Every big business all started out with just an idea but if no action was put into it, it won’t generate any result as it does in the present.
Most people think that starting off a business can be very difficult most often than not fail, the truth is that it’s most at times true due to the difficulty mentality that we have.
But not every small enterprise is positioned to succeed. In fact, only about two-thirds of employed companies live for at least two years, and about half survive for five years. So when you decide to take the plunge, ditch your day job and become a business owner, you may be in for a real challenge. The stage is often set at the start, so make sure you follow all the steps necessary when starting your business can lay the foundation for success.
On the other hand, starting a business could be difficult but once commenced, it can go smoothly although there will be difficult times along the way.
This is where your tenacity tells the most because it’s always fun throughout the process and most especially after passing through that tough time in the business or startup.
As you know, every big task is accomplished when broken into smaller bits because smaller tasks are much more easier to complete than the bigger ones.
1. DO YOUR QUALITY RESEARCH
You’ve most likely already identified a business idea, so it’s time to balance it with a little reality now. Does your idea have the prospect of success? Before you go any further you’ll need to run your business idea through a validation process.
To be successful in a small business, it has to solve a problem, satisfy a need or offer something the market wants.
You can identify this need in a number of ways including research, focus groups, and even trials and errors. Some of the questions you should be asking when you evaluate the market include:
- Is there a need for the products / services you anticipate?
- Who are the target market?
- Do other businesses now offer similar products / services?
- How does your company fit into the market?
This is the first thing to do to when starting up your business. Your business plan doesn’t have to be unnecessarily long, it could be just a page or two.
Now at this stage, because you are just starting you have to test this idea to find out if its feasible to run with.
To create a top notch business plan, check out my previous post on creating a top notch business plan for more details.
That’s the link above to access the post on how to create a business plan.
3. CREATE A BUDGET FOR IT
This is an also integral step that most people ignore especially at the start of their business.
Creating your budget will tell much on how your expenses will be like, it will tell your most important needs. It makes you watch what you spend your money and other resources on.
Now, it is important to lat you aware of the fact that when spending from your budget, try and spend below your budget. This is simply to keep you out of harm’s way and to serve as a cover in the event of any unforeseen expense.
4.MAKE YOUR DECISION ON A LEGAL BODY.
Filling out documents to start a business can be stressful and money comsuming, the money paid for these things differs for different places and regions.
Going through researches about the cost of getting a legal entity in your state or region can save you a great deal of money when compared to other regions.
Many at times it is best to start as a solo entrepreneur, whichin the process you can save up and indirectly determining the feasibility of the idea.
5. HANDLE YOUR MONEY WITH CARE
This section of starting a business can look quite passive and neglected but it actually plays a major role in the success of your business.
When starting off your business, open a separate account . This has to be different from your personal account.
Now this will help to be accountable with your money and also tells the health of your business financially.
To open a business account, just go to the bank and submit whatever document will be asked of you it doesnt cost more than an hour.
To open a business account, i’ll make a post on that. Just submit your email address and be the first to know when it’s ready.
6. CREATE YOUR WEBSITE
This is a non-negotiable aspect of your business. You need a website irrespective of what your business is all about.
If your business demands that you sell stuffs, apart from the fact that you can physically satisfy the customers in your locality, you also need to grow your business. That’s when your website will come in handy.
In a nut shell, you need it to grow your presence in your business niche. Your website gives you the opportunity to do so.
To create a website, you dont need to spend much nowadays when compared to the past.
There are popular domain sites like namecheap, GoDaddy and some other companieswhere you can buy domains from and also host it. Other sites like wordpress and wix are also good platforms for getting your website.
7. GET YOUR SOCIAL MEDIA ACCOUNTS READY
This is also a means of making your users to be aware of what you do.
Social media accounts like Facebook, WhatsApp, Instagram and many more can serve as great channels for drawing traffic to your website and also to your business.
To open social media accounts for your business, check out our newer posts to read it.
8. TEST RUN YOUR SALES
Now that you have carried out the previous steps, its now time for you to bring your product to reality and the only way to do that is to bring it to the market and let the users interact with it.
At this stage, you will get a full confirmation of the viability of your business.
To test your product, you can do it in various ways like running Facebook and instagram campaigns, you can also run YouTube ads and twitter.
You can test your product in your local market where you can physically interact with the users and your close friends, family and other people around you can also help spread the word of your business.