- By Dwaipayan, 02 September 2020 | 6 MIN READ
Wish to set up your own business? There are many variables from business type to the business model, from physical location to virtual space.
There are things that each business must do to urge off the bottom . We bring for you key steps you need to take to start your own business. Always remember to be flexible. Every business has its characteristics, you need to refine this list as you go.
Know the whys of a business
• What makes you start a business? Is it about money, freedom, and flexibility, to solve a problem or some other reason?
• What are your skills?
• Your knowledge about industries?
• Your focus - a service or a product?
• A full-time or a part-time venture?
The intentions for the above questions are not supposed to dissuade you from starting your own business. It is about preparedness, thinking, and planning. To start with a successful business, passion alone isn’t enough.
You need a plan, set goals, and know your strengths and weaknesses. How will these affect day-to-day operations? You could also conduct a SWOT analysis on yourself to evaluate the prospects.
Once you start your business there is no looking back, your business would likely dominate your life so make sure that what you’re doing is stimulating and challenging. You are for sure to be in it for the long-haul.
Time for some business analytics
As you get into a business that fits your goals and lifestyle, think hard about who will buy your product or service? Who are your competitors? Also need to figure out how much money you will need to get things started.
Today we have several ways to analyse your industry, you can try Google searches, by speaking to people of the industry, reading books by people from your industry, visiting related news sites and industry magazines.
If this did not work for you. You can approach traditional sources:
• Advertising representatives for statistics
• List brokers sell mailing or email lists supported demographic attributes.
•Industry suppliers to access market information
•Involve students who will likely be happy to perform research for you at an affordable fee.
Register your business
Registering your business is the first step. You can also register a business online, if possible, work with an attorney to iron out the details. Keep it clean to get the proper business licenses and permits.
Types of business formations include:
• Sole proprietorship
• Limited Liability Company (LLC)
Start the planning process
A business plan will assist you to figure out how much capital you will need to get started.
A business plan is a roadmap—something you will use to help you chart your growth and that will outline the things you need to do to reach your goals.
While you might use your business plan to pitch to investors and banks and to attract potential partners and board members.
If you would like exhaustive information on how to write a business plan to introduce to banks or funders, there are plenty of online resources available.
Set up your space
Now once your business plan is sorted out, the money is in the bank, and you’re ready to go. If your business is online you do not need a physical retail store, you’re almost certainly looking at building your website and choosing a shopping cart solution. Possibly your home could be your office or a co-working space instead of renting or buying office space. Remember, if your business needs a dedicated brick and mortar location, there are many factors that matter.
Finding a location. Negotiating leases. Buying inventory. Getting the phones installed. Having stationery printed. Hiring staff. Setting your prices. Throwing a grand opening party.
Think through each of these steps carefully. Your business location will determine the type of customer you attract, what types of promotions you can run, and how long it will take you to grow. Whilst a great location won’t necessarily guarantee your success, a bad location can contribute to failure.
Prepare for trial and error
Irrespective of what you’re starting with your first or your third business, expect to make mistakes. This is natural and so long as you learn from them, also advantageous.
Mistakes, allows you to learn what to do less of and what to emphasize. Be open-minded and creative, adapt to changes, look for opportunities, and above all, have fun!
The BIG thing about owning your own business is that you get to choose what you want to do and where you’ll grow.
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