Starting a business isn’t an easy task, growing it is just as difficult. You may stay under the radar for years before getting that one big explosion that puts your business at the forefront in your industry. But at the start of your business, it’s very normal to feel overwhelmed by all the things to check off the list to start up that you give up too soon. But, learning simple and relevant steps you’ll need to startup can help minimize that complexity.
So, in this article, I’ll be showing you how to start a business in 6 simple steps. Let’s get down to business.
1. Make your research
Assuming you already have a profitable business idea, it’s very important that you make your researches before fully launching out into your business. And you do that effectively by asking simple questions like;
- Is there a need? You should know that your business is coming in to fill and satisfy a particular need in the market.
- Who needs it? Make certain that there’s a relevant need in the market that your business can satisfy. And also know your target audience.
- Who are your competitors? You don’t want to get intimidated by competition, but you should never ignore them either. Make your researches, find out other businesses that are already doing what you want to do, and ask;
- How can your business fit in? That is the question! How can you do better? And to be really specific about your answers. Use the better, cheaper, and faster approach to tackle this one. Know;
- How your business can help people save more by offering a cheaper version of your product.
- How your business can offer better alternatives to already existing businesses.
- Ways you can create your product, or satisfy your customers faster.
There are other ways to make your researches that include using online resources, using focus groups, and also surveying the people you know to test the profitability of your idea.
2. Write your business plan
A business plan is really important in starting your business as it’s a blueprint that guides your business from the startup phase to growth. Of course, you don’t need anything long, too complex, or too detailed. That’s except you are primarily writing your business plan to access funding from investors of financial institutions. Then you’ll need a Traditional business plan. But to get a simple plan up, you could read how to Write A Great Business Plan.
3. Choose a business structure
This one is really important as it affects the choices you’ll make in your business. That’s why you want to make it a first call of duty to hire a lawyer to help you make the right choices that apply better to your particular business. Business structures include a limited liability company, sole proprietorship, partnerships, corporations, etc.
4. Find Clients
I always say, and will continue to say, that it is never too early to start making sales! That’s what keeps your business growing, so you want to prioritize this one. And the first thing you can do towards that is finding top-paying clients for your business. And I’ll be showing you a very simple way to cold-pitch them. Don’t worry, I know it’s nerve-wracking, but it’s important and I’ll teach you a great technique to pull that off.
You could also, of course, find clients online. In sites like craigslist, freelancer and other freelancing sites. But these guys may be receiving a lot of offers, that’s a good reason you want to make yours stand out from the average joe.
There are five steps I will be talking about here;
1. Introduction: You want to introduce yourself, create rapport, and make a connection.
2. Offer: You want to include what you have to bring to the table.
3. Benefit: You’d also want to make them realize the benefits they stand to gain from your partnership.
4. Foot-in-the-door: A trial, samples of your work; something that makes them realize you are confident enough in your solution.
5. Call to action: You have to be clear, and specifically ask if they would like to proceed to work with you. And you can end the pitch with a simple, ‘Regards, (Name)’.
5. Fund your startup
This is an important phase of starting a business as your business needs capital to start. Cowdfunding is a great way to raise capital for your startup. It involves setting up a campaign to get a large number of people to donate to kick start your business. You could create campaigns on crowdfunding sites like Indiegogo, Kickstarter, Rockethub, FundRazr, etc.
There are other ways to get funding, like getting small business loans, small business grants, reaching out to family and friends, and getting angel investors to invest in your business.
Bootstrapping your business might demand a whole lot from you, and possibly take longer for your business to “get there”, but it is absolutely an amazing way to maintain full control of your business.
6. Build your team
Your team is a contributing factor to the growth, and ultimate success of your business. You may need to hire an employee, partner, or outsource, there are two things you should put in place.
- Outline the positions you need for your business.
- Fill out the job positions and responsibilities attached.
- Routine those job positions while thinking about the bigger picture of your business. This is also valuable in helping you create a system that would work even if you aren’t around.
Read Also: 20 Secrets to Hiring the Right People
There you go, how to start a business in 6 simple steps. What other very important steps did I miss that worked for you? Let’s discuss in the comment section below.