Business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). It is also “any activity or enterprise entered into for profit.” source
Basic ideas you need to know about how to start a business?
To be a great entrepreneur what you need is a strong plan and drive to see it through. a college degree or money or experience doesn’t alone make you successful.
If you’re an entrepreneur, you might already know where you want to reach but don’t know how to start. So that’s why I am here to explain to you step by step process of how to start a business.
Question yourself why you want to start a business?
For extra money? – you can go for a side business. If you want more “me time” then you can leave a full-time job and start something new. Once you get the answers then start asking yourself questions such as what type of business you can start and what it takes to start.
- What abilities do you have?
- What are you passionate about?
- What are you an expert with?
- Your spending powers?
- How much money do you need to invest?
- What kind of lifestyle do you want?
- Are you sure about the idea of being a business person?
- While questioning yourself be honest with your answers, it will help you move forward better.
Think of a Business Idea
If you have a business idea you can proceed with it, if don’t then start brainstorming for a good idea.
- Ask yourself what should be the next step: Get an idea about what new technologies are coming and can you get ahead with them?
- Apply new skills: many people do business with the old methods, and few changes in a new way can make a difference.
- Use the better and faster approach: if you are opting for a business that already exists in the market think about how you can give better offers or services to make it better faster and different from others.
Also, do some market surveys, and seek advice from other business persons, to make your business more successful.
- Do Market Research:
Start researching within the market what objective you need to keep in mind while you start your own business. Go and meet people to know what factors they consider while purchasing the products. Welcome their suggestions for the improvement of the product.
Common mistakes people do while doing a survey:
They do only secondary research
Surveying only with known people
- Get feedback
Give people a chance to give feedback about your product or services, this can help you figure out what’s missing in your product. you can utilize this feedback to focus on the improvements required. Before you launch a new product, you can constantly make improvements. While you receive the feedback and you follow them keep in mind not all of them are suitable to follow.
Here are some steps for handling feedback:
Stop -Do not run to the conclusion immediately while you receive the feedback, your brain might be excited at that time.
Be thankful- don’t be harsh to negative feedback instead thank them for the feedback it will probably make them respect you and encourage them to be honest in the future.
Keep a positive approach- If someone points out some problem in your product or service take it positively it may help you shortly.
Time for quick notice- if you are getting the same comments repeatedly it’s time to take quick action on it.
Listen with curiosity- be always ready for the conversation with the known customer
Look for better solutions-always be ready to know the likes and dislikes of the customer and try to make it better.
Make a page where people give positive comments and feedback. You can also upload videos of oral testimony of your product.
- Make it Official
Get all the legal procedures done following is the process:
Register your business
Federal tax id
Sales tax id
If something is left go and consult the lawyer when you start business and cover everything that’s needed.
- Write your business plan
You should always have a written start-to-finish business plan. Whatever you want to convey about your business plan should be covered within 20 to 30 pages and t10 pages for monthly projections, resumes, and other details.
You should include the following in your business plan
Title page, executive summary, business description, market strategies, competitive analysis, design, and development plan, operation, and management plan, and financial factors.
- Finance your business.
There are lots of ways to get resources for your business, the following are some of them
- Fund your start-up yourself
- Pitch your needs to friends and family
- Request a small business grant
- Apply to a local angel investor group
- Join a start-up accelerator
- Negotiate an advance from a strategic partner or customer.
- Trade equity or services for start-up help.
- Seek a bank loan or line of credit
- Develop your product or service
After putting all the efforts to start a business, it feels awesome to see your idea come to life but keep in mind that you need a specific person to do the specific work. A major point the article highlights is that when you’re crafting the product, you should focus on two things: simplicity and quality.
When you are ready to do a product development make sure you
- Retain control of your product and learn constantly.
- Implement checks and balances to reduce your risk
- Hire specialists
- Don’t be dependent on a single product or person
- Develop a product that saves your money
- Start building your team:
Whenever you start a business, you need a team or hands, keep these tips in mind:
- Set your goals clearly
- Follow hiring protocols
- Establish a strong company culture
Find a location
Find a good place for your store or office. Make sure you have a good place for the office. if you want people to come to your store or office, make sure that your store is easy to find. Make sure you have a good parking space. Sometimes you have competitors nearby so for you is better sometimes and if you have done good market research you should know what is better for you. Do check whether this place has a good footfall nearby. For example, if you are planning to open a day-care centre make sure you don’t have a liquor shop nearby for your safety. Also make sure the place where you are doing your start-up has a good infrastructure if not, get it done. Make sure you check out the rent before you start, is it included in the lease or not. Don’t take a long-term lease if it is not suitable for you. You can also have an office at a co-working place to keep your options open. you can find a good place online too. Don’t make an uncomfortable deal.
- Start getting some sales:
Start by identifying targets who want your product or service. Find early adopters of your business, and put ads to find people who fit your business. Then, figure out the right sales strategy that can convert these leads into revenue.
- Grow your business
There are lots of ways to grow your business you can start targeting new markets and make new offers to your business to attract customers. Everything will work if you have two attributes how to market yourself and how to retain a customer. Use social sites effectively through an organic, influencer, or paid campaigns. You have an email list and know how to use it. Understand exactly whom you need to target, either online or offline with their marketing campaigns. Always remember it’s easy to sell any product to the people who are already your customer. hiring good people and making a superior product and you’ll be on your way to building the empire you always dreamed about.