How many times have you fantasized of having your own business?
My coworkers in my previous company had always been talking about how he is going to start a business for almost a year. He talked about it almost everyday but never did a single action that would help him create his own business. After many months of hearing the same thing, i finally snapped
“Well if you really want to do it, what are you waiting for man?” I finally snapped
As time goes by. Turns out the process of starting a business was not really that complicated.
Here is what we learned about starting a business.
1. Evaluate – What Type of Business?
Before starting a business, you should answer the questions below to get a rough idea of what type of business you want to run:
– What is your most valuable skill?
– What will your business provide? (Service or Products?)
– How much capital do you have to start?
– Will it be a full time gig or not?
Your answer to the questions above will help you generate ideas and what steps to take in creating your business.
As you first start your bsuiness, most of the time it will take a massive portion of your life so you have to double check that what you’re doing is fun and challenging for you, since you will be doing it for quite a time before you get a positive ROI from it. Use what you learn from the analysis
Some more questions that will help you decide:
– What is the number one thing you enjoy most?
– Is money important?
– What will you do if you have unlimited money?
– Do you have a support system? (Families,girlfriend, etc)
Hopefully your answers to the questions above will give you a somewhat clear idea about your goals and what motivates you the most. Use the information to make sure the business you plan to create align with your aspirations
2. Find and Analyze your Niche
After you know what type of business you want to create, evaluate the idea. Who will buy it? Who are your competitors? How much money you need to get started?
There are many ways to do this:
– Google Search
– Speak to people that are already doing it
– Reading relevant books
– Researchin important people in the niche
You can also go to the government departements if you have one in your area
3. Determine your Audience
In order to determine the prospect of your business, you have to do some sort of market analysis
Doing a market analysis will give you more insight about:
– How much interest will your product/service generate?
– How big your market size
– How much it will cost you to get a positive ROI
– How much effort will it take
– How long will it take
– How much money you will need to begin the journey
– Will your business continue to be relevant?
4. Create A (Temporary) Brand
The majority of soon-to-be business owners spend too much time dwelling on the perfect company name. Do not do that!. Waiting for the perfect brand name is like waiting for the perfect girlfriend. I can assure you that you would not find both of those things by waiting.
So instead of waiting for the perfect gir–brand name, just pick a name.
FYI, a business can absolutely operate under a different “brand” than your first company name. And you can change your company later if you like
5. Take Action
Most likely after choosing your brand name, you can now take action and start your business activities.
Since there are a lot of different activities for different types of business, you should find out how to do your business on your own. Do you want to sell in a physical location? Then make sure you have the manpower and equipment like stanchions to make everything more organized
Obviously you can search on google for resources on how to do so, but your best bet would be to consult an expert in your chosen business niche
6. Make Mistakes!
It is inevitable that you will meet problems in your business, when a problem comes you have to remember to always learn from it. Most business owners will solve the problem and forget about it. Do not make the same mistake
List of common mistakes for new business owners:
– High Expectations
– Wrong Marketing Methods
– Buying Unnecessary Things
– No Networking
I will talk about this topic more on a future post.
Hopefully now you have a rough idea on how to start a business
Let this quote be a reminder of your business journey
“A journey of a thousand mile begin with a single step” Price from Call of Duty
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Thanks for reading!