How to Start a Business! Today it’s easy to be tempted into starting something new. You live in the age of over-information, where consuming different sources of information at the same time is normal. So, there’s a good chance you’ll subconsciously come across millions of billion-dollar ideas.
While inflation and unemployment rates are at an all-time high, it’s a little easier to translate these business ideas into reality. With the internet as a guide to everything in the world and apps like GoFundMe, new businesses are exploding today.
Especially with up-and-coming super internet deals. However, even with new and exciting avenues, setting up a new business isn’t a piece of cake. It involves patience, dedication, and a little extra use of the mind. But don’t be intimidated by the risks.
Here is A Step-by-Step Guide For Entrepreneurs on How to Start a Business
I want to start my own business but don’t know what to do
Determine Your Business Structure
Before you venture out into the unknown, know what you’re getting into. And understand what you want to build. Determining what type of business model to create is very important. This is what will set its tone, goals, and objectives. Moreover, it also impacts tax payments, personal liabilities, and business registration requirements. Here are the most common types of businesses structures:
- Sole Proprietorships
- S Corporations
- Limited Liability Company (LLC)
Carry Out Market Research
This is feasibly the most important step of the whole process. Conducting market research means you know what customers want and what competitors already have. It also means you know if you have the means necessary to deliver these wants and needs. Moreover, businesses use market research to figure out how to gain a competitive edge. Below are the most widely used methods to conduct efficient market research:
- Define research objectives
- Create research questions
- Collect your research
- Interpret your research
- Draw conclusions
- Make decisions
Thus, market research gives you extensive knowledge about:
Fund Your New Business
In order for a business idea to become concrete, there must be some form of funding behind it. You need money for infrastructure, raw materials, human resources, and marketing. The amount and source of this funding will be determined by the kind of business you want. Thus, here’s a list of ways you can gather capital for your business venture.
- With the help of family/friends
- Through bank loans
- Via Crowdfunding
- Through Venture Capitalists
- With short term loans
- Via Incubators and accelerators
- By development grants
Choose the Right Business Name
How often have you associated with a brand just because of its name? Think Apple and the imagery of simplicity it reflects. Businesses use brand names in similar ways to attract consumers and market their products. Nike is associated with winning, while Facebook communicates the brand story. Therefore, the right name forms the essence of the company. This means that it can make or break your brand.
Your business name is the primary thing people see. They will either remember it on account of its creativity or just forget about it. Similarly, investors also collaborate and invest based on first impressions. While brand strategies and performance are important, the brand name is what investors notice first.
Most of them will likely base their decisions on how the brand is marketed through its name. Moreover, customers decide whether they want to move forward with a company by first studying its brand name. This is because it reflects the organization’s culture and identity.
Brand & Advertise Yourself
Before you start selling your product or service, you need to build your brand and create a jump-in on the following when opening your literal or figurative doors to business.
Business website – Build your business website. Many customers use the internet to learn about a new business.
Social media- Use major social media (Facebook, Twitter, Linked In, Instagram) to spread the information about your new business.
Logo – Make a logo related to your brand so that people easily identify your brand.
Here are a few examples of companies that have succeeded in creating a target audience for themselves. Through their brand name.
Apple- for business professionals
Soundcloud- for musicians
Adidas- for athletes or people with active lifestyles
Procter & Gamble– for housewives or mothers
Uber- for students and office workers.