How to start my own business
Starting your own business is a sure way to take control of your life and make some extra money. You could just start with a few hours weekly. And best of all, you will have complete freedom over the hours you work, the projects you pick, and even people you transact business with.
To start a business of your own, you don’t need a to have a lot of money, but the most important thing you need is to do your research, make a plan, choose your business structure, register your business name, get a business permit, set up your business location, and finally promote your business.
How to start my own business? In this article, we shall discuss the 7 steps that you should follow to start your own business. So, let’s dig in.
1. Do your research
So you have already identified a business idea, and now it’s time to balance it with reality. First, does it have the potential to succeed? Well, before you get further, you need to run your idea through a validation test.
In general, a good business is one that can solve a problem, fulfill a particular need or provide something unique to the existing market. You can identify this need through trial and error or focus groups, but another effective way is to carry out extensive research about the business and the particular industry.
Some of the questions you should attempt to answer as you explore the market comprise of:
- Who needs it?
- Is there a need for the product or service your anticipate to offer?
- Who is offering similar product or service now?
- What is the nature of the competition?
- Will your business fit perfectly into the existing market?
Asking yourself these questions, among many others, is essential before you take the plunge.
2. Make a plan
A plan is what you need to make your business idea a reality. It is a blueprint that will guide you from the start-up phase through the establishment phase and eventually towards the growth of the business.
A business plan is also required when seeking financial support from financial institutions or investors. So, it is must-have document if you want to start a profitable business. Business plans vary from one business to another. You should figure out the one that fits your niche.
3. Select your business structure
Your business can be a limited liability company (LLC), a corporation, a partnership, or a sole proprietorship. The entity you choose has a direct impact on your liability, to your business name, and to the way you file your taxes.
You can choose a particular business structure, then change it later as your business grows or as the need arises. If you think your skills are not yet fit to making the right structure choice for your business, you can consult a CPA or an attorney.
4. Choose and register the name of your business
Your business name is your brand that will sell the business to your customers, so you want it to the perfect one. Before making this critical choice, consider all the potential implications while you explore your options.
Once you settle for a particular name, confirm if it is currently in use. If not, go ahead and register it.
5. Obtain business permits and licenses
The amount and type of paperwork when starting your own business depend on the nature of your business and the area you’re located. So you have to do a bit of research on the type permits and licenses that apply to your business in your region.
6. Establish your business location
Set up an area where you will run your business, it could be private or shared office space, a home office, or a retail location.
7. Promote your business
Well, having your business up and running is not the end of everything, you need to promote the business to your target customer base.
How to start my own business?
Once you have followed the above seven steps and you have all of the critical bases covered, be patient as your business grows from the startup phase.
It may take a long time for your business to grow big and become successful. So never give up along the way.
Besides, there are tons of setbacks and hurdles when starting your own business, therefore be prepared to face them.
After some time, your business will grow to profitability, and you will pride yourself on taking the bold step of starting your own business.
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