How To Start My Own Business – Starting a business can be a daunting task, but if you break down the process of starting your new company step by step you can make it easier. Rather than spinning your wheels and guessing where to start, follow this 10-step checklist to turn your business from a light bulb above your head into a real business.
If you’re thinking of starting a business, you probably already have an idea of what you want to sell online, or at least the market you want to enter. Quickly search for existing companies in your chosen industry. Learn what current product leaders are doing and find out how you can do it better. If you think your business can deliver something that other companies don’t (or deliver the same thing, faster and cheaper), you have a strong idea and are ready to create a business plan.
How To Start My Own Business
“In the words of Simon Sinek, ‘always start with why,'” Glenn Gutek, CEO of Awake Consulting and Coaching, told Business News Daily. “It is good to know why you are opening your business. In this process, it may be wise to distinguish between [whether] the business serves the individual why or why the market. When you focus on meeting a need in the market, the scope of your business will always be greater than a business designed to serve personal needs. “
Why Should I Start My Own Business?
Another option is to open a franchise of an established company. The concept, follow-up product and business model already exist; you only need a good location and the means to support your operation.
Regardless of which option you choose, it’s important to understand the thinking behind your idea. Stephanie Desaulniers, owner of Business by Dezign and former director of operations and women’s business programs at the Covation Center, cautions entrepreneurs against writing a business plan or brainstorming a business name before nailing down the importance of the idea.
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Desaulniers said that most of the time, people jump into launching their businesses without spending time thinking about who their customers will be and why those customers want to buy from them or hire them.
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“You need to clarify why you want to work with these clients – do you have a passion for making people’s lives easier?” Desaulniers said. “Or do you enjoy creating art to bring color to their world? Seeing these answers helps clarify your goal. Third, you want to define how you’re going to provide this value to your customers and how to communicate that value in a way they’re willing to pay for it.”
During the idea phase, you need to iron out the big details. If the idea isn’t something you like or if there isn’t a market for your creation, it may be time to brainstorm other ideas.
Once you have your idea, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your ultimate goals? How will you cover your startup costs? These questions can be answered in a well-written business plan.
New business owners can make many mistakes by rushing into things without thinking about these aspects of the business. You need to find your target customer base. Who will buy your product or service? What would be the point if you can’t find evidence of the need for your idea?
Start My Own Business
Conducting thorough market research in your field and demographics of your potential customers is an important part of developing a business plan. This includes conducting surveys, holding focus groups, and researching SEO and social data.
Market research helps you understand your target customer – their needs, preferences and behavior – as well as your industry and your competitors. Many small business experts recommend gathering demographic information and conducting a competitive analysis to better understand the opportunities and limitations within your market.
The best small businesses have differentiated products or services from the competition. This significantly affects your competitive position and allows you to convey unique value to potential customers.
It’s also a good idea to consider an exit strategy when putting together your business plan. Generating a vision of how you will eventually exit the business forces you to look to the future.
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“Often, new entrepreneurs are so excited about their business and convinced that everyone everywhere will be a customer that they give very little time, if any, to show a plan to exit the business,” said Josh Tolley, CEO of Shyft Capital. and Kavana.
“When you get on a plane, what’s the first thing they show you? How do you get out of it. When you go to a movie, where do you go before the feature starts playing? Where it comes from. During your first week of kindergarten, organize all the children and teach them to put out a fire to get out of the building. Too many times I’ve seen business leaders who don’t have three or four predetermined routes. This led to lowering the value of the company and even destroyed the family relationship.”
A business plan helps you figure out where your company is going, how it will overcome any potential problems, and what you need to support it. When you’re ready to put pen to paper, use a free template to help.
Starting any business has costs, so you need to decide how you will pay those costs. Do you have a way to fund your startup, or will you need to borrow money? If you are planning to leave your current job to focus on your business, do you have enough money to sustain you until you become profitable? Find out what your startup costs will be.
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Many startups fail because they run out of money before they can make a profit. It’s never a bad idea to overestimate the amount of initial capital you need, as it may take some time before the business starts bringing in steady income.
Another way to determine how much money you need is to do a break-even analysis. This important aspect of financial planning helps business owners determine when their company, product or service will be profitable.
Every entrepreneur should use this formula as a tool because it tells you the minimum performance your business must achieve to avoid losing money. In addition, it helps you understand exactly where your profit is coming from, so you can set production goals accordingly.
Don’t overspend when starting a business. Understand the types of purchases that make sense for your business and avoid overspending on fancy new things that won’t help you achieve your business goals. Monitor your business expenses to make sure you stay on track.
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“Most startups tend to spend money on unnecessary things,” said Jean Paldan, founder and CEO of Rare Form New Media. “We worked with two employees, but we spent a lot of money on an office space that could fit 20 people. They also hired a high-end printer that was perfect for a group of 100 people; it had key cards to keep track of who printed what and when. Spend as little as possible when starting out, and only on things that are essential for the business to grow and succeed. Comforts can come once you are established.”
Tip: Using accounting software can make your expense tracking easier. Read our review of the best accounting software to learn more and find the right platform for your needs. Try starting with our Intuit QuickBooks Online review — this vendor is our top pick for small businesses.
Money to start your business can come in different ways. The best way to get financing for your business depends on several factors, including creditworthiness, amount required and options available.
You can learn more about each of these funding sources and more in our guide to getting started with funding options.
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When choosing a business bank, size matters. Marcus Anwar, founder of OhMy Canada, recommends small community banks because they adapt to local market conditions and will work with you based on your overall business profile and character.
“It’s not like the big banks that look at your credit score and will be more selective in lending money to small businesses,” Anwar said. “Not only that, but even small banks want to build a personal relationship with you and end up helping you if you run into problems and miss a payment. Another good thing about small banks is that decisions are made at the branch level, which is much faster than big banks, where decisions are made at a higher level.”
Ultimately, the right bank for your business comes down to your needs. Writing down your banking needs can help narrow your focus to what you should be looking at. Schedule meetings with various banks and ask questions about how they work with small businesses to find the best bank for your business. [Read related article: Business Bank Account Checklist: Documents You’ll Need]
Key takeaway: Financially, you should do the analysis, consider your costs and financing options, and choose the right bank.
Sara Blakely Quote: “i Knew That I Wanted To Start My Own Business. I Knew That I Wanted To Work For Myself. I Was No Stranger To The Word No…”
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