5 Important Steps to Start a New Business in 2018
There are no specific criteria to become a businessperson. You don’t need to have a great educational qualification, no business experience, no great wealth of your own and no specific business experience. What you need the most is a great urge, drive and passion to build a business of your own. Once you have such a passion, you can take some further steps described here that will help you be on the right track to become successful.
1. Do an Evaluation
First off, ask yourself why you want to start a business. There may be several reasons like you want to earn more money, you want to get freedom from your 9-to-5 job, you want to work for yourself and not anyone else, you love taking risks, you love to be called a businessperson rather than an employee, and more.
Once you decide your reason to become a businessperson, ask yourself which business you’d like to start. This will depend on the answers of some other questions like:
- Your skills
- Your passion
- Your expertise
- Your budget
- Type of lifestyle you want to have
Answer these questions honestly to yourself so that you can evaluate yourself correctly.
2. Study Your Market
Once you decide the industry in which you’d like to start the business, start studying your market by researching your potential customers and rivals. It’s also important to know about the business domain names in order to make the name a great brand in the future. The name should be catchy enough that people would remember easily, it should connect to your industry, preferably in a weird way rather than a straight manner, and of course, it should be uncommon.
Perform Google searches, speak to people in your industry, read books by the industry experts, read industry magazines or even take a class or course if you can get one. You can even take help of your local business association or even a government department.
All in all, take as much information as you can about your proposed business.
3. Evaluate Your Customers
You can think about the following to evaluate your potential customers:
- Do your customers need the product or service you will be selling frequently or once in a while?
- What is the market size?
- Have you identified your customers exactly? Being specific will help you focus on your audience and create exact messages for them.
- How easy is it to sell your product or service?
- How much money and effort will you need to invest to deliver a quality product or service?
4. Seek Finance
Based on its size and objectives, your business will need finance and you can look for an investor or a capital firm. However, most small businesses start with a loan from family or friends, financing from credit cards etc. so, you too can do that.
5. Actually Starting Your Business
Once all your research is complete, you find an appropriate company name and domain for sale and buy it, found a space to set up your unit or office and sought finance, your next obvious step should be starting the business actually. And the first step in this is registering it.
Here if possible, you should take help of an attorney to sort out the details because this is the step where you should not make any mistake. You will have to obtain the necessary licenses and permits. Also there may be rules and regulations of your city, district or state, depending on your business, which you have to follow.
Also at this stage, you should find a good accountant and also check what type of insurance option you should look for.
Going step-by-step in this way can take you further on the way to success with appropriate planning and a great passion and will power. Use them and make your dream come true!