How to start a business? You have a brilliant business idea but don’t how to execute it? Worry no more. Here is a list of steps to follow to start a successful business.
Considering that you have already come up with a business idea, the first very important step to start a business is doing research. You need to be aware of the workings of the industry you are aiming for.
You need to see how your product/service is serving the needs of the people, how is it benefiting the society, and the competition in the industry.
Clarity on these aspects will help you in deciding what the USP (Unique Selling Proposition) of your product will be. USP is basically a unique feature of your product/service which makes it different from its competitors. Having a USP is very important if you want to attract customers.
After you have done detailed research about the industry, and have decided how your product/service is different from others, you need to create a plan for your business.
At this stage, it is important to decide if your business is going to be a traditional, business, an online business, or a combination of both. You would also like to focus on how many products/services you would be providing, and will you start them all at once, or grow gradually.
It is always helpful to have the plans in writing so that you can always go back to them and make amendments, as the need be.
While planning, Finances is the most important department that you should never ignore. It is the most crucial part of starting your business. You need to be sure that you never suffer from a lack of funds in your business.
You need to see if you need funds in the initial stage of starting your business or at a later stage when your business has started making profits.
It is advisable that you don’t take up a lot of funds in the initial phase of the business. Since, it reduces the profits, and hence, the scope of growth.
You might take the help of a financial advisor, who may provide some more extensive insights.
Choose a Business Structure
Planning the business structure is equally important as planning the finances.
You must decide if you want to be the sole proprietor of the business or work in a partnership.
The decision will impact your financial plans. There would be more pooled up funds in a partnership, than a sole proprietorship.
A partnership will lead to a divided control, and profits.
Select a Name
Here comes the fun part. I know you would have thousands of names in your mind when you decided to start your business. But once you are going to think of the one name that you want for your business, it is going to be very exhausting.
You would want to use a unique name for your business. Make sure that there are no trademark issues with the name. The name of your business should stay true to the product/service you offer or the idea that you stand by.
Choose a location
If you are going to have a physical location of your business, then you need to ensure that it is in an area, which is in proximity to the potential customers. It is always great to have businesses on busy roads to attract more attention.
If you just have an office for the back-end work, which does not have much client footfall, then a home office or an office at a more calm and quiet place could be a good option.
You need not worry about the location in case of an online business
Work out the legalities
Now we get to the dreaded part, the paperwork. It can be pretty complicated depending on the country of your operation.
You will need to research, what kind of licenses or permits you need to have for your business in your country. If the business requires international dealings, then you need to be aware of the policies of each country.
It is best to take help from people already working in the field, or legal advisors.
Make your Dream Team
Are you planning to take up those friends and family members you promised to hire, whenever you start your own business? Don’t do that.
If you want your business to succeed, then it is very important to have qualified and resourceful people in your team. They won’t only ensure that the work they are required to do, is done properly, but will also lead to the growth of the business.
Decide the positions you want to hire people for. You might want to delegate the work that you are not very competent in.
After deciding the positions, list down the requirements for the post. It may include qualifications, experience, etc.
Finally, you have created your business. Now you just need to make people aware of its existence.
Make use of social media, as much as you can. It is a great medium to reach the masses in a cost-effective manner.
Use your USP creatively while talking about your product.
Success doesn’t come to you. You must work hard for it. But with dedication, hard work, and consistency, you are bound to go places.