Here are 6 steps that are required to start your own business. Take one step at a time, and you’ll be on your way to successful small business ownership.
Step one: Do Your Research
Most likely you have already identified a business idea, so now it’s time to balance it with a little reality.
Identify the need of that business idea
There are a number of ways you can identify this need, including research and even trial and error. As you explore the market, ask your self the following questions:
- Is there a need for this product or service?
- Who needs it?
- Are there other companies offering similar products or services?
- What is the competition like?
Step two: Make a Plan
You need a business plan in order to make your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase through establishment and eventually business growth, and it is a must-have for all new businesses. How to write a business plan
Step 3: Plan Your Finances
Starting a small business doesn’t have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit.
How to fund your business?
You can finance your business by any or all of the following ways:
- Fund your startup yourself.
- Pitch your needs to friends and family.
- Applying for a Business loan
- Finding your business through crowdfunding
- Apply to local angel investor
Investors invest into things that they know and understand, only talk to investors who know your industry. Conversations with anyone else are unlikely to be productive. You also want to do some research into your investor. To fnd out What does an investor really want to see from your business pitch read more
Step 4: Register Your Business Name
Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Once you have chosen a name for your business, you need to register it. Click here for a step by step guide on how to register your business
Step 5: Set Up Your Business Location
Setting up your place of business is important for the operation of your business, whether you will have a home office, private office space. You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing.
Step 6: Promote Your Small Business
Start advertising, Below are 5 advertising ideas you can use when promoting your new business
1. Social Media: Be active on social media.
2. Network: Business networking results in word-of-mouth advertising and yields excellent return on investment . You can network anywhere – at the gym, in line at the supermarket, at family gatherings and anywhere else you have an interested audience.
3. Creatively package your marketing campaigns: Think outside the box, and your marketing strategies and campaigns will have more impact. Set a clear objective for your marketing campaign, and identify how you’ll measure its success. Then follow up to measure the results and adjust the program if necessary.
Other Business ideas
From the day an entrepreneur starts a business, he exposes himself to certain risks. Even before the first employee is hired, a business is at risk, making it important to have the right insurance in place.