The 7 Step Guide in Starting a Business – What it’s Really Like
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Some people just don’t want to work for anyone else but themselves. If you’re one of those people, then you’ve probably mulled over the idea of starting a business.
It’s certainly ambitious to start something as huge of this, particularly since there are a lot of challenges that come along with it. Don’t let this deter you though! With the right tools and guidance, you can overcome these. It might take some time and effort, but it’s certainly worth a shot if you’re truly passionate about what you do. Here are seven steps on how to start a business.
1. Ask yourself the big questions
What exactly is your business about? Do you have what it takes to establish it? Are you in the position to work on this consistently? Think long and hard about these questions. It takes more than just excitement and passion to successfully grow your business: you also need to the funds, the time, and the skills. To elaborate on the latter part a bit more, you need to have management skills, an understanding of the industry, networking skills, ability to organise your finances appropriately and an aptitude in market research. This sounds like a lot, but all of these are necessary for a successful business.
According to Small Biz Trends
of small business failure is due to incompetence
It’s better to be honest with yourself now, rather than find out you haven’t got what it takes to maintain a business later down the track.
2. Hone in on your idea
Once you’ve made up your mind, it’s time to consider whether your business idea is something the world wants to see. You need to make sure you set yourself apart from your competitors; otherwise, the chances of success will be minimal. This means doing lots, and I mean lots of research. The goal here is to know your target market inside and out, in order to tailor to their needs.
This goes beyond just doing a quick web search: survey people outside of your own circle and ask them what they’d like to see in the area you’re working on. This also provides a great way to take advantage of networking opportunities. All of this will set the foundations for your business plan.
3. Write up your business plan
One of the main things that new business owners tend to do is to jump straight into it and forget about those intricate details essential for success. Figure out how you’re going to fund your startup, where you want to go, if you want to do a partnership, and of course, what your business name is going to be. This gives you structure and also helps you with managing your time. As I said before, starting your business takes a lot of time; it’s not uncommon for people to spend their entire days, from morning to night, working on something as seemingly simple as a business plan. Get a routine going, and a business checklist for the day. The work-life balance still applies to business owners after all.
4. Work out the legal aspects
When you start a business, you have certain legal obligations that you need to fulfil. You need to register your company with the government. Here’s a quick list of the bases you need to cover:
If you’re having issues with this, or you just want to make sure you do it right, hire a lawyer to go through the process with you.
5. Assemble your team members
Obviously, you can’t do everything by yourself, so you’re going to have to build up a team. When you’re hiring people, make sure you’re all on the same page and that they’re all clear with what the goals of the company are. See who can fill in those gaps that you can’t do yourself, and remember to always maintain a positive environment that your team members want to return to.
6. Get in contact with your clients and get that revenue up
No matter what your business is about, you’re always trying to sell something, whether it be a product or a service. Ads can only do so much; it’s the customer service that really pushes you the rest of the way. Listen to your clients, ensure that you know what they want, and commit to whoever you’re selling to. This is what is going to make you money, so once you’ve gotten everything else sorted, your main focus should be here.
7. Continue to grow your business
The thing about businesses is that you never really stop working on it. There’s always something that needs to be done. Whether it be marketing your product or service through social media, or promoting it through other companies in the industry, you’ve always got to keep your business name alive. Maintain your relationships with your current clients by getting personal and constantly improving your product or service as to not lose them to your competitors. You can’t really take a break from it, and that can be a deal-breaker for a lot of people. But for others, they’ll love every minute of it. Hopefully, you’ll take that plunge and see what it’s like for yourself.
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