Are you an entrepreneur who is planning to start your own business but not confident about the steps involved in it? Here is a step-by-step guide which will help you in doing so;
1. Assess yourself:
Figure out why you really want to do business, are you passionate about it or does it look easy money earning career? If it is the later then I would suggest you to stop reading this article here and quit your venturing into the business plan https://www.sofi.com/private-student-loans/graduate-loans/ because trust me when I say this, starting your own business means you will have to work double and still there is no guarantee that you will succeed. Proceed only if you are passionate about it.
2. Brainstorm of a Sustainable Business Idea:
The next step is to figure out a business idea which is practical. You have to come up with a business idea which is possible for you to pull off; you need to have the skills and the finances to start the business. You also need to love what you are doing because you are choosing your career hence make a list of a few business options in-line with your skills and interest.
3. Conduct a Market Research:
Once you have made a list of businesses you are considering, you should start assessing the market to figure out if these businesses are profitable. You might love to do business, but the risks involved may be higher than the gain. When starting your own business, choose one which is not too risky and is sustainable in the long run.
4. Circulate Your Idea and Receive Feedback:
Once you have chosen your business, create a survey form asking your audience relevant questions regarding the business. For e.g., if you have decided to venture into a business of selling jams then create a survey with questions like; What flavors of jam do you prefer? How much are you willing to spend on a bottle of jam? Which brand of jam are you using? This will enlight you regarding your potential customer preferences and also your competition.
5. Legalize Your Business:
The next step is to get your business registered and get out of the way, all the other formalities. You can hire a lawyer to do it for you.
6. Write the Business Plan:
Once you are done with the initials, start with putting up a business plan of how you plan on functioning from start to finish. A business plan is also important to pitch in front of investors as by reading your detailed plan they can decide if they see potential in your business to invest in.
7. Find Finance for Your Business:
After you have a plan in place, you will have a rough estimate of how much investment you need to kick start your business. The best possible way is to fund your own business but if you do not have capitals, then find an investor who is interested in your business. You can also opt for a bank loan, ask your family and friends to contribute or look out for government funding. Figure out what works best for you and your business.
8. Look-Out for Investment Options:
Many businesses which do not have many funds look-out for investment options such as stocks and mutual funds to get extra returns over their investment. It is always a great idea to invest some money while doing business as the returns can be reinvested in your main business. As advised by cryptoglobe.com, trading is one of the best investment options you can look out for, due to its quick returns and profitable nature.
9. Find an Office Location:
Once all the initial phases are done, find an office building to set up your business. Few things to remember are; look-out for space not in the prime location as the rent cost will be more, check if it has enough parking space, do not rent a large area for future expansions as you can always shift in the next 1-2 years whenever you plan to expand.
10. Hire a Team:
Find out employees who are passionate like you and understand your business goals. Do not over-hire, hire few employees in the beginning and increase the numbers only when you expand. For professional services such as HR and payroll, it may be worth using an external firm to begin with. For example, here is a HR company we like to get you started.
11. Develop Your Business Solution:
After all the work is done, start developing the solution you are offering your customers. For that set up the office and the pieces of equipment which are needed for the process.
12. Focus on Getting Sales:
After developing your solution, start marketing it by setting up a marketing team to do that for you. Make a company website and focus on branding. Your aim should be to reach out to your customers so that they start recognizing your brand and engage with it.
13. Grow Your Business:
Once all initials are done and your company is on track, make efforts to grow your business by targeting customers, targeting new markets, expanding your products, etc. Create marketing campaigns to target your potential customers and convert them into real customers.
Once you are through these 13 steps, you are set to be an entrepreneur and work towards making your business dreams a reality.