Steps To Starting A Business With The Right Guidelines
Establish Your Own Venture By Following The Seven Steps To Starting A Business And Learn From Them.
If you’re new to starting a business, I would highly recommend you to read these steps to starting a business from the start to the end. Imagine solving a need in your area of the field and gaining recognition across all divisions. Now, imagine earning handsome income over time from that brilliant idea you’ve pursued right from the start. Many have left their high paying jobs to venture into business. A good number of them have succeeded while a chunk of others failed along the way. What could be the reasons behind the failure or success that probably you didn’t know?
Now, there are several things one should put into consideration before launching a business.
Let us look at some of the steps to starting a business that you should reflect on before setting up your business:
1. Think And Understand Yourself As An Entrepreneur
It’s never easy to make that bold decision to leave your high paying job or borrow funds from financier to start a business. People who have done so must have thought through it cautiously before making that decision. Before opening a business, you must first have a look at your strengths and weaknesses alongside your skills. With that line of thinking, you’ll be able to understand what you can do and what you cannot. It all starts at this point because however much there are brilliant ideas out there; you may lack the personality traits to propel that idea to success. You’re likely to pull through with an approach where you’re at your natural best. If you know you don’t enjoy speaking to new people, shelve that idea of being a sales representative. And if your programming skills are not at the right level, forget about starting a web developing agency.
The main point is that not every business idea can suit everyone. You begin by thinking like an entrepreneur narrowing down to what you’re capable of doing.
2. Formulate great business ideas
Before deciding to pursue a particular business idea, it’s essential to have some patience and time to come up with incredible ones. Start by thinking on how you can solve a problem that prospective customers are pertinent as one of the steps of starting a business. Consider areas that solutions are already there, but you can be more innovative and efficiency than the existing companies. You can even look for areas that you may offer significant savings to the customers compared to the competitors without compromising on quality. Besides what already exists, you can think into the future, where the world will be five to ten years from now and discover new markets and niches. You can opt to copy an idea and do it better or turn your hobby into a business, among other ways.
3. Investigate your business ideas
If you’ve already decided on the business idea, you must also research more on the concept. Think of how viable your business idea is going to turn out to be a great idea. And, therefore, you must first start by defining and analysing your target market. How big is the market to be able to support your goals and objectives? The competitive environment and understanding your potential customers are among the steps to starting a business that you should put into consideration. You must again evaluate your business model and see how it can work given the existing market as well as the potential customers.
4. Experiment With Your Business Premise
When it comes to testing your proposed business, there are different methods that you can use to measure success or failure. You may get started by developing a landing page and conduct an e-mail marketing, which is the fastest way to test if you’re in online business. From there, you set up a non-technical one-page website for response and find the ideal e-mails for prospective buyers. Again, you may decide to develop an online store and buy adverts. If you probably want to be cost-effective, you can hold a market fair or festival to test your business with your products (face-to-face method). Another effective way of testing your company before opening a business is through tracking your customer phone number — pitching as much as possible. You can get direct feedback through telesales than you can imagine.
5. Register Your Business
Once you’ve decided on the structure, your next move is registering your business. Get to know the requirements needed and prepare your documents. Ensure that you have a registered business name and addresses before incorporating your business. Within your Memorandum and Articles of Association ensure that you include the details of the shareholders/owners, the share allocation of each director and the governing rules of the company, among others. Remember to notarise all your documents with the public notary before submission. Get a business permit from the relevant government authorities.
6. Safeguard Your Business
Unforeseen eventuality may occur when in business. Safeguarding your business from unpredictable outcomes is one among many steps to starting a significant business. You must protect your creativity. By getting intellectual property protection, you protect your products or services from people who may use your intellectual property without your approval. Ensure that you apply for a patent, especially when you’re into a newly invented novelty technology that could be copied by others. Learn the copyright law governing your type of business, primarily book publishers and information-oriented business. Business insurance is one area to safeguard your products from unforeseen calamities such as theft, fire, and natural disaster.
7. Create A Business Website
Technological advancements have now necessitated that every business to create a website. When you’re developing a website, there are some key areas that you must put into consideration, including:
- A clear description of the business you’re doing.
- Provide your business e-mail or contact–where prospective customers can easily reach you.
- The physical addresses, logo, business name and phone number of the company
- The products or services offered by your business.
Before developing a website, do your assessment on the most efficient and cheaper option available in the market.
As you explore other steps to starting a business, think critically of the steps mentioned above and employ them accordingly.
3E Accounting India
3E Accounting India is a corporate service provider and accounting firm assisting clients with company formation and incorporation. We offer company secretary and business-related services in India.
