Entrepreneurs are widely regarded for their ability to bring their vision to life by starting a business built around what they want to see out in the world and creating innovative products as a result of that vision. The global economic crisis that followed on the heels of the pandemic has made people wary of starting their own businesses, but the entrepreneurship model of business continues to hold a lot of appeal for people even while this ongoing crisis rages in the background.
The prospect of starting a new business venture does not need to be as daunting as you think. Read our tips below to learn the necessary steps to starting your own business.
How To Start A Business From Scratch
Make A Time Commitment
You might be attracted to the self-made life because of some commonly held beliefs about being able to set your own schedule and act as your own boss. Both of these beliefs are technically true, assuming you are a self-starter and have the ability to stick to a schedule. This is a foundational step and it influences the following steps as well.
If you want to ensure the success of your new venture, you should be willing to pull all-nighters and work at odd times, as your personal and professional life might merge more than it would if you were working for someone else’s business.
Hold Yourself Accountable
As mentioned before, starting your own business does allow you to be your own boss, but it comes with certain responsibilities and self-accountability. Since nobody is hanging over your head constantly requesting deadlines, you have to make sure that your work gets done on time, regardless. This often requires a strict schedule and the inner drive to stick to it, even when you’re not feeling particularly motivated.
Make Sure Your Business Idea Is Viable
Having an idea that’s already been done multiple times and brings nothing new to the table will neither help you or anyone else. This does not mean that you have to invent something entirely new, only something that is marketable and targets a particular population demographic. And if you can bring your own spin to the idea, even better.
Do Your Research
Extensively research your business idea, its marketability, the customers’ needs, potential problems with your idea/product, and talk to people who have gone through a similar process. Talking to these people will allow you to come up with a strategy and business plan.
The market research part of the process, if done right, can allow you to find niche markets through which to target new customer bases, check out competitor’s progress in the fields and think about how to counter their success, and most importantly, engage with your target audience and potential customers.
Engaging with potential customers will help you refine your product and be ready to deliver a service or a product that fits their needs, which will chart the path to success for your business.
Create A Business Plan
Making a business plan includes an outline of the direction your company will be taking and is used by you (the company owner) for designing strategies for the future of the company and by the banks for awarding a loan or investing in your business
It is also used by potential employees to see where the venture is headed and whether or not they want to join, as well as suppliers in order for them to make sure your business is legitimate.
Review Your Financial Situation And Secure Funding
Even if you are planning on starting a home business and feel like you are cutting down on expenses because you aren’t renting out office space, there will be other running costs that must be accounted for.
After deciding what your business plan is and gaining a general idea of what your costs will look like for the upcoming fiscal year, thoroughly examine your current financial situation and then take the necessary next steps. These could either be self-financing the company, securing a loan from the bank, or borrowing from your friends or family at a lower interest rate.
Follow The Required Legal Procedures
Get your company registered with the government and ensure all legal bases have been covered. Legal requirements can include getting a business license, filing your Fictitious Business Name paperwork and applying for any necessary permits.
Other legal requirements include registering for taxes, general liability insurance for protection against liability claims, data breach coverage in case private data is stolen from your business and your customers, professional liability coverage for protection to cover for negligence costs, and property insurance in case you are renting out an office space or have a warehouse for storage.
How To Start A Business Online
We have primarily focused on starting a home-based business or renting an office space, but starting a business online from anywhere is also a viable option, especially considering the relevance of living in a digital age.
The steps listed above apply to online businesses too, but specifically speaking, an online business requires marketability through the correct platforms such as investing in a website and social media marketing as the main source through which you will contact your customers. To learn more about how we can help with this process, see our digital marketing services page.
If you build a strong social media following and provide good service to your customers despite not having a physical outlet for them to visit, your business will still be able to thrive through these channels.
Your personal business will require you to customize these stages as required, but these are the main steps you should take to ensure the success of your business. Whether you choose to open a physical outlet, base your office inside your home, or start an online side hustle, starting a business from scratch will require time and effort, but there is a potential pot of gold at the end of this journey!
To learn more about how we can help your business grow, contact us today. For the latest tips on how to build your business, subscribe to our newsletter below!