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How to Start a Business From Scratch
How to Start a Business in 7 Easy Steps
1. Start with a Good Business Idea
If you’re wondering how to start a business, it may be easier than you think. Like other successful businesses, you’ll want to make sure you have a good idea first. From there, you can build a product or service that solves a need for consumers. But before you jump into anything, you’ll want to make sure you do your research. This is crucial, because only an estimated 79.4% of companies survive their first year in operation.1
So, whether you’re starting a business in retirement or just looking to earn more cash, you’ll want to find the right startup growth strategies. Don’t be afraid of being a sole proprietorship and starting your company on your own because you can always grow and hire employees later on.
To help get ideas, think about these easy startup options:
Business consulting
Cleaning services
Tax preparation and bookkeeping
Event planning
Jewelry making
Copywriting services
Personal training
Music lessons
Computer training
Graphic design
Landscaping
Financial planning
Photography
2. Conduct Research About Your Business Idea
Once you have your small business idea, your next step is to see if it’s worth pursuing. To do this, rely on market research and be sure to analyze your competition. This will help you gauge your audience’s interest and:
Understand your customers’ needs
Identify potential problems with your product or service
Lessen financial losses by helping you make more informed decisions
Find niche markets you may not have known about
Set goals that can guide your business
How to Start a Small Business To successfully conduct research, you’ll want to:
Identify your target customers: You can do this by looking at who benefits from your product. You’ll also want to look at factors like age, location and even marital status.
Engage your audience: Once you know who your target customers are, conduct surveys and talk to people directly to gain more feedback. Don’t overlook social media either, which can be the perfect place to engage with them.
Look at competitors: Analyzing competing products or services can give you an idea of what already exists in your industry. This can help you find ways to improve your idea. It can also help you target weaknesses in your product or service before you spend time and money creating it. Be sure to note your competitor’s prices during this process, which will give you a range of how much customers are currently spending on similar products.
3. Write a Business Plan
Your business plan outlines your current and future goals. Successful businesses use this as a resource to organize the direction of their company. Yours should include:
Title page and contents: Investors use your business plan to get a feel for your company. That’s why keeping it organized and easy to navigate is helpful.
Statement of purpose: This summarizes your products, market and business operation. It also states if you’re looking for funding or not.
Product descriptions: Explain each detail of your product or services and how they benefit your customers.
Market analysis: Outline your target demographic, selling trends and customer expectations.
Competitor analysis: This should highlight strengths and weaknesses of companies that have similar products or services.
Writing a business plan is important because it can help you make more efficient and strategic decisions. It also helps you focus on your goals and strategies. Some other benefits of a business plan include helping you with:
Finding potential weaknesses
Communicating your ideas to stakeholders
Organizing important information about your business
Hiring employees that are right for your company
4. Make Your New Business Official
Once you’ve worked hard researching your idea and know it has the potential to last in the market, it’s time to take your business to the next level by making it official.
To do this, you’ll want to:
Register your business with your state: This gives you legal grounds to move forward using your brand’s name.
Pick-up the right licenses and permits: Depending on your business, this can include food, liquor, health or business licenses.
Get a tax ID number: This allows the IRS to track your transactions. You’ll also need this to open a bank account.
Following these steps helps you create a brand name that no one else can use. And once you’re official, you can set up an office and create an online business presence.
5. Know Your Finances
You may have asked yourself, “how do I start a business with no money?” Some tips for getting the funding you need for long term success include:
– @gmalybrown