.

I echo RajKri, before you approach the banks, create a business plan with exact details of how much money would it earn and at what point of time.
Banks might ask for a guarantee of collaterals. Please research well on that. You should promise more than you can earn back
Wish you all the best !

Hello Rangnath,

You are right. Ministry of MDME has many schemes to help qualified young people to set up their own business.

Please think and identify your skills, your interests, and likes/ dislikes. Answer the following questions:

Your skills and likes/ dislikes match with what kind of businesses?

What kind of companies/ people are engaged in these businesses?

What kind of competition exists here?

What opportunities do you see in this business?

What is your unique strength to get into this business?

In what segment of your chosen business will you operate? What kind of customers will you target?

What is your marketing and selling plan?

Will you operate solo or have a team? What kind of team will you require?

what is your support system? For how long can you sustain yourself without earning?

How much money will you require and over what period of time?

What is your plan to return the money?

Prepare a solid business plan covering all the above points and then approach the Ministry of MSME/ Banks for the loan.

I wish you all the best!

Indu Wadhwa

Founder & Prinvipal Consultant

spiring People