How do you start a business? Starting a business and being an entrepreneur is a great way to impact the world and it’s not a minor feat. The beginning is indeed the most challenging phase of the business venture. Entrepreneurs need to understand that business continually changes and adopting a discipline to cope with the changes is crucial. You have to know how to play the cards to your advantages. Building a company or business in the right way, with a remarkable product, great mission, and structure, will unlock your entrepreneurial potential and allows you to have a vast impact on your community.
Here are 7 steps which will help you start a business.
- Research about your idea, educate yourself and choose the right business opportunity
Start your entrepreneurial journey by getting oriented to the basics. You need to know how to turn your idea into a business opportunity and how you can start a business cheaply. Research about the idea to have a clear picture and guarantee an extraordinary result when you execute it. When you decide to opt for what you like doing or a service that’s currently in demand, you need to play to your strengths. If you want to try something new, make sure you embrace the idea that you’ll be doing that business long term.
- Craft a business plan
When you are sure you’re on the right track, start to organize your business concept into a precise and carefully thought roadmap. Start low-key and straightforward, but assess each new opportunity, option, product and a plan to get to your there.
- Analyze your competition
You could have a promising idea, but everyone could be doing it. Although competitors do not guarantee your success or failure, they help you analyze and create the strategic plan of how to venture into business.
- Get the money ready
Once the first three stages, prepare your funding. Get the fund to cover for capital and coasts as well as emergency expenses. Try to keep the costs low, especially when you’re on a tight budget or if you’re self-funding. If in case you have sufficient funding, concentrate your money on expenses that are essential.
- Find the right location
While still considering your budget, pick a strategic place which is accessible and populated especially if your products are for pick up. A location may not be a key consideration for online businesses but make sure your customers or clients will have it easy trying to locate your store or office. A spot that people are familiar with is also a good option. Invest in Google My Business as well.
- Secure licenses and permits
All you have done so far can only become an actual business after registration. Go to all concerned government agencies like the KRA and the town council that issues business permits in your area. Be thorough. Make sure you don’t miss any detail to avoid troubles with the authorities.
- Promote your business
Compose and narrow down your marketing options to those that work. Establish your brand with online platforms such as social media. It’s a very affordable marketing strategy. Set up social media accounts such as Facebook, Twitter or Instagram to showcase your products and services and tell your friends about your new business. You can also use traditional materials like brochures and tarpaulins.
- Efficiently network within the entrepreneurial environment
Attend meetups, apply to accelerator programs, pitch your concept in business competitions and participate in online forums to create awareness about your product or service. Embracing networking will pay off in the long term more than you realize.