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Entrepreneurship

How to start a business from scratch (7 easy steps) [Video]

How to start a business from scratch (7 easy steps)

You will discover from this video how to start a business from scratch in 7 easy steps.

Starting a successful business is not an easy task. It takes a lot of time, resources and effort to get it right. However, there are some core steps that should be followed for starting a business. Although it varies from country to country, there are a few steps that can be followed when starting a business:

Step 1. Outline the business idea and draft the plan of action.
Make sure that the idea for the company is viable and profitable enough to stay afloat in the market. A business idea is the foundation of any business. So start brainstorming if you don’t already have a business idea.

Step 2. Research and examine your industry.
Research the industry and find out what its competitors are doing. Once you have a good understanding of the industry, gather competitive intelligence from sources such as public documents, company websites, and social media posts. Use this information to identify the major players in your target industry and their marketing strategies.

Step 3. Apply for necessary licenses and permits with government agencies.
A business license is required for running any kind of business. It is important to know the requirements and process for applying for a business license before starting or continuing your business.
There are various types of licenses that you will need to apply for depending on the type of your business. It is required by law.

Step 4. Create a value proposition for customers
A value proposition is a promise your company makes to your prospective customers about what you can do for them. It’s a brief statement that conveys the most important benefits of doing business with you.
A value proposition is an essential marketing tool designed to set your product or service apart from others and persuade prospects to purchase it.

Step 5. Write a business plan
A business plan is a document that describes a business and its goals. It outlines the goals, strategies, and tactics that the company will use to achieve these goals. Business plans can be used for a wide range of reasons. They can be used as a tool to find potential investors, as a way to convince someone of the merits of your idea or they can help you understand your market and the scope of what it would take to make your business successful.

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