So you have decided to be an entrepreneur? Here is what you need to do!
Every New Business Starts With An Idea
Have a brainstorming session with your friends and well-wishers. Maybe, you already have an idea. A brainstorming session will help fine-tune it and ease out the creases. Maybe there’s something you’re really ardent about, or perhaps you think you believe you will fill a gap in the marketplace. Wherever your interests lie, there’s a way to turn it into a business.
…Or You Might Try Going The Franchise Way
Another option is to open a franchise of reputed business. The advantage of opening a franchise is that the concept, brand following, and business model are already established. All you need to do is to fund it and hey presto! You are a businessman.
Once you have set your idea in place and chosen what you want to do, it’s time to do some good market research.
Do a search for existing companies in your chosen industry. Learn who your competitors are and figure out how you can be a cut above the rest.
You need a working business model, and not just an idea.
All About Plan
Start with a business plan once you have zeroed in on what you want to do. A business plan helps answer many questions: What is the purpose of your business? Who are you selling to? What’s your objective? How will you finance your start-up costs? Where do you see your business 5 years down the line? All of these questions can be answered in a well-written business plan.
A business plan can help you figure out where your company is headed, how it will overcome any potential difficulties, diversification strategies needed and what you need to sustain your business.
Know Your Finances
Starting any business incurs a potent start-up cost, so you need to be prepared to handles those costs. You need money to finance your start up as well as to sustain the business in the long run. If you plan to make your new business a full-time job, then you need a considerable amount of money stashed in your bank account. Plan and assess your finances well ahead.
Business Structure
Now that you have a business plan in place, decide on what kind of structure you want to opt for. Is it a sole proprietorship? Or a Partnership? Before you register your business, you need to decide on what kind of business structure it is going to be, as it will affect the way you pay your taxes and who is liable in case of any problems arising with the business entity.
Register Your Business
To become an officially recognized business entity, you must register with the government. Register your business and business name. Acquire copyrights to your business name so that it doesn’t affect future business owners taking up your name. Apply for regional and state licenses. You need to get your place inspected if you run a food/beverage related business. Take care of tax issues.
Team Talk
Once you have registered and started your business, you are gonna want to hire a great team to run the show.
Hire quality people whom you can trust. Alternatively, you can plan on outsourcing part of your work so that you can concentrate on the core strategies of your business.
Define roles and responsibilities and ensure smooth running of the office.
Invest In a Website
A great start-up won’t grow if anybody doesn’t know about it. Take advantage of the technical platform and come up with a beautiful, user-friendly website. Social media is still one of the best platforms to advertise and create a brand for your business.
Market and Advertise
You can choose from an array of options in order to advertise your business. From hoardings to BTL activities, to holding a contest in your community or college, the ideas are varied and many. Just ensure the amount you are spending for advertising purposes is driving in crowd to your business.
Grow
Once you have all the parameters in place, concentrate on strategies for growing your business. Diversification is one of the options for growing your business. Consider collaborating with more established brands in your industry to achieve brand presence and growth. You can choose to grow your business by opening multiple stores or offices according to the needs and strategies of your business. Proper marketing and branding often help you reach that next level of growth.
Taking the plunge is often a daunting task. But with proper guidance and effort, you can start your entrepreneurial journey and out yourself on the path to success.
Contact OurBusinessLadder Market Research Consultant for more about Essentials to starting a business.
