Starting a business can be stressful and challenging. It requires your full attention and energy to implement. It all starts with an idea, an observation that there is a problem and the belief that you have a new solution or a better one to it.
We would be walking you through five basic steps to consider when you are starting your business.
- DO YOUR RESEARCH PROPERLY
Researching and finding about your new venture. You can learn a whole lot from a few hours of surfing the Internet and Googling. Do your homework properly and you’ll be better off. It is a very necessary step to determine the viability of your business idea. In this process you must be honest with yourself, has your idea already been done before, now can you do it better or would you be offering it cheaper than your competition? Always ask yourself the hard questions and get feedback from associates and mentors.
- CHOOSE THE RIGHT BUSINESS FOR YOU
The key to success is finding the needs that your business venture can fill, that you want to fill and that will produce enough income to build a profitable business. When going into a new business, you make sure that this is the business you are passionate about. To minimize your risk for loss, never assume there is a market. Talk to real potential prospects (who aren’t family and friends) to find out if what you plan on selling is something they’d be interested in buying and if the answer is yes, what would they pay for the product.
- WRITE A KILLER BUSINESS PLAN
Anyone who is serious about his or her startup must write a business plan and even though you may cringe at the thought of it, it can be very rewarding. First of all, write your ideas out, make notes on the products and services you would render. Describe the product, how you’re planning to market and sell it; what is your pricing model; who is your competition and what is your expertise.
- KNOW YOUR PRODUCT INTIMATELY
For you to be able to know your product, it comprises of two things basically: first is what is it made of and the second is what are the features and benefits?
In the aspect of what is it made of? You would need to know the components in every detail, what parts you have and also what tools do you need to purchase.
In the aspect of features and benefits, you need to understand everything about your service as it relates to your target audience. How do you deliver it? Is your price competitive? What makes your product unique? When you are done with this phase, you can then understand whom your customer is and how to communicate with your target market.
- DO YOUR FINANCIAL PROJECTIONS
For starting a business you would need to plan your financials properly. If you want to raise funds it has to be more detailed and if you are going to startup the business by yourself or with a partner and you might be able to get away with a simpler set of projections.
These few steps would serve as an aid in starting your own business.