We all have contemplated about starting a business and saying goodbye to the 9 to 5 grind for at some point in our life. However, starting a business isn’t easy. At the beginning of your venture, you may have to play the role of an accountant and a social media manager at the same time. The good news is that a little planning goes a long way when we talk about starting businesses.
Here is a simple guide to help you start a business.
Think and decide the basics
In the first step, you should think about whether doing business is right for you or not. Depending on your current financial situation and your ability to fund the venture, you can define if and when you can begin the venture. Next, select the right type of business. Do you want to start a bakery? If yes, then will you bake at home and sell online or start a brick and mortar store? How much money will you need to do all this? Define if your business should have any employees. When a basic business plan is ready, you can move to the next step.
Name your business
Now it is time to name your business and focus on another branding. Your logo, trademark, etc. should be decided at this time. You should also think about your business’ website and social media accounts if needed. For example, a garments business will do very well if promoted on visual-heavy social media platform like Instagram. On the other hand, craftsy ideas find a huge following on platforms like Pinterest. Your business’ brand identity is of great importance. The name and logo should be instantly recognizable and easy to remember.
Next, think about ways in which you will market your business. In a globalized world, you have several competitors, each offering something unique. Your business’ marketing strategy will help you in differentiating yourself from the competition and reaching the right people. It is extremely difficult to survive without the right marketing strategy in place. Don’t start a business unless you know how to reach your target audience.
Funds and accounting
Most of your business’ planning is complete. Now, it is time to get practical. In the first step, you decided how much funds you need to start your business. Elaborate your financial plan further and decide where all this money will come from. Own savings, friends who are willing to lend, and family or a personal loan could help in providing seed fund for your business. Later, you can add a partner with sufficient funds or get VC funding.
At this time, you should clearly lay out the accounting rules for your business. Create a workflow to decide how your business activities will burn cash from the next one month to the next three years. That way you can keep track of your funds and will create a clear financial outline for your business.
Next, you need to start building a product or service and start selling it. Remember, the planning process has to be strong and practical. Without this, your business could land in jeopardy.