10 Steps to Start Your Own Business
Everybody will be an entrepreneur if this is an easy job or an easy profession. Here I want to share 10 steps you can use to start your own business.
Starting a new business, or transition from dreaming into a startup is not so difficult because you must have a good business idea, startup money, location, and starting with the legalization of the new business. But, it is difficult because after starting a business entrepreneurs are covered with real problems.
Here is a small list of the real problems you will have after you start your own business:
- You will need more customers,
- The need for more money and additional finances,
- The need for additional time for working activities,
- More planning,
- The need of more sales,
- Marketing,
- Managing
- Customer’s relationship…
Also, the startup process can be one endless hurting process. This is because most businesses will possibly stay forever in the dreaming stage – the business idea creation process.
Because of that here I will cover 10 important steps for your business startup process.
Steps You Need to Take to Start Your Own Business
Step 1: Encourage your creativity.
Every business idea comes from your brain as an entrepreneur. But, excellent business ideas come when your creativity is at the highest possible level. You must find ways how to increase your creativity for the purpose of a business idea creation process. Your job in this step is to encourage your creativity and come with as many as possible business ideas before you continue with the second step of this process.
Step 2: Analyze and choose the best business idea to start your own business.
When you increase your creativity, you will have dozens of business ideas. So, now you must have a business idea book. Download your business idea book template. Then you must start analyzing every business idea about their possible market success. And, at the end of this process, you can choose a business idea that has the biggest approval or potential.
Step 3: Do the work related to market research.
You need to understand why persons are buying particular products and services. There are many different reasons for this. Some customers buy for one reason, another for another reason. Market research is an essential part of any business that wants to offer products or services on a particular market or market niche.
Step 4: Find the money you will need to start your own business.
For every startup, there is a need for startup finances. You can’t start a business without money. The amount of required money will rely on the business type that you want to start. You must make research related to the costs that your new business will make. With this step you will know how much money you’ll need and did you have that sum of money. If you don’t have it, you must find solutions to the money you need for the startup process.
Step 5: Give the name of your business.
In this step, you must choose your business name. This may look like a simple process, but you must know that the business name is the first identity for your business. The name of your new business must transfer an image of expertise, value, and uniqueness of the products or services that you will offer on the market to the customers.
Step 6: Create your business plan.
Now, when you have the business idea, you know what the market need, you have money for a startup and you decide about the business name, it is time to make a good business plan. The business plan will be your roadmap to your business success.
At this level of your business startup process, you can have only a simple business plan. It will be used as a blueprint with the activities that you must accomplish in the next period of one to three years. Also, you can cover some results from market research that you make in step 3. Besides these things, it is desirable to make a cash flow analysis for your new business that will rely on the forecast of the spending and selling.
Step 7: Choose wisely your location.
In your business plan that you make in the previous step, you have covered some aspects of the budget that you have about the location of your business and conditions that must to be fulfilled from that location. Now, it is the right time to start researching possible locations. In this step, you must analyze different locations related to traffic patterns, available space, required money, and possibilities for long-term agreement for the lease. When you finish with locations analysis you can choose the best location.
Step 8: Choose accountant and attorney before you start your own business.
You must choose a good accountant and attorney that will work on bookkeeping, tax planning, laws, business forms, etc. This is a very important task for all businesses and with choosing the right accountant and attorney, you as an entrepreneur can focus working on tasks that are more creative and important for your business.
Step 9: Choose a business structure and obtain all required licenses.
Now, in this step, you must legalize your new business, choose the type of business structure and receive all required licenses for the startup. You can leave this job to be finished by your attorney and accountant because they have knowledge of what is better for your business.
Step 10: Organize the grand opening.
Now, you are ready to start your own business and in this step, you must organize a grand opening event for your business. In this step, you must plan your grand opening event, invite people and celebrate the opening of your new business. The grand opening can be your first promotional tactic for the next important stage of your business – SELLING, SELLING, AND ONLY SELLING.
Now go through these steps and you will have your own business.
