7 Steps for the One Thinking of Starting Their Own Business
Are you thinking about setting up a business? Some people find it a complicated and tense process. But it doesn’t have to be tough. There are several decisions to make and a lot of work to do, but if you understand the basics from the start, it will save you a lot of time. Therefore, whether you are starting a brick and mortar business or an online store, here are seven steps that will make the process less stressful.
Have a Plan
Every business starts with an idea. Therefore, you need to figure out what your business will be. What products or services will you sell? Under which industry does your company fall? Is it a brick and mortar business, or are you running it online? Getting answers to the above questions will help you write a one-page business plan. Of course, you have to write a complete business plan eventually, but a one-page document crystallises your vision.
Carry out Market Research
With a viable idea in mind, you need to find out if the business has the potential of being successful. Therefore, you need to do market research to figure out your position in the market. What additional value are you offering the customers? Is your price similar to those of competitors, or do you plan to charge more? You need to understand the market gaps and find a way to fill those gaps. Ecommerce is broad, and you need to narrow down your niche to serve your target customers better. A good example of a niched online retail outlet is SnusDirect.com.
Determine a Business Structure
Whether you will run your business online or from a retail store, you need a legal structure. You can form either a corporation or a limited company. After deciding on the structure, come up with a name and logo for the venture. Find a powerful name that is short, stands out, promotes your brand, and highlights the core values.
Register Your Business
Register your business to protect your domain name from copycats. Online registration is simple, and once you set up a business website, customers will easily locate you. It is advisable to use your business name as the domain name to avoid confusing customers.
Look for Funding
During the planning stage, you must come up with an estimated figure for the start-up capital. Therefore, you need to raise the amount required to launch the venture. If you can fund the initial sum, that will be great, but don’t fret if you don’t have enough capital. You can seek money from friends, get a loan, or find private investors.
Get the Necessary Infrastructure
Acquire all the support required to enable you to run the business. You may have to book office space, purchase computers, and install the required software. Your online business also needs fast and reliable online payment methods.
Start Selling Your Products and Services
With your website up and running, it is time to embark on a serious marketing campaign to introduce your brand to the market. Making the first sale may take time. However, once the customers are aware of your products and services, your revenue will increase.