Starting a new business can be a difficult and stressful ordeal. You can be lost, You can be discouraged or even depressed then you start.
No one can ensure the success of a new business, but you can be sure that you take every possible step to ensure that you make the least mistakes possible. You do not have to invent the wheel. The important thing is to follow some guidelines to protect your business.
7 important steps to consider when starting a new business
Check these steps to make sure that you are not only successful in your business, but also comply with all laws.
Pick your business type
You can create a physical shop or office, or you can create an online shop for your products or services. If your products or services do not require a location or real office, like for example odontology, spa centres or others, you can choose a cheaper business type, like an online business.
For new online business owners (or physical shop/services business) a lot of hosting service providers have offered pretty good services. You can even find providers to get free web hosting for 1 year and get a free domain.
Do not forget about Market Research
It does not matter if you are going to have a shop or service in a set location, or if you sell your products or services online, you must do your market research. It is not enough to have a good business idea, you have to know if people, your potential customers, desire your products or services.
Consider these points then you do your Market Research:
Is there a demand (a desire) for your product?
How many customers will you have?
What are economic indicators like in your country: income range, employment rate?
Where is the best location to set up your shop (physical or online)?
How much should you ask for your products or services? How much is the cost of alternatives?
Also, conduct Market Research of your direct competition. See what they do good and what is the lack. Maybe, if you do it right, you can find a niche that is not covered by your competitors.
Write a Business plan
Business ideas and market research are good. But after that, you have to know what steps you should make. Well written business guidelines go from each stage – from the start to management of your business.
It is like a roadmap. A business plan is not only a structure but a way to get funds or find investors or business partners. If your plan is clear, precise and convincing, people feel confident to invest in your business.
Of course, there is no one way to write a business plan. Your plan should meet your needs. You can write a traditional business plan or choose to write a plan for a lean startup. Online you can find detailed instructions and examples of how to write your plan.
Fund your business and make a budget
Firstly, you have to make a budget. Find out how much money you need to start your business. Make it clear and do it after you write a business plan.
If it is an online shop or service you may have all the money you need. But if you have some big expensive ideas, think about ways to fund yourself or start searching for investors that like your business idea and plan.
Choose a business name
This is a very fun but sometimes frustrating part of creating business. Remember your name will be associated with you and what you do. A positive catchy name will stick in people’s minds. Create some alternatives and ask your people what they think about them. Let your business name and your values be one and the same.
Choose a business name that would last long and remember to buy a domain of your business name, even if you are not going to have an online presence yet.
Consider all legal documentation and apply for licences and permits
To start your business you have to be sure to cover all your bases. The best thing to do is to hire a specialist who knows all the legal documentation that is required by the country and your business field.
The clear conscience and the knowing that all permits, licences and legal documents are prepared and acquired is the best reward. Couple dollars or euros that you will save by not going through legal channels are not worth your health.
Open a business bank account
And remember to open a business bank account. Do not mix your personal money with your business money. Financial discipline and knowledge are very important for any business owner. So study what you need to know about business finances and if you see that it is not your cup of tea, hire a professional accountant to keep your books.
These seven steps are not everything that you have to do, but it is a start. Using these steps you can go as deep as you want then launching your business, or you can go blindly. But remember, more and more people spend most of their free time online. That is where your customers hide, find them and offer something memorable.