Starting a business requires hard work and consistency for you to turn your idea into a successful business. This is not to say that entrepreneurship is a very hard thing to do, it only takes time, consistency, and effort to do.
Before you start a business, you might be wondering where to start from, what to do first, or what to focus on. It's okay to not be sure about what to do, starting a business is a risk and you must be ready to take one. Some steps can guide you in starting a business;
1. Be sure of what you want to do: Before you decide to be an entrepreneur, be sure that is what you want to do, ask yourself questions like
- Why do you want to start a business? For money, freedom, passion or to solve a problem?
- What are your skills?
- What do you know about the business?
- Is your business going to provide a service or a product?
- What will you like to do differently from competitors?
- How much capital do you have?
Your answers to these questions will give you a good start.
2. Develop your idea: Once you know what you want to do, the next step is to develop your idea into something feasible and know whether it is achievable or not.
3. Conduct market research: In this step, you conduct research to know what business activities will help you achieve your goals. Who is your target audience? Who are your competitors? This will help you to understand how to get to your target audience. You can conduct market research by;
- Performing google search.
- Talking to people who are already in the business.
- Read books.
4. Write your business plan: In every business, having a business plan is important especially if you are going to be seeking funding. A business plan will help you figure out how to achieve your business goals from the capital, profits, and expenses. A business plan is the roadmap of every business, it will help you to understand your goals, what you have achieved or plan to achieve, income and losses, expenses, and profits.
5. Legalize your business: Registering your business makes it real. The two ways include;
- Sole proprietorship.
- Limited Liability Corporation (Partnership).
6. Fund your business: This depends on the size of your business, you may need financial help from funding sources. Most businesses begin with self-funding, loans, grants, or help from family and friends. Get more information on the different funding options available.
7. Pick a location: After your business plan is already drafted out and you have the capital to begin, the next thing to do is to ensure that you pick a suitable business location for your business, whether online (choose the best platform) or offline (at home or office space).
8. Prepare for growth: In growing a successful business expect to make mistakes, it is natural and beneficial as long as you learn from them. Always work with your business plan to know which business goals you have achieved and what's next in line.
Related: How to create an outstanding marketing plan for your business.
Who should start a new business?
Anyone can start a new business, as long as you have what it takes to start one. However, there are certain things to consider before you can be able to start a business. Decide if you can do it. Does your business solve a problem? What is the rate of competition in the business, can you handle it?
19 reasons to start your own business
1. Take Charge of Your Timetable:
Are you fed up with being told what to do and when? You can be as flexible as you want when you start your own business. Every Friday, you can sleep in, stay up late, work half days, or take a vacation.
Your business will be busy in the beginning, but as it grows and you learn to delegate, you'll have more free time.
2. Work from any location:
Small enterprises and multinationals both demand you to work in specific locations regularly. Even "remote" policies are frequently burdened by red tape that requires you to reside in specified geographic zones.
You can work from home, a co-working space, an office, or even a neighbourhood coffee shop if you're a small business owner. You have the last say.
3. Increase your earnings:
Unless you work on commission, your full-time earnings are likely to be limited. You're paid a salary (regardless of your contribution or performance), and the only opportunity to increase it is via a year-end bonus.
You get to select how much money you make when you start your own business. Do you require additional funds? Work more hours or charge more money. Do you wish you had more free time? Reduce the amount of labour you do and the amount of money you earn. It's all up to you.
4. Pursue a Dream:
Decide to do what you want to do. Pursue something that brings you joy or something you are passionate about. There is no such thing as a bad passion. Instead of seeking fulfilment, starting your own business allows you to create it.
Related: How to set goals and achieve them.
5. Live on the Edge:
You get to choose when to take chances and when to relax when you're the boss. You'll experience "high highs" and "low lows," but you get to choose whether or not the day will be dull.
Starting a business is both thrilling and terrifying. After an adrenaline-filled day, you'll lose sleep at times and sleep peacefully at other moments.
6. Escape the Rat Race:
For many people, starting a business is a way to get out of the rat race. In this situation, you're beginning a business to get away from something, not to acquire anything (money, passion, independence) (the rat race). You have the opportunity to demonstrate that you are in charge of your life and career, not the economy, a pandemic, or the unemployment rate.
7. Discover Your Purpose:
Starting a business can give your life a lot of meaning and purpose, but it's not the same as becoming a workaholic. You're no longer working when you find your purpose and develop a business around it; instead, you're living out a dream.
8. Call the Shots:
Everything is up to you, who you deal with, the rates you charge, the marketing methods you use, who you recruit, who you fire, where, when, and how you operate.
9. Build Your Career:
Instead of having your boss or human resources team tell you where you should go, chart your professional path. Sure, you'll start at the top (hello, CEO), but as time goes on, you'll be able to adjust your focus.
10. Acquire new abilities:
You'll be able to quickly explore career options and dive into foreign subjects in this job. You might realize that Search Engine Optimization is your new passion, and sales are your biggest nightmare. You'll get a taste of everything before deciding which tasks to keep and which to delegate.
11. Begin from the beginning:
Building a company from the ground up is a gratifying experience. Sure, it would be ideal if you could start with a profitable company that generates a six-figure income, but where is the challenge and fulfilment in that?
12. Write Off Business Expenses:
While taxes are unlikely to be a compelling motivation to establish a firm, they are an important benefit. As a small business owner, you may be eligible for tax savings that benefit your company–and even tax breaks that benefit you personally.
Magazine subscriptions, phone services, travel mileage, membership in professional groups, and even a portion of your rent can all be deducted. And there's a strong possibility that whatever you need to run your business qualifies as a deductible.
13. Experiment with Creativity:
There is no one-size-fits-all approach to running a business. Yes, there are tried-and-true methods and strategies, but that doesn't mean they're the only way to succeed.
Be inventive. Investigate new concepts. Do something that no one else is doing.
14. Satisfy a Need:
Many entrepreneurs begin their journey to fill a need in the market. What problems do you want to address?
15. Form a Group:
Put on your "Moneyball" hat and get to work putting together the ultimate startup team. Every day, you'll get to choose who you work with, and you'll have the honour (and duty) of providing for their livelihood. There is no right or wrong method to put together a team. You could start with your younger sister and cousin, or you could hire a web developer you've never met before.
16. Create a Brand:
When you work for a huge organization or an agency, you frequently become just another gear in the machine. While you help construct someone else's dream, your name is separated from your labour, and your brand plateaus.
Starting your own company reintroduces you to the public eye. Your brand will expand in tandem with your business, and vice versa.
17. Make job security a priority:
Climbing the corporate ladder is fraught with dangers. You could lose your job tomorrow for no reason other than downsizing, a shift in the economy, or a grouchy manager who simply doesn't like you.
You are in charge of these life-altering decisions when you start your firm. Yes, your company could still fail, but you're not a helpless bystander—you're the one who's investing in its future. Your fate is entirely in your control.
18. Volunteer in your community:
We live in a world filled with issues, many of which are caused by a lack of finance. A successful business would enable you to address the issues that you observe and care about. Start a company to aid single parents or a business to assist young people going through difficult times. Everyone usually gains when you concentrate on doing well rather than generating money.
19. Because You Desire It:
And that's a sufficient explanation. You could write a book about why you should start a business, and someone else could undoubtedly write one about why you shouldn't. That's just the way things happen in life.
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