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|7 Steps To Follow When Starting A Business In 2020 by JaySilver65(m): 10:37pm On Oct 07, 2020|
It is the dream of every entrepreneur or business-driven individual to own a business someday.
The good thing about owning a business is that you aren’t limited or restricted to the things you can do. Unlike the regular 9-5 job, where there are several restrictions and limitations to only designated duties, not to talk of the pressure mounted upon by the bosses.
As a business owner, you can afford to live the life you sole desire, because you’re a boss on your own and everything is done at your term and pace.
However, starting a business isn’t that easy, it’s only those who are hardworking, consistent, and willing to try new things that get to succeed.
Most businesses don’t apply these principles to their business that’s why they barely have any rate of success, they don’t even understand what a business is all about.
According to Investopedia, the term “business” refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.
Anyone can start a business today, but first, he or she needs to know what it takes to start. When most people hear the word BUSINESS, they begin to think that they need to have a large sum of money or a business degree to start a business.
That’s a wrong perception to business, what you need is a good business idea, a solid execution plan on the business idea, and determination to hustle.
In this blog post, I’ll be showing you the necessary steps and processes of starting a successful business.
7 STEPS TO START A BUSINESS IN 2020
1. SELF EVALUATION
Evaluating yourself is the first mindset to have before starting any business, by asking yourself questions as to why you want to start a business, you bring your thought process to life and in no time you’d start seeing the direction of business you want to go into.
But for this to work effectively, you need to be sincere and honest with yourself. Giving yourself the right answers to the questions you’ve asked will go a long way in telling you what you like to do.
2. FIND A BUSINESS IDEA
In terms of finding a business idea to start, many ideas will come to mind but not all of them are worth venturing into. It is only those ideas that are set to solve an existing problem and as such can be monetized.
By solving a problem through your business you create value, people are interested in businesses that are not only built to make money but to offer them the help they need.
It may be rough at the first stage of starting, but if you are willing to go the extra miles by searching for useful materials in your chosen line of business and also seeking advice from successful entrepreneurs in that line of business, then you’re on the right track to making your business stand the test of time.
3. CONDUCT MARKET SURVEY/RESEARCH
Most times people just start a business without conducting market research for their business, which is the reason they fail.
Don’t be too eager to reinvent the wheel, look out for existing businesses to see how their system works, and analyze how they offer solutions to problems. Also, go as far as asking potential customers a few questions about problems you’d like to offer solutions to.
Looking out for competitions in that line of business is very important, check out there products and services, then see how you can better improve yours to stand out.
After conducting market research, the next step is to make use of the feedback gotten from the research.
This information gathered can put you on a high pedestal above your competitors, what took many of them several years to accomplish, will take you only a few months to get there because you’ve properly utilized the feedbacks gotten from your market research.
4. CREATE A BUSINESS PLAN
Having a business plan makes your business even more successful, reasons being that your goals, strategies, and plans to achieving them are all mapped out before the business kicks off. With this, you can carefully understand what you’re going into.
Every startup whether big or small needs a business plan. You can look up the internet for a guide on how to write a business plan. The aim is to make your business look professional and organized, even in a small business.
Most business plans come with a swot analysis that tells you the strength, weakness, opportunity, and threat to the business you intend to start. But for you to get these details you have to use the information gathered from your market research.
5. GET BUSINESS CAPITAL
Of course, every business requires funds one way or the other. In some cases, they are some businesses that require little capital, to begin with, while others require huge capital.
Your skills and effort will go a long way in building your business but capital will make it more effective for it to run daily.
Most businesses would have survived and grown beyond what they are now but due to lack of funds, they crumbled in less than a year. If you don’t have the capital to start your business, it’ll interest you to know that you can get the money via bank loans, grants, and partnerships.
This may seem far-fetched but to be honest, that’s the way it works when you don’t have the money to start your business. Banks these days give loans to even small businesses without collateral, even grants are offered for the same course and partnership is the easiest amongst them all.
I believe you have friends, family, or someone close to you that you can tell them about your business. Including them into your business can make it a lot easier for you in terms of getting the capital, think of them as an investor to your business, you can even do the work while they invest the money in your business.
I guess you’re wondering how do you split the income, well for this to happen there have to a written agreement with all the details to the partnership, this way everyone is happy in the end. This way your dreams of owning a business will come true.
However, for this to work effectively you need to have a business plan, no one wants to listen, invest, or give out loans to a business that doesn’t have a plan.
6. BUSINESS REGISTRATION
For credibility, validity, and authenticity, it is paramount you register your business. You can register your business with your county’s agency responsible for business registration.
Every business should consider this option if they want to stay long term.
7. GROWING YOUR BUSINESS
Growth is required to constantly improve your business, it’s a vital part of every business. As the influx of cash begins to come in, the next thing that comes to mind is to expand and this can only happen when growth is constant in business.
It is a good feature to keep track of all the influx of cash from the onset of the business in an organized manner, this way your business, without doubt, will thrive to stay for the longest time and flourish as well.
Most people would want to run a one-man business, well that is fine. However, if you’re looking forward to building in a team that will offer better results, and make the expansion process of your business more effective, then employing people who are smart, skillful, and drawn to the goal of your business will make your business grow.
With these criteria, your team will be a force to reckon with, in the business world. However, if they aren’t strong, they’ll as well bring down your business.
Before starting a business, you ought to know what you’re going into, by following all the steps listed above meticulously, you will be set on the right path to starting a successful business.
I hope this post makes sense, and you found value from it. Leave a comment below and tell me what you think.
Thanks for reading.
You can get more interesting contents like this from my blog https://jamespaulagbra.topnotchcreator.com/
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