Are you aware that the population of the World is increasing these days? And so also are the demands for their needs are increasing. And these needs have gone beyond being an employee and earning salaries that can barely solve their needs.
Equally, a lot of employees are having job insecurities because of the rate of technology advancement. They have this job insecurity because technology might just replace them any day, anytime.
For this reason, every young adult now desires to start a business on their own. Currently, starting a business is their new slogan. But to be frank with you, having a desire to start up your own business is not just enough. There is a step by step procedures you need to follow in order to start up your own business.
Frankly speaking, there are countless opportunities everywhere. But the most annoying thing that can happen to anyone, especially a young person. Is to meet a lifetime opportunity but you did not prepare to face it. Truly, you have to start now to prepare yourself, even before an opportunity finds its way to you.
So, you can join me now let’s go through very good and profitable 10 steps to starting your own business from scratch!
Step 1: Make Sure Business is Your Passion
Believe me when I say that passion in business is everything. In fact, passion for businesses is very important if you really want to be a successful entrepreneur.
But, is passion necessary? Yes, it is, because passion in business can help you succeed.
And you may also ask, do you have to be passionate about your product or service?
The truth remains that, while you don’t necessarily have to be passionate about what you are about to sell out, you should be passionate about starting your own business or being self-employed. This passion can be enough reason to push you to love your product even before your customer does.
As a young entrepreneur, passion should be what drives you. Moreover, no one is saying it will be all rosy but it is necessary you know that passion is what keeps you going despite the difficulties that your business might come across in the future.
So also, this passion can be learned.
Let me honest with you: I was not this passionate about the actual service that I was selling when I first started as an employee (Content Writing). At that point, I just wanted to do what they said I should do and then get paid at the end of the month. Then over time, my passion for the company increased and it led me to think outside the box of becoming my own boss. Now I can say I’m an owner of a site (Worldforbusiness.com).
The truth is that I started out with no passion for my work, then as I kept working, I learned how to have passion for the things I was selling (Contents). Immediately, I started doing well.
So in conclusion, the best businesses in the world always start as a passion project. Hence, follow what you are passionate about, even if you are not passionate about your business or what you are selling. As long as you fix your mind on your passion, you’ll develop a passion for the rest over time.
Step 2: Do Your Market Research
Have you ever in your life drive to a city where you’ve never been in the night? Starting a business without doing market research is more like driving to a city you have no idea of the route there. You will definitely not find your way at the end of the day.
Also, whether you intend starting your own interior design business or makeup business, you must do your market research.
Not doing your market research is a straight way for your business to fail even before it kicks off. Just as you know, when you fail to plan, you plan to fail.
In starting a new business, a market survey is very much important. Here are four things of what to research before starting your own small business:
One of the easiest ways to do your market research is by taking a good look at other companies that might be offering similar products and services. Because these companies will end up being your competitors.
Hence, by studying what they are doing, you can see what works and what doesn’t work for them. Then you end up avoiding going through the process of trial and error.
Secondly, what are the people’s needs you could satisfy? You should get to find out what your target market needs. Basically, that will be what you get to supply for them and make a profit from it.
For instance, if you want to venture into an online business, say blogging. You need to find out the niche you want to go to, then followed by the queries people are searching for in that particular niche.
From this query, you get to write your content suiting your audience.
Step 3: Find the Perfect Business Ideas
After doing your market research, by then you must have gotten a lot of business ideas. And must times these business ideas come up due to the market search. That is, what people are in need of or searching for.
But having all these ideas is not a guarantee for you to start up your business. You need to pick out the perfect idea that will suit you and your environment. Check out all the ideas you have gotten and sieve them.
By sieving them, you are checking for those that won’t require so much cost and also in a good location.
In conclusion, your choice of business has to always flow from your line of interest. And it all boils down to the passion for business. You pick your business idea based on your passion.
Step 4: Write Your Business Plan
The truth is that you need a business plan to make your business idea come into realization. According to thebalancesmb.com, defined a business plan as a master plan that will guide your business from the initial phase to the creation and, finally, the growth of the business, and it is essential for all new businesses.
Also, it is essential to know that your business plan is the basis of your business. It is a roadmap on how to structure, manage and grow your new business. In fact, your business plan is the tool you will use to convince people that working with you, or investing in your business, is a good choice.
Most importantly, business plans help you manage your business. Indeed, a good business plan guides you through each step to start and manage your business.
Above all, it is a way of thinking about the key elements of your business. For example, Investors want to make sure they will see a return on their investment.
Here is an example of what you need to include when writing your business plan:
Step 5: Pick Your Business Location
When starting your own business, you need to find the best place to locate your business. The truth is that the location of your business depends on your target market. In addition, you must take into account the costs, benefits, and restrictions of different government agencies.
Equally, you should take into account the state, city, and neighborhood in which you choose to start your business. Because your location of business determines the taxes and regulations to which your business will be subject to.
Another reason is that you need to register your business and obtain licenses and permits in the place you choose to locate your business.
In conclusion, your business location really matters when you decide to start up your own business. So be careful when selecting your location.
Step 6: Register Your Business
Once you have chosen the location and the name of your company, the next step is to register your business. But before doing that, you need to check if it is in use or a registered trademark.
For example, a sole proprietor must register his business name with his state or county clerk. Companies, limited liability companies or limited partnerships generally register their business names when training documents are presented.
Then if it is an online business, you need to register your domain name first before it will be taken by another person.
Also, you need to register your business to become a seperate legal entity. Hence, where and how you register your business depends solely on the structure of your business and its location.
So, you have to first determine these factors and the registration becomes very simple.
Step 7: Choose a Legal Business Structure
Frankly, the business structure you choose influences everything from daily operations to taxes, to the proportion of your personal assets that are at risk. Hence, you must choose a business structure that offers the right balance between protection and legal benefits.
In fact, the structure of your business affects how you are to register your own business, as well as the amounts of tax you need to pay. So also, it affects your ability to raise funds, the documents you have to submit for registration, and your personal improvement.
hence, consulting business consultants and lawyers and accountants can be useful.
Step 8: Build your Team
A lot of great entrepreneurs that own businesses, have made it so clear that in start-up any business, you need a team. This shouldn’t surprise you because many organizations now are recognizing the importance of teamwork.
However, building effective teams requires more than an abstract commitment to teamwork; requires the contribution of managers to promote it.
Without teamwork skills, a manager can limit the productivity of his employees to what each member can do for himself, while if he promotes teamwork, he can unite his team around a common goal, which It will increase productivity.
Step 9: Brand Your Business and Advertise
No matter your product or industry, your business’s future is going to depend on revenue and sales. So there is every need for you to get to brand your business because you need to make sales.
Step 10: Grow Your Business
At this point, when you must have done all we have mentioned, it is important you consider growing your business. You should always look for ways to improve your business, but there is growing too fast or too fast.
Take, for example, American Apparel, which opened almost 300 stores just six years after its launch, then became deeply indebted, declared bankruptcy and closed its stores, becoming an online-only retailer. The lesson here? Before investing too much time, energy and other resources in your business, make sure it is the right time to grow.
Like anything else in life or in business, you need to spend time if you are looking to reap the benefits. Do not focus on the short-term results of your work. Look in the long term. Create a sincere value and seek to help your customers. Take care sincerely. This should be the basis. After that, it’s just a matter of acting and expanding the work.
Steps to Starting Your Own Business FAQs
How can I start my own business with no money?
1. Ask yourself what you can do and get for free. …
2. Build up six months’ worth of savings for expenses. …
3. Ask your friends and family for extra funds. …
4. Apply for a small business loan when you need extra cash. …
5. Look to small business grants and local funding opportunities. …
6. Find out about—and woo—potential angel investors.
How do I start a small business from home?
How to Start a Home Business in 10 Steps
Step 1: Come Up With a Business Idea. The first step is usually the hardest.
Step 2: Define Your Target Market.
Step 3: Research Your Competitors.
Step 4: Identify Your Niche.
Step 5: Test Your Idea.
Step 6: Come Up With a Budget.
Step 7: Choose a Legal Structure.
Step 8: Open a Bank Account.
Step 9: Financing for Your Home Business
Step 10: Market Your Home Business