Steps to Starting Your Own Business

by | Sep 19, 2017 | Jobs Featured

Being your own boss sounds pretty great, but how realistic is it? What are the steps involved in beginning your own business? Is it a pipe dream, or can it be your new reality? Here are the steps to starting your own business.

  1. Idea

Every business – whether big or small – starts with an idea. Perhaps you have thought of a service that is not available, but is needed, in your area. Maybe you have invented a product that can improve the way something is done. It can be anything, but it’s got to be something. Not every idea is a winner. Brainstorm and research. Ask yourself: Am I willing to follow-through with this? Am I passionate about it? Is it unique enough?

  1. Business Plan

Your next important step is to create a business plan. An online search can give you templates to work from, or have a consultation with a professional. In completing a business plan, you will be outlining:

  1. Cost of operation. You may have already thought about these things, but getting them down on paper in a clear format is vital. Calculate the cost of production, including rent for selling space or service vehicles. By determining what your expenditure is, you can see how much you will need to earn to be profitable. This can also be used to help you gain financial backers and partners.
  2. Demographic. Who is your product or service targeted towards? Who will be your customers? Are they middle-aged men, elderly women, teenagers, children, etc.? Each of these demographics are best reached in different ways.
  3. Problems. Play devil’s advocate for a moment. What are some of the things that are in your way? What hurdles must you jump? This includes laws and regulations in your area, competition, costs, and so on.
  4. Marketing

Once you have determined who you are targeting, it is time to figure out how. Consult your financial report to see how much you have available for advertising. Come up with a slogan or an image that is simple to convey, connects to your product or service, and is unique. Research and decide the best time and place to advertise. Again, this will depend on your target audience.

  1. Financing

Obtain financing. This may be with your own start-up money, or using backers/investors.

  1. Work

This is the main part of your business. Do the work. Promote the work. Do the work some more. Expand if you want to. Look for areas to improve. Take care of your customers and see your customer-base grow. Network with connected businesses and continually learn how to do better.

  1. Protection

Your business is your baby: protect it. Many people will try to take advantage of your inexperience. Big businesses install surveillance cameras and security, and you can too. Security and investigators – a great example can be found – offer a range of services to keep you covered.

The road to starting your own business is not a cake-walk. It will be a lot of hard work and you still may not be successful. Keep trying and learn from your mistakes. Every success story comes after many failures.

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