How to start your own business?
However, there’s no single answer to how to start a company, as there are many different ways to go about starting your own business, and so many different types of businesses.
Nonetheless, there are a few key things that you’ll need to do in order to get started on the right foot and becoming your own boss.
For any entrepreneur, there is nothing more exciting then starting your own business, see your dream and goals become a reality and working towards them every day.
YOUR BUSINESS IDEA
First, you’ll need to come up with a great business idea. This is perhaps the most important step in starting your own business, as it’s what will ultimately determine your success. Spend some time brainstorming and researching to come up with an idea that you’re passionate about and that has potential for growth. If you already know what you want to do, do some research to ensure that it is viable business and see what the competition around you is doing and how you could distinguish yourself from them.
BUSINESS PLAN
Once you have your idea, you’ll need to start putting together a business plan. This will help you map out your goals and objectives, as well as outlining how you plan on achieving them. Your business plan should also include a marketing strategy, which will detail how you plan on getting the word out about your business and attracting customers. As tiresome as it can look, structure is a key when your start your own venture. There will be no one to tell you what to do and give you deadlines. This is one of the ways to discipline yourself and remind you where you are going.
How to write a business plan when you don’t have a degree in business.
WHAT A BUSINESS PLAN SHOULD CONSIST OF:
Good news for you a business plan doesn’t have to be 30 pages long, in fact, most investors are annoyed by 30 pages business plan and so will you. They would rather see your business idea, your financial, and statistic in a 10 pages document or less then having to go through a 30-page document of generic information about your industry.
Speaking of that I highly recommend that you do not start with getting funding for your business but start it on your own first. Funders are less likely to fund a business that hasn’t been operational for a minimum of 1 year. The pressure of having to produce a return on investment from the get-go is really hard to deal with and you will have plenty as a start up already. It also protects you from fake investor with money that just need a new idea to start up a business. If you need money to start look into government programs that assist young entrepreneurs or could support new businesses for a year or look for a part time employment or social security benefits your could take advantage of while you are finding your feet in your new venture.
Once you have your business plan in place, it’s time to start putting it into action. This means finding the right location for your business, hiring staff, and getting the necessary licenses and permits. It can be a lot of work to get everything up and running, but it’ll be worth it in the end when your business is up and running smoothly.
If you can start without a physical office and staff, do it. You want to save as much as possible in the early stages of your company. Once things are starting to run, make sure you to hire the necessary help you need to keep growing.
LOCATION
Like I just mentioned, starting your business from home is the way to go. However, if you can’t do it from home, make sure you choose an office in a relevant area for your business. If you are selling goods try to be around an affluent area with other shops or a lot of customers or closed to a school or university is your services are for students.
STAFF
Hiring staff can be expensive for a start-up. Identify your immediate needs and how many hours you would need that person and skill set for in a week. Try to look at employing students to start with or interns to save on cost. You could also take a look at freelancing websites like Fiverr, Upwork and Freelancer to hire professional on a need basis without having to commit to a monthly or weekly basic. This is ideal when you need an accountant or marketer.
LIESCENCES AND PERMITS
This is non-negotiable. No one can afford to start its business and be shut down few months down the line because of paperwork. Do you research and make sure you comply with the laws, the guidelines in place and the city regulations before opening up.
CONCLUSION
No matter what route you decide to take, starting your own business can be an immensely rewarding experience. It’s a great way to gain independence, build something of your own, get another stream of income and make a difference in the world. With a little hard work and dedication, you can make your dream of owning your own business a reality.
If you’re looking for more information on how to start your own business, check out the resources below.
