HOW TO START A BUSINESS
1. Start with You
Know your strengths, weaknesses, likes, dislikes, tastes, and interests. Know your skills, passions, the lifestyle you’re after, how much you can spend, how much you can afford to risk, and the types of work you want to
2.The Business Idea
Look at what’s coming soon in various industries such as technology health, entertainment, etc. Ask how it will change life or business in general and what you can do to position yourself (and your business) to capitalize on that change.
Once you have a few ideas, run them by someone you turst that has a strong sense of business. Ask for advice from other entrepreneurs that you trust.
3. Perform Market Research
Once you have your business idea, research it to make sure that it’s in demand, that there’s room in the market for you, and that you can afford to provide and the market demand in the area you’ll provide the business. This might require you to interview businesses to see if they need your product or service.
It’s important to do your own research. Someone else’s research might not be complete or it could be out of date. They may have focused on a different point than you need to. Also, don’t just search online. Go to the source. The more time you invest up front the fewer problems you’ll run into later.
4. Write a Business Plan
A business plan is a written description of your business. It works like a roadmap and should be updated over time. It helps give you the information you need to develop the business and get funding (or what it will take to bootstrap, if that’s the path you choose). It also provides projections to help you decide how viable your idea is.
7. Choose and Register Your Business Name
Find a name that matches your brand and mission. Choose something that makes sense for your niche or industry. Make sure it isn’t already in use, and make sure to get the domain name and social user names.
8. Open a Business Bank Account
Open a checking account specifically for the business in order to keep it separated from your personal accounts. This will help with daily spending, bills, legal, and taxes, and will look more professional so others will take it seriously.
10. Your Business Location
Set up your office and anything else your business requires to operate. This includes all of the equipment, furniture, supplies, etc. Make sure to choose a location that works for your business. There may be restrictions for certain locations.
For example, some equipment may not be allowed in residential areas, or you may have zoning issues for the types of businesses that are allowed. Even if it’s a home office, be sure to include the cost in your business expenses.
11. Build Your Team
If you’re hiring team members, be sure to follow local legal guidelines. Set clear goals and responsibilities, develop great communication channels, and set a strong company culture. Make sure everyone is a good fit for the company’s goals and vision.
12. Create the Product or Service
You’ll need actual examples of the products or services. This can be as simple as a portfolio to show examples of the work, the first phase of software, the first run of a manufactured product, etc.
13. Promote Your Business
No matter how amazing your product or service is, it won’t help anyone if no one knows about it. You must promote your business to your target market. An essential element in promoting your business is having an amazing website and a strong social media presence. Develop your website to bring in organic traffic. Run ad campaigns when and where appropriate. Build your email list.
Once you’ve started making sales, ask for feedback and listen to your customers and make changes as needed. Build a strong relationship with your customers. Continuously add value and improve the quality of your products or services.