A quick guide for starting a business in 6 Steps
Do you know?10 out of 9 peeps want to start their own business, they don’t just want but it’s
Their burning desire. In any situation they want to start doing business at least once. Do you know a truth? 90% of them failed in starting their business
You are thinking why 90% of people ends up with their failed business? Let me know you some real facts. It is all because 50% percent of them failed because they even don’t try to start their Business in fact they have great ideas & capabilities but they ends up with nothing. The rest of them failed because they start their business without learning it. So below you will learn on how to start your own business.
Guide to Starting a Business:-
There are no limits who can become a successful entrepreneur. You don’t need college degree, big investment or even business experience to start something that could become next major Success. However, you need a strong plan ant the drive to see it through.
If you are Entrepreneur, You might know how to start building your successful Business. Below are the Steps:-
1. Evaluate yourself.
Let’s start with most basic: Why you want to start a Business? When you will find out the cause, use this to find what kind of business you want to start. If you want extra money you should start with Side Hustle. If you want more freedom, maybe it’s time to leave your frustrating 9-to-5 job and start something new.
Once you have reason, start asking yourself more questions to figure out the types of business you should start, and if you have what will it take to make your dream comes true. Figure out below:-
· Your Passion
· Area of expertise
· Capital which you can spend (Don’t spend whole savings on it)
· Are you ready to be an Entrepreneur
Be very honest with your answers. This will create a Foundation for everything you have to set up as your business.
2. Think of a business Idea.
Do you already have an idea that will bring value to your customer? If so, Congratulation! You can proceed to the next section. If not, there are thousands of way to start brainstorming for a great idea.
Think something Innovative that provide real value to your customers. Think problem of markets, what role you can play to resolve any of it. Because successful business depends upon the value you provide to your customer. The more value you provide to the people or the more people use your product, you will grow faster. Use the better, faster & cheaper approach.
3. Do Market Research.
Is anyone already doing the same that you want to start doing? If not, it’s very good. If there is someone already in
Market. Start researching your rivals and partners within the market. Search for your Target market & make a
feasibility to start your business without wasting time & resources. Avoid mistakes which people commonly do.
1-Using only secondary research
2-Using only online resources
3-Surveying only the people you know.
3. Make it official.
Get all aspect in early stages. That way you don’t have to worry about someone stealing your idea, screwing you
over in a partnership or blackmail you in any way. A quick check list of below things you should immediately get
1-Buisness structure (LLC, Pvt, Ltd, Public or partnership) 2-Register business name officially
3-Register your business.
4-Federal Tax Id.
5-State Tax Id.
8-Necessary bank account
9-Trademark, copyright or patents.
4. Finance your business.
There are ton of different ways to get the resources you need to start your business. Take a look and consider you own resources, circumstances and life style to figure out which one works best for you. Fund it with your own resources, if you don’t have much so pitch your friends and family to get involve into this business. This is the
easiest way of gathering funds.
If you are unable to gather it on your own. Then request a small business grant from any government program. If
still you need money crowd funding or kick starting platforms are for you. Join them and sale your idea to gather
funds. Another way of gathering funds is to apply for bank scheme or local investors looking to invest in new
5. Start building your Team.
You can’t get all work done on your own. So search for partners and best match peoples who are interested to
Work with you. Now build a professional structure and strong company culture to motivate your employees to do their best for you. Set up reward base system, it will make more work for you in cheap cost and it’s very effective in business startups.
A good team will make you successful business man. Work on it and make it possible with your management &business skills
6. Start getting some sale and grow your business.
No matter what your company do. But your business future will be based upon revenue & sales. Listen to your Clients and figure out what they need and how to make them happy. Don’t be afraid of hearing “No” Go Door to Door to make your customer aware of your product (Door to door means market your product in all possible & effective ways). Make every efforts to grow your company and compete in market.
Practice Pro-Active approach to solve problems before they rise. (Pro-Active) approach, it’s completely a different Topic but if you will follow this technique, you will successfully stand out in market forever.
GUY KAWASAKI, ALL TOP CO-FOUNDER AND ENTERPRENUER said:
“Ideas are easy. Implementation is hard.”
Comments below and share your ideas about business startup.