Whether you want to create the next business, start a marketing agency or become an entrepreneur, it’s time to stop procrastinating, hit the road and get to work on your own business. Setting up your dream business is not achieved in a platter of gold, You have to strive and work for it.
The following are 11 steps to get started;
1. Prepare your mind
The best way to start is by preparing your mind and getting ready to start, if you prepare to start a business then you have already started the journey.
2. Stop Procrastinating
A wise man once said, ‘Procrastination is the grave where opportunity is buried’ starting a business requires commitment and focus. Procrastination will make you go to the bars on Friday and Saturday night. First off, you are going to drain your bank account from buying shots for all of your buddies. Secondly, you are not going to be productive when you’re hung over.
3. Choose Your Business
Remember that a small business will only succeed if it solves a problem(s), fulfils a need, or offers something that the market wants. So in choosing a business, choose wisely and let it solve a need.
4. Develop your business plan
Where do you see your business in the next five years?, what is the vision and mission of your business? You have to have clearly stated plan on how your business will look like.
5. Sort out your funding
Every business needs funding, so you must sort out how you plan funding your business. When starting a small business, you might need an initial investment to cover on going expenses before you turn a profit. So its important you sort out where to get your funds to start your business.
6. Know which business structure to use
Whichever business entity you choose has a direct impact on various factors, such as your business name, liability, how you file your taxes, etc.
It won’t be a bad idea seeking consultation from a business consultant to know the structure to use.
7. Build your business brand
Having gotten a structure, start building your brand, you can advertise your business via social media, one on one or through referrals from friends.
8. get the right people
As your business expands, know that you will certainly need people, and your staff may make or mar your business, so get the right staff.
9. Monitor your expenditure
In order to avoid bankrupt, monitor your cash inflow and outflow, save more than you spend and always have reserve.
10. Register your business
To become an officially recognized business entity, you must register with the government. Corporations need an “articles of incorporation” document, which includes your business name, business purpose, corporate structure, stock details and other information about your company. This is very important to give your business the right standing.
11. Protect your business
In other words, grow your business, watch out for opportunities, prepare for threats, build on your strength and reduce risk taking.
Running a business can significantly impact your life and the lives of those around you. But before you can run a business, you need to learn how to start a business. The guidelines above will help you to start and nurture your business to a greater height.