If you are the one who doesn’t want to be confined to a 9-5 desk job and want to build your own business then this article might help you. We know that taking the decision to start your own business and leaving the security of your 9-5 job is tough but it can also become one of the best decision of your life if followed proper steps.
Here, we are presenting 7 key steps that will help you to start your own business quickly and effectively.
- Evaluate yourself
Do some personal evaluation and find out the reason of why do you want to start a business? This will give a clear picture of the kind of business you want to start. The more you are clear of the reason and the type of business you start, the more it helps in further planning. Answer some basic questions will help in this:
- What is your Skillset?
- What’s your passion and area of expertise?
- How much finance will you require to start the business?
Answer these questions honestly and proceed with further steps.
- Think of a business idea
If you already have a business idea, you can start with the next step. But there are many individuals too who struggle to get a unique business idea that works. For those, it is advisable to do some brainstorming before they lose the hope. Analyze market, upcoming trends, needs of the customer that need to be served etc.
You can also take the advice of your friends, family or it would be better to consult other entrepreneurs to seek idea. Nevertheless, there are also many tools available online that would help you to research brilliant business ideas.
- Do Market Research
It always gives a leg up in the competition if you do this step honestly. Do some market research and find out your potential competitors. You can also go for surveys and ask people about their opinion regarding the type of product/service you are going to offer. This will help you in avoiding those mistakes which your competitors are already doing.
- Write a Business Plan
A business plan is a formal statement of your business goals and also define your strategy and tactics to achieve those goals. Make your business plan cautiously as it’s a well-written description of how your business will evolve over time. It’s also of great importance as it is the key factor in attracting your potential investors.
Here are some key points that must be mentioned in your business plan:
- Title page
- Executive Summary
- Business Description
- Competitive Analysis
- Plan for each department ie. Management, Operations etc
- Finance factors
- Choose a business structure
Decide on the type of business structure you want for your business. You want to be a sole proprietorship or want to go for partnership. You want to have a traditional Corporation, an S-Corporation, or a Limited Liability Company (LLC). Whatever you will decide, decide after a considerable thinking as it will have a long-lasting effect on the tax implications of your business.
- Get Finance
Estimate the amount of money you require to start a business and also to maintain it till the time it does not start generating traffic. Look for resources to finance your business. You can ask for help from friends or relatives, pitch your business idea to investors or apply for a loan.
- Start building your team
You will be aware of this right. If you are starting off a new business, you need a team and more importantly, right people on your team. Look for people who are as passionate about their work as you are for your business. State your goals clearly to potential employees during their interview. Make them understand your mission and vision and also, tell what’s required and expected from them at the very starting to avoid any chaos.