Starting a Business? Here’s Your (Abridged) Step-by-Step Guide

Starting a Business - Here’s Your (Abridged) Step-by-Step Guide

When people think of starting their own business, many start with imagining what their success would look like. While this provides motivation, it does little in actually getting things accomplished. Starting a business and doing business is a step-by-step process, and each step requires real hard work.

In this article, we look at the steps that anyone who wants to start a profitable business must not overlook.

Plan well

For you to reach success, it’s not enough to just have a good idea; you also have to know how you are going to pursue and implement it. A business plan is a written blueprint, not only of your goals but also the strategies that you are going to use. In specific terms, it must describe how your business is projected to pan out in its first three to five years.

Your plan can start with the name of your business. At the very least, this name must be both catchy and easy to remember. If you are going to have a website, choose a domain that ends with .com, and try to avoid any other extensions. Generally, people consider .com to represent a reputable website. 

Aside from that, you also need to explicitly outline how you are going to develop your product or service. This plan will help you identify your resource persons and the amount that you are going to need.

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Get the right amount of funding

It’s difficult to expand without money. When it comes to gathering funding for your business, you can use your business plan to convince others to invest in you, or you can visit a bank for a business loan.

If getting loans from banks is difficult, you can approach potential partners and convince them to join you. Starting a business with co-founders is very common. Facebook, Google, Airbnb, and many other big names in business today all started with a small group of like-minded people. To avoid conflict, you just have to make sure that key items such as profit- and responsibility-sharing are clear in the founder agreement.

Get your tools ready

Money is still very much limited while you are starting out, so have to make sure that every cent is spent as effectively as possible. One of the easiest ways to lose money is to pay for the hours that some employees may spend slacking off. To avoid this, you have to have time clock software for small business. This tool allows employees to easily clock in and clock out while providing payroll data.

Aside from monitoring time, your human resources team must be equipped with tools and instruments that help them become more effective in choosing the right people. There are assessment questionnaires that you can purchase from reputable psychometric groups.

Expect the unexpected

When you do business, you are entering a largely dynamic terrain. You have to be ready to adjust in order to cope with the challenges that come your way, including mistakes committed by you or your employees.

Succeeding in business doesn’t happen overnight. Hard work must be done and sacrifices have to be made in order to reach your goals, but things will be made easier if you are systematic in your approach.