It’s 2020, folks. What better way to welcome the year than to finally pursue your plans to start your own business? Here’s a step-by-step guide to do just that. Read on!
Know exactly the kind of business you want to start.
This is your jump-off point.
Answer the most essential questions:
- What kind of business do I want?
- Who is my competition?
- What is my target market?
- How much money am I willing to put in?
Refine your business idea!
This is the best way to start:
Put your ideas in writing
Mental notes do not suffice at all. You have to put your thoughts in writing if only to concretise your ideas. A well-written business plan shows how committed you are to see things through. This can serve as a road map of sorts which in one hand, will keep you focused on what to do while on the other, will help prevent you from being sidetracked with differing goals and waning interests.
Set up your fund
Any business needs capitalization so funding plays an important role in starting your own business. However, you cannot just pull numbers out of thin air. All your data must be based on empirical research. These can be gleaned from good, old research. The only challenge? Ask the right questions.
Identify sources of funding
Gone are the days when business owners have to shell out from their own pockets. Now, there are different ways to pool adequate funds to start and sustain a business.
Some of them are:
By getting partners or investors, you significantly reduce money coming out from your own pocket. Now all you have to do is to find an investor that you can share a mutual trust.
This is an alternative way to raise funds via multiple investors by using trusted sites such as GoFundMe or Kickstarter.
Applying for bank loans
More and more banks have become pseudo-venture capitalists, ready and willing to lend money for more people to be entrepreneurs themselves. Find a bank product that suits your needs.
Opting for government loans
Recognising its positive impact on the country’s economy, the government is very supportive of small business owners offering them low-interest rates. Loan approval doesn’t take too long to be completed.
There are many nitty-gritty details that we should be careful about before we proceed with drafting the contract. This is why a lawyer will come in handy at this particular stage. He/She will make sure that you and your client are safe, at least, legally.
Market your business
Increase the buzz by employing excellent market campaigns. You can market it both on the ground and off of it. Getting the word out is essential to win more customers!
And there you have it – five essential steps to start your business. So what are you waiting for? Get those creative juices flowing and begin!