In order for a small business to be successful, it must solve a problem, fulfill a need, or provide something the market wants. Starting a business requires a lot of work. The stage is always set at the outset, so make sure you follow all the steps required when starting your company to lay the foundation for success.
- Evaluate yourself to find a good idea: get to know your talents, strengths and weaknesses, and resources. This will get you to reflect on your goals and what inspires and motivates you. Use this time to make sure you match your personal ambitions to the business you want to start. Finding the right profitable business idea is the key to start.
- Conduct market research: This should show you whether or not there is a potential to turn your idea into a profitable enterprise. By exploring the market in different ways, you will find out more about prospective customers and target audience, and companies currently working in your field. By using the information in hand, you get to identify a strategic edge for your company.
- Start the planning process: Your business plan is the pillar of success. It’s a road-map or a blueprint that will help you plan and structure your growth, run and develop your new business, and achieve your goals and objectives. You’ll use it to persuade customers that it’s a wise decision to partner with you — or invest in your business.
- Work on funding your business: using your business plan, you will be able to know how much money you will need. Assess your finances and figure out how you will cover the initial investment, costs, and the ongoing expenses you have (own equity, loan, venture capital, …) before you turn a profit.
- Set up space and location: Setting up your place of business is important for the operation of your business. Whether you will have a home office, a shared or private office space, or a dedicated brick and mortar location. The choices you will make could affect your taxes, legal requirements, and revenue.
