Congratulations on having the idea of starting up a business! You are one step closer to starting your own business. Now you have to make the dream a reality. Starting or launching a business is a good thing however not as easy as it seems. It can be stressful, challenging, and daunting. Do not give up!
This article will provide you with 15 steps that you can follow which will help you to start your business.
1: Know the nature and type of your business
You need to know the type of business services you want to offer to your customers. What do you want to sell or provide to your customers? There are three natures of business:
- Service: this involves intangible goods. In services, you can offer Management Services, Legal Services, Consulting Services, Training Services, etc.
- Manufacturing: this is the changing of raw materials into a finished good. It includes businesses such as Cosmetics manufacturing, Baked goods, Transportation, etc.
- Merchandising: this is the buying and selling of goods. It can be retail, wholesale, trading, and distribution.
2: Have a Business Plan
As you start your business, one of the most important documents you should have is a business plan. This document describes in detail your business objectives and goals and your plans to achieve them. A business plan should have a summary, the products and services, the marketing strategies, financial planning, and a budget. If you do not know how to write one, do your research or reach out to more established entrepreneurs.
3: Find Potential Customers
Once you have a business idea in mind, do your research and look at the market for such products or services. You can also talk to your friend and family about the business and the products or services you will be offering. Ask them for their support and advice.
4: Choose a suitable location
The location of your business is everything. Look for a store that will be easily accessible to your target customers. If your company is all online be sure to search for a place where you are able to store goods safely. If you are needing to keep your personal address private be sure to looking at getting a business trading address.
5: Have a business name and Logo
You are looking at establishing your brand. Before choosing a name and making a logo for your business, conduct a trademark search. You will not get into legal trouble if you do this. Make sure the name you choose is easy to spell and pronounce. Make a unique and attractive logo. You can use the many applications found online to make one.
6: Acquire a limited company
As a start-up, you will need to register a company, which will grant you legal permission to operate. Make sure you seek legal help to ensure that you comply with your state’s business requirements. You need to register your business/company to be able to acquire the license. You can follow the following steps:
- Determine the business setup you need
- Make a compilation of all the documents you will need: the Business Plan, the physical location of the business
- Make an application for a limited company
- Receive all documents to start trading
7: Plan your finances/capital
Capital is needed to start your business. The money you have should be able to cater to the business’s needs. You should therefore make a list of all the things the business needs and spends for accountability purposes. Some expenses include rent, salary, utilities, etc.
8: Open a business account for the business
It is best practice if you have a separate business account for the business. It will help you avoid mixing your business and personal expenditure. Have a credit card if possible. Choose a bank that is easily accessible and available.
9: Bookkeeping
After opening your account, you need to keep financial records of your business transactions. It will help you to know the business’s affairs. You can look for an accounting system that will help you do this. Pick one you think is the most reliable according to the reviews you will get.
10: Have a domain name and a professional website
The domain name is the web address of your virtual business. Get one and register it. The registration will allow you to launch your website on all social platforms. People will be able to find your business. The professional website should be easy to navigate and pleasing to the eyes.
11) Get Insured
There are so many uncertainties: you need to make sure your business is insured. You can insure it against fire, theft, natural calamities, and others. You should look for an insurance broker and ask for the best rates for the insurance cover you will choose.
12: Have a business social media account
Do your research to know the most appropriate social media platform for your business. The main aim of the account should be to spread awareness about your brand, increase website traffic, boost sales, customer support, etc. Keep the account up to date.
13: Hire the right people
Put this into consideration. When you hire, you should consider the salary and government regulations. Look for expertise and reliability. While hiring, make sure you carefully draft the offer letter and the terms and conditions of working in your business.
14: Market your business well
For a business to be successful, it has to have a good marketing plan. Make sure you use the right platforms in marketing your business. Advertise it at any chance you get.
15: Research your competition
You need to know what your competitors are doing. It will keep you on your toes. Check out for new services or products they are offering. Always look for ways to be ahead of them in business. You can do this by visiting their websites and getting new information.
I hope this article will give you the needed insight on the steps you should follow when starting up a business. It might be hard at the beginning, do not give up. Follow the simple steps above. Be open-minded and prepared for anything.