Starting a business is quite easy now but to take your business to a higher level is something not easy to deal with. It is only a saying that only a highly qualified person or a person with a lot of money can do business, that’s not correct. To start a business one should be smarter and have a high EQ, must know how to establish a business, no matter what his/her qualification is. Business can be started without having money, you can get finance your business by taking a loan, but, the main thing that matters the most is you must understand the purpose of your business. Why are you doing this? What is the purpose behind it? What problems can you solve by doing business?
So before starting your business idea, you should ask these question to yourself
- Why are you doing this business?
- What problem does it solve?
- What question does it answer?
- What desire does it fulfil?
- What is the level of competition while doing specific business?
After answering this question you probably have an idea about what you want to do? Means you already have decided what kind of business you want to start.
After selecting the type of business the next step is market research. Research the market, seek what your competitor is doing? What value or service they are providing to their consumers, try to find a gap that other competitors are lacking. Research, what are their flaws try to fill that gap and make yourself unique from others.
Before launching your business, ask a question to yourself
- How can you bring uniqueness in the customer’s eye?
- What values you are providing make you different from others?
- How can you serve them more effectively?
- What problems can you fix for your consumers?
- Are you providing the same experience that your target audience wants?
These question will help you to have a better understanding, whether you are doing right or wrong? Research what your target audience wants, what are their preferences, try to make utilitarian and inspirational relation with them, give value to your consumer so that you will be able to gain their trust and this makes you unique in their eyes.
Most people think that they have a great idea and directly jump into launching, this is not right because what is correct in your eye it doesn’t mean that same goes for others. They might have some contradictions. So before launching a business analyze the situation carefully, give full consideration to negative aspects also and then move to the next step.
MAKE A BUSINESS PLAN
A business plan is the backbone of your business. You should make your business plan with thorough consideration and with proper market research. Whether you are a sole proprietor or you are having a partnership business. This is something that you cannot skip. It include your plan throughout a year, what strategies will you make? How much capital do u require? What are the risk factors you might face whilst in the process? What is your operation and management plan, from where do you get Finance etc? A business plan is a roadmap to your successful destiny. It helps you figure out the possibility of potential difficulties and what you need to sustain it. A business plan will enable you to thoroughly consider and address the inquiries you have neglected. It will enable you to test productivity, comprehend your financial needs, and give you a guide for bringing life into your business and developing it. It will also tell you what you need to be financially viable.
FINANCE YOUR BUSINESS
Every business needs money to start. Make a worksheet, how much capital do you need in starting? How are you going to cover this cost? How much money do you need from making to the marketing of the product? What advertising campaign will you use and what will be their cost? Make a spreadsheet that covers all your cost that include licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, employees salary, utility bills, trademarking, grand opening events, property leases, and the estimated price for your business in upcoming years.
There are many ways to get finance for your business through different resource
- Cash on hand
- Personal loans
- Business lines of credit
- Friends and family
- Small business loans
- Small business grants
- Angel investors
Whatever option do you choose don’t spend your money on unnecessary things instead invest it in a proper way so that you don’t have a worry in future.
You should choose the best location for your business. It should be accessible and easy to find. Location plays an important role in setting up a business depending upon type of business you are doing, if it’s a shop make sure it is easy to find, if it’s a small business then building should be access able and it should have a parking facility, don’t give your customers an excuse for parking problem, Look at how other nearby businesses can help you to enrich the quality of your business as a workplace, too. Does the location of your business reflect the image you want to project? Make sure to consider all the factors and then select the location of your business.
It’s time to get registered for your new business. For this, you will need “article in cooperation” which include your business name, business purpose, corporate structure, stock details and other information about your company.
- • Forming a C Corp, S Corp, LLC or similar
- • Obtaining a Tax ID number,
- • Opening a business bank account
- • Choosing an accounting system
- • Securing online assets including web domain name and social handles
It is always best to consult with a lawyer when starting out, so you can make sure you’ve covered everything that you need. And don’t have to worry about other obligations
SELECT THE BEST TEAM
This is your company and you cannot compromise on its efficiency, by selecting someone randomly. So select the team of best employees who are willing to work with passion, help you in achieving your goals and work on their delegations with enthusiasm and interest. There is a famous saying by Steve Jobs
“Great things in business are never done by a single person. They are done by the team of people”
GROW YOUR BUSINESS.
Once you have a legal business and it started running, now you have to execute your marketing strategy to grow your business more.
There are many ways to grow your business e.g. by attracting new customers, start targeting a new market and expand your offerings and deals. You can use social media to advertise your product. No wonder social media is the best platform to promote your goods and services. Make your marketing strategy is so compelling that create the urge to buy your product.
Another way to grow is to collaborate with the most established brand in your industry. Search out other companies, join social or virtual communities in your industry, make good relation with them, and try to find influencers to promote your product in exchange for some free goods and services.
In spite of these tips that help you to grow your business, there’s never a perfect plan. You should make sure that you prepare thoroughly for starting a business, but things will almost certainly go awry. To run a successful business, you have to adapt to changing situations and new technology. Things don’t always go as you plan to do so means that you can have the best plan but as soon as it’s inaction, things change, and you have to be ready and willing to adapt and problem solve quickly
Remember you are not going to become a millionaire in one night you need to work hard and sticks to your business and marketing plan, adapt changing if any, to grow your business more effectively.