5 Important Steps to Build a Business

Can you build a business in five easy steps? Building a business is not an easy task for an entrepreneur. Here are five steps that can help you to create a successful business.

Long time I was thinking about some simplification of the process of building the business. Simplicity is the mother of success. But, it’s not easy because building a business is a multidisciplinary process. It will need many things from many different subjects.

The steps that I will explain below are some of the most critical steps you will need to take if you want to build your own successful business. Focus on them, and you will be closer to the achievement of your goals.

1. Find an imperfection on the market and transfer it to the business opportunity.

The world is not a perfect place and will never be the perfect place. You can find different unsatisfied needs on the market, different not completely satisfied needs, different unsolved or partially solved problems. These types of imperfections exist on the market, and that can be a business opportunity for you.

When you see something that you can fix, improve, change, transform, or reinvent, you can translate it into a business opportunity.

So, open your eyes. You don’t know from where will come new business opportunities for your company.

5 steps to build a business

2. Create initial market research.

You really need to do initial market research.

What type of products or services do you want to offer? Who are individuals or businesses that will use your products/services? How often will they need to use those products and/or services? What are the benefits that your products and services will enable your customers? Are there other similar or the same products on the market? How your products or services will be different from the competitor’s products and services? How will you reach potential customers? What type of marketing weapons will you use to reach potential customers? How much money can you spend on marketing? Who are the persons that make the final buying decision?

These are essential questions in this second step of building your business to give you the basics of everything else you will need to do.

3. Make a business plan.

The business plan results in a product from your business planning process that will give you concrete action steps you will need to grab an opportunity, monitor your achievements, and of course, improve all your past failures. You will have the answers on how much money you will need, who will be your partners, your responsibilities, who will work for your business, your cash flow, the break-even point, etc.

4. Get out of the building and start your startup.

You can dream, plan or analyze, but you don’t have a business if you don’t transfer everything from previous steps into one real business that you can prepare to start selling. You can dream how much you want, but nothing will happen until you don’t get out of the building and make your dream a reality. Your dreams must be your motivation for everything in your life. Everybody can dream because dreaming is an easy process, but everybody can’t be an entrepreneur because entrepreneurs transform dreams into reality. You need to start with your startup.

5. Start Selling.

The first thing after you start your business is to sell. But, not only to sell but always to try to sell more and more to your customers. Selling is the most critical function, especially in the early startup stage.

Question: Do you have experience with starting up your own business. Can you share your entrepreneurial experience with us?

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan