You are now convinced that starting a business and becoming self-employed is the right decision for you. Congratulations, that was one of the most important steps you have to do! It doesn’t matter if you want to start a business as a side job or as a main job. This time, let’s talk about the most important steps you need to take to start a business smoothly.
1. Draw the broad lines of your business idea:
You now have an idea and a set of skills that will enable you to make that idea a reality. The idea can be an idea (something you love or have already done) or the result of a market research. In the last case, your idea is the answer to a need in the market. Write down your idea and imagine how you will implement it. Our brain has the amazing ability to travel into the future. So just see yourself doing what you love to do and see yourself making a business out of it.
2. Conduct market research:
The market research step can come first or second, depending on your business idea. You can find an idea by researching the market around you, or you can research if there is an opportunity for your idea in the market. This depends on your flexibility and emotionality. If you already have an idea, market research comes as a second step, but if you are open to all kinds of opportunities, you may start with a market research first. After analyzing the market, you will get ideas about its needs.
Depending on whether you already have a product idea or not, your market research can be general or specific. If you don’t have a product yet, you will analyze the market on a global scale (or in some areas only) to see where opportunities exist. However, if you already have a concrete idea, you will base your investigations on that particular product and its similarities in the market. Your research will then focus on two main aspects: your potential customers and your competition.
The information you collect can be direct or indirect. Direct means you go to the market yourself and get answers to your questions. Indirect market research, on the other hand, relies on databases provided by third parties. This step is crucial for starting a business.
3. Business plan:
The business plan is the cornerstone of your company. you will now put down all the steps from the beginning of your idea to the achievement of your goals. This gives you an idea of whether your business idea is profitable or not. it includes the last two steps: business idea and market research in addition to:
– Business management plan:
Will you need employees? What skills will you need from them and what will the structure of the company looks like? How are you supposed to manage that and what structures will you have to create?
– Business Plan:
What physical equipment will you need to start your business and what equipment will you possibly need later? Do you need a location for your business or will you be running everything remotely (from home)?
– Financial plan:
How do you want to finance your company? Is it your own capital? and if so, would it be enough to fund your entire business? have you thought of a buffer for surprises? is a loan from the bank an option for you? or do you want to negotiate with investors? where will you find them and how can you convince them of your idea?
A business plan is part of starting a business and will remain in place for as long as it exists.
4. Name for your company:
Now you need to find a name for your business. Make sure the name isn’t already in use and that it’s not protected. Also, remember to secure a domain name and any necessary social media channels associated with your business name (if you plan to market your business on social media).
5. Register your business:
Depending on the nature of your business and its model, you may need to register your business with the relevant trade office (some exceptions apply to freelancers). The type and legal form of your company determine which authorities are responsible for registering your company. The best way not to take any wrong steps is to check with the local authorities where and how to register your business. The next step after registration is to obtain a tax number for your company.
we hope these steps will help you to start a business. But don’t forget that starting a business is all about believing in your ideas and making sure you bring value to customers.
Vapanana, your digital partner.
