Do you have big aspirations? Do you believe in your business instincts and aspire to turn your visions into reality? Then perhaps you are ready to start your own business and shape your own professional and financial future.
In this guide, we are going to give you foolproof instructions for how it’s done and to make it impossible for you to get it wrong.
A. The Idea
The first step in the process and perhaps the most crucial one, the one that largely determines whether your endeavor will succeed or fail, entails finding a viable business idea that stands a good chance to survive and flourish. Conducting market research in the field you wish to open a business is usually a good starting point to help you come up with a good idea. The key to success is finding a product or service, which is in high demand but scarcely supplied at the moment. Another option, if you cannot come up with something completely new or unique, is to sell a product or service that already exists, but do it better than the existing competitors in the particular market, in order to attract customers and win them over. When you do come up with the idea, it is also recommended to evaluate and asses its strengths and weaknesses in order to ensure it will both feasible to implement and viable in the long run.
B. The Plan
Even if your business will be a “one-man show” drawing up a plan is an essential and vital part of the process. Instead of shooting arrows in the dark, a solid plan helps identify the important issues you need to address and will make everything clearer by providing you with an overall perspective.
Thus, draw up your business plan so that you will:
- Be certain about the purpose and goals of your business endeavor
- Understand your target potential clients, their characteristics, needs, and preferences
- Be aware of existing competition, knowing their strengths and weaknesses
- Have a clear picture of the costs required to initially set up your enterprise
- Be able to project the financial needs and position of your business
- Wisely decide on the most appropriate physical location if necessary
- Accurately determine the prices of your offered products or services to be profitable, while being competitive
C. Tax Matters
Selecting a suitable business model is a decision that you need to take right at the beginning and it is an important one because it also largely determines the amount of tax you will be called to pay, as well as other legal and bureaucratic parameters. In order to decide which company model is the most suitable for your case, study the available options (e.g. a partnership, a limited liability company, etc.) and weigh their pros and cons to ensure you choose wisely.
D. Money Matters
Obviously the easiest source of funding your business will be your own savings. However, if the amount you have is not enough or you don’t want to obliterate it entirely, then you might seek financing from other sources. This may be official, e.g. funding from an institution (for start-ups for example), a loan from a bank, or more casual e.g. getting support from friends and family. Remember that if you decide to seek funding from an investor, they might demand a stake in the business, so make sure the terms of any agreement you enter are crystal clear. Also, ensure that you draw a realistic start-up budget to avoid nasty surprises and upsets to your plans from the beginning.
E. Stuff and Staff
Another essential part of the process is ensuring you have the right infrastructure and the right people to work with, so make sure you build them carefully. Buy or hire a physical location if needed and also obtain the necessary equipment. Depending on the nature of your venture, the market you will operate in, and the model and size you are going for, choose your team appropriately. You might want to keep it small to start with but bear in mind that most start-ups do need a person or persons to undertake marketing, operations, and financial and procurement matters.
F. Sort out licenses and paperwork
To avoid any future problems, it is advisable to obtain all necessary documentation and licenses if required to ensure that your business is properly set up and legal to operate. Completing the necessary paperwork may seem like a nuisance but it is better to be safe than sorry. As registration and licensing requirements vary a lot depending on the nature of your business, find out what is needed for your particular case by contacting the pertinent authorities or seeking professional guidance if necessary.
G. Get Insurance
As a best practice for protection from possible threats, losses, damages, and complications, make sure that you draw a suitable insurance policy for your start-up to avoid unnecessary risks. There is an abundance of insurance companies with different types of contracts available, so do some research to get the most suitable terms and the best value for money. You need to compare various insurance companies to ensure you select one that suits your enterprise.
H. Find Customers
The final but perhaps most crucial step is actively building your client base as its size will largely determine the volume of your sales and thus your profits and ultimate success.
Building a sizeable, healthy, and stable customer base can only be achieved through proper marketing techniques, including:
- Word of mouth. Notify your friends, family, and other acquaintances that your business is up and running and ready to serve them, and ask any members of your team to do the same to spread the word and raise awareness
- Advertise in traditional media such as newspapers, magazines, radio, and T.V. This may be too costly but it is still highly effective. You can opt for local media that can bring more targeted results
- Hiring an expert marketing firm to undertake all your marketing needs. Again this comes as a cost but you stand to benefit a lot from the experience, expertise, and insights of a professional team
- Take advantage of Digital MarketingDigital Marketing and especially the very powerful channel of social media platforms, as they have proven very effective and influential in shaping the decisions of consumers.
Good luck with your new business and may your path lead to the success you aspire to. Remember that good things come to those who believe, so if you feel your business idea is great, then stick to it and make it work! And if at any point in the implementation process you need help, you can also contact our enthusiastic team to offer you some guidance and a helping hand!
