With the excitement of starting your own business in mind, there are various factors to consider before diving into it. There are millions of businesses springing up every day and some of the popular reasons to start a business including having a unique business idea, designing a career that has the flexibility to grow with you, working toward financial independence, and investing in yourself. These are the reasons small business are everywhere.
Not every business is positioned to successes. In fact, according to research only two-thirds of businesses with employees survive at least two years.
Now there are stages on how to start your own business, the stages are often set at the beginning, so make sure you follow all necessary steps needed.
Stage 1: Having Your Business Idea in Mind
Business ideas are paramount at the initial stage, without it, the next stage become irrelevant. A business idea is abstract archetype of a plan which when carried out becomes a reality.
Stage 2: Do Your Research
Research is another way you can understand and expand your business ideas. The internet has become the best avenue where you can get quick and reliable answers to most of your questions. Does your business have the potentials to succeed? Therefore the following validation process is important.
- Is there need for your product or services?
- Who needs it?
- Are there any other business offering such product or services?
- How will you be able to compete with them?
Stage 3: Plan Your Finances
Having the idea of cash in a business is very essential; moreover, it is not a hindrance on starting your business. But some initial investments are necessary in business startup, they are; Licenses & Permit, equipments, legal fees, inventory, stationeries etc. and some of the need to keep the business running for at least 12 months (Rent, utilities, employees salaries, supplies, etc).
Stage 4: Business Structure
There are various options to choose from in business structure; Sole proprietorship, a Partnership, Limited Liability Company (LLC), or a Corporation. You can choose a particular business structure and later reevaluate a change later.
Stage 5: Choosing and Register Your Business Name
A business name is the identity if that business. So you will are advice to put a good one. After going through the process of choosing, it is important to check if such business name is currently in use. Then after that, you register.
Stage 6: Choice of Location
The location of your business is paramount, getting a good office space or shop has great effect in your business. Always make sure that you choose a location that is favorable to your business.
Stage 7: Getting a Team
Depending on your business structure, getting a team will help immensely. If you are hiring employee, now is the time to speed up the process. Make sure your list out the positions and their job descriptions.
If you are not hiring, then outsourcing an independent contractor will be suitable for you.
Stage 8: Promote Your Business
Advertising a business is the key in promoting it. Once a business has started, the need to advert your products and services to clients and customers should be the fore front aim.
Stage 9: Consistency
Some business entrepreneurs’ starts on a good note, but along the way gave up or change their business plan due to their personal reasons. Consistency in business takes time and patient. Therefore, for every business to grow consistency is considered.
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