In today’s world, anyone can quit their regular nine-to-five job and start a business. You might wake up one morning and suddenly have a money-making idea that you want to pursue. Having your own company gives you flexibility, independence, and you get to invest in yourself rather than the boss you hate. Even though its a long and hard road, getting your own company off the ground is one of the most rewarding feelings and to help you do just that, we’ve put together some tips to start your very own business!
Do Lots of Research
Once you have a killer business idea, it is time to make it a reality. Think about the potential of success your venture has. A successful business solves a problem or fulfills a need in the market. There might be a gap in your industry that a new company can fill. You need to find out what this need is by researching who your target customers are, and how you are going to be different from every competitor.
A business plan is a blueprint that will initially guide your new start-up. This is essential for new businesses but does not have to be set in stone. You can always change the business plan accordingly as time goes by. A solid business plan also helps in acquiring funding from financial institutions and investors.
Every business needs funding to operate. Think about where this money is going to come from and what your expenses are. It might be a while before your start-up makes any money, so planning funds in advance is crucial to keep the lights on. At the start, you could get the business running by bootstrapping, but eventually, you will need more capital. It is always beneficial to plan for and seek this early.
Determine Your Structure
Think about the structure of your business. Will you be a partnership, sole proprietorship, a corporation, or a limited liability company? Choose this entity wisely because it will affect everything you do from the business name to filing taxes.
Register Business Name
Choose a name for your business and register it accordingly. This will officially mean that you are a business owner. Be proud of this moment because it is the most significant step. Imagine how Steve Jobs felt while registering Apple Inc.
Depending on the type of business you are going to run, you will need licenses and permits for operations. You can either find a lot of information online or hire a lawyer to guide you on which permits to apply for. For example, you might open a restaurant and need to get an alcohol license before serving Margheritas during Sunday brunch!
Nearly every business has an online presence. You can buy a domain with the name of your company and start a website to promote your products and services. This can be done yourself or by hiring a website specialist. For further marketing purposes, you should also establish social media accounts with your business name. This adds legitimacy to a business and helps customers discover you on the web.
Establish A Location
You need to decide where your business will operate. This can either be a private or shared office space or your own home. Or you might have an online venture that can be run from anywhere in the world. If you need a physical location, a lease will have to be signed for commercial space.
As a business grows, one person can not manage or run it alone. You will have to hire some team members eventually. Make sure to write descriptive job posts and conduct interviews to find talented workers to share your vision with.
Promote the Business
Once you have officially established a new business, it is time to create a marketing plan. You might need to hire someone to form a marketing department because it is time-consuming and requires undivided attention. You can network to find clients and customers or create a strong online presence so that they can find you directly. This is where you will need an advertising budget to pay for promotional advertisements on television, radio, social media, etc.
Interested in starting your startup? Check out our Entrepreneurship 101 capsule course to learn how to turn your idea into a viable business and pitch it to VC’s!Post Views: