10 steps to follow to start your new business
An entrepreneur has no age bound neither money limitations or Geography/region. They require creative business ideas, planning & research or more. In simple words, I would love to say You don’t necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through.
If you’ve thought about opening your own business, you might have begun to look for advice. There are so many tips for starting a new business out there that choosing which ones to follow can get confusing.
Very Important Steps for Starting A New Business:-
1. Address excuses: Countless people dream of becoming entrepreneurs, but they never do. They’re burdened with excuses and fears of failing. From money to time to responsibilities, you can make a million cases for not starting a business.
But, excuses only slow you down from reaching your goals. If you want to start a business, you need to address the reasons you think you can’t start a business and get rid of them. Find a solution to the issue rather than let it hold you back.
2. Absorb everything: Listen to what others have to say—friends, family, experts, even yourself. When it comes to things that have to do with your entrepreneurial goals, be a sponge. As you learn, start to work out the idea in your head. Write things down. Keep notes from all the resources you come across to develop a detailed plan.
When you tell people about your startup, read their body language. Do they like the idea? Or, are they just being nice and think you’re going in the wrong direction? Encourage your listeners to be honest with you. The collective opinion you get from peers could be a reflection of how consumers will react.
Don’t ignore the power of advice from experts and veteran business owners. These folks know first-hand what does and doesn’t work. Smart entrepreneurs learn from the mistakes other business owners have made.
3. Be a solution: Rather than starting your idea with what to sell, think about what it will solve. It’s a lot easier to gain a solid customer base when your business is fixing a problem. Your startup should fill a hole in a certain market or niche.
Home in on why you are opening your own business. Understanding your motives will help you create a brand and market your company. Know what problems your target customers face and how you can solve them.
4. Keep it simple: If you’re like many entrepreneurs, you have a business idea and you’re ready to run with it. Be careful not to let your concept snowball into something over-complicated. You could end up with an expensive, elaborate end-product that nobody wants to buy.
As a new business owner, try to start small and narrow your focus. Learn how to test your business idea. Create a simple, quality good or service. A successful business idea should fulfill promises to customers and exceed expectations.
Cut unnecessary features that water down your offerings and cost you money. As a small business, you don’t need all the bells and whistles of a giant corporation. It will be easier to add to your business as it grows.
5. Count the costs: When you’re thinking of the cost to start a business, don’t forget about your budget. Look at how much money you need to live, including rent, food, gas, healthcare, etc. Lay these expenses out in order of which ones you must pay (e.g., mortgage) to ones that can slide if the money runs out (e.g., entertainment).
When you’re thinking of the cost to start a business, don’t forget about your budget. Look at how much money you need to live, including rent, food, gas, healthcare, etc. Lay these expenses out in order of which ones you must pay (e.g., mortgage) to ones that can slide if the money runs out (e.g., entertainment).
Once you have a grasp on all your expenses, start to create a business budget. At first, you might need to get some outside capital to make ends meet, like a small business loan. Go over all of your options before putting your money into the startup.
6. Imagine yourself with zero money: I mean zero. There is a high probability that this will happen. I’ve had several businesses not make it for the long haul. And, I’ve come close to bankruptcy.
Launching an unsuccessful business idea is a reality for many entrepreneurs. Over half of new businesses fail within the first five years of opening. How would you handle having no incoming money?
Look at your current sources of income. What do you earn from your current job? How long would your savings last if you quit? What unexpected things could mess up your plan (e.g., you wreck your car or your furnace breaks)? Prepare yourself for all the situations that could happen if the business idea doesn’t work out.
7. Earn while you build: If you want to start a small business, don’t quit your day job—yet. Launching a successful startup is a process. Build your business in stages and gradually transition from employee to entrepreneur.
As a new business owner, it will take some time to earn a steady income. Keep your nine-to-five and work on the business during off-hours so you can earn during those tough, first stages. Once you have a healthy inflow of cash from your company, you can tackle business ownership full time.
8. Discuss business with your buddies: One challenge many business owners face is that they don’t know how to sell. It can be intimidating to share your business with the world, especially when you’re new.
If you’re worried about what people will think about your business, you need to get over it. If you can’t convince consumers to buy from you and support your company, it’s difficult to make money. Not outgoing? Fake it ‘till you make it. If you want business success, you can’t afford to be shy.
Be ready to speak confidently about your business, even if it makes you uncomfortable. As a new business owner, you will need to market and network constantly. From networking with clients to negotiating supplier payment terms, you must be able to communicate.
9. Ethical & Legal requirements: Starting a business is exciting. Laws are not. But, you need to understand the rules that come with opening a business. If you fail to follow government regulations, you could face steep penalties.
From forming a legal structure to set up an accounting system, you must follow the laws. You need to register the business with your state. You must also take care of business-specific tax liabilities. And as you hire workers, you need to follow employment laws.
The rules that apply to you depend on your state, business structure, and industry. Consider talking to a small business accountant as you set up your company.
10. Balance your Passion with work: One of the most important ingredients in a successful business idea is passion. Passion will consistently drive you to improve your process so your business grows.
That said, don’t let passion take over all your decisions. Passion will move you forward, but knowledge will point you in the right direction.
CONCLUSION: Start by utilizing these strategies, which include investing in your customer service and getting personal, but realize your work will never be done. You’ll constantly be competing for these customers in the marketplace, and you can never simply rest on your laurels. Keep researching the market, hiring good people and making a superior product and you’ll be on your way to building the empire you always dreamed about.