11 STEPS TO START A BUSINESS || WITHOUT MONEY || #BusinessIdeas || Part 1
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Hello Attitude Trending,
Starting a business involves a whole lot of moving pieces, some more exciting than others. These 11 time-tested steps on how to start a business, whether it’s your first or your 10th, will help you with everything from finding and validating your money-making idea to figuring out your shipping strategy to finally launching your product or service.
11 Steps to Start a Business
1. Find a business idea
2. Write your business plan
3. Secure financing to fund your business
4. Choose a business structure
5. Get federal and state tax ID numbers
6. Obtain a business license and permits
7. Open a business bank account
8. Get business insurance
9. Select your tools and software
10. Hire your team
11. Market your business
1. Find a Business Idea
You have started your own business and now figuring out what should be the first step you want to take. So the first step is to find small company ideas, which you can do by depending on tried-and-true strategies that have worked for other entrepreneurs.
2. Write Your Business Plan
As the business owner, developing a business plan can help you formalize your idea and streamline the startup process by forcing you to sit down and think things through carefully. So write your business plan by having a good hold on your known unknowns.
Business plan outline
· Company name and description
· Market analysis
· Management and organization
· Products and services
· Customer segmentation
· Marketing plan
· Logistics and operations plan
· Financial plan
Choose a business name
To start with, your company name is a universal aspect of your marketing—it appears in everything you do. Keep it basic and focused: come up with a name that explains what you do, is short and memorable, and matches with your goal and vision statement. This isn’t an easy endeavor, but with a little creativity, it’s extremely doable.
Conduct market research
Conducting a market analysis is one of the most effective strategies to start a business. Market research is used to gain a better understanding of your target market and rivals so that you can create an effective business plan.
WHAT’S THE POTENTIAL OPPORTUNITY SIZE?
Small markets are frequently dismissed by entrepreneurs. Yes, the market size should correspond to your goals, but a niche’s opportunity size is governed by a few additional factors.
WHO’S YOUR COMPETITION?
What does your target market’s competitive landscape look like? Is there a large number of competitors or a small number? If your niche has a lot of competitors, it’s usually a sign that the market is well-established. This is good for ensuring demand, but it will also require you to differentiate your product (to some extent) in order to attract customers and grow market share.
WHO IS YOUR TARGET AUDIENCE?
A target audience is a group of people to whom you intend to market your goods or services. It’s easier to find new consumers and attract potential purchasers to your website when you know who they are. Defining your buyer personas ahead of time may help you achieve in a variety of ways, from increased social media engagement to increased ad ROI.
3. Secure Financing to Fund Your Business
Your business plan will help determine how much money you’ll need to get up and running.
Common ways to fund your startup
· Business loans
A business loan from a lender could be an excellent idea if you have a good personal credit history and require startup funding.
· Business grants
Grants are frequently given to firms that meet certain criteria, such as veteran-owned, minority-owned, particular for-profit, women-run, and so on.
· Shopify Capital
You might be able to secure funding that enables qualified merchants access the capital they need without having to wait for long bank approvals or give up a piece of their business.
· Crowdfunding
You may always crowdsource donations from a group of individuals online if you don’t want to pursue the regular funding route.
· Personal investors
In the early phases, startups can also raise money from VC or angel investors, as well as friends and family.
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