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How to Start a Business




Congratulations on making the decision to start a business!


Entrepreneurship can be fascinating and gratifying, especially if everything you've put into your business idea pays off and results in success.


Starting a new business is no easy task. There are many steps involved and they all need to be taken in order for the company to succeed. This article will walk you through the process of starting a business, from choosing the right name, opening a bank account and forming an LLC (limited liability corporation).


When preparing to start your own company, there are factors to consider during the start-up period . Following are some steps that may help you in making informed decisions when launching a new venture:


​1. Develop a Business Idea


Coming up with a business idea is often the impetus for starting a successful business. Your big idea can be a physical product or services offered online with an online store that is completely unique. Or your big idea can simply be a variation of a small business or big business that currently exists.


New Idea vs. Proven Idea

Many would-be entrepreneurs get caught up in the belief that they must start from the ground up and develop a completely unique product, new business model and new services online from the bottom up.


They discover later that many famous goods and services are simply variations of previously successful products, services or business models in the same market category or marketed in an unexpected market sector.


Ideas developed on-the-Job

Often small business ideas learned through operating a side business can blossom into big companies. Potential customers and markets often present themselves whilst working as a sole proprietor or a gig worker. Existing business relationships can become early customers of your own new business.


From Rags to Riches

If your mind is adept and creative, there is no such thing as a dead end job or dead end gig since you can use your experiences to spot inefficiencies, develop better methods and then start your own business.


There are many successful entrepreneurs who started off in menial labor intensive jobs and discovered inefficiencies and new market opportunities whilst doing these jobs.


These entrepreneurs were able to scale their businesses successfully because they had worked the menial jobs and knew what was required to become successful in the industry.


2. Perform Market Research



Many business owners conduct market research to help them decide whether or how to start a successful business. Validating your big idea is often seen as a crucial step in building a business model and creating the appropriate business structure.


Thorough market research will play an important part in the vetting process, and it may reveal whether your own business has a high likelihood of becoming a successful business.


Informal and formal Focus Groups

Holding focus groups within your target market segment will reveal the pain points and generate small business ideas. The findings of your market research for your business idea should be used to build the income projections in your business plan.


Often people fall in love with their business ideas and do not see flaws. Gathering a bunch of prospective customers together and getting their feedback on your big idea can help you crystalize the concept and determine which solutions are vital and which are merely nice-to-have.


Market size

The market study will assist you in understanding the competitive landscape and your target market. What is the demand for your goods or service? How many potential customers would be interested in purchasing?


As you're developing your business plan, try to figure out what problem your product or service solves and which segments of the population your business serves.


Will you reach this segment through an online store also known as an ecommerce store or is your small business best suited for a physical business location where you can interact with customers as a sole proprietorship.


​Competition

How many competitive products/services currently exist and what are their estimated annual sales? How many total competitors (companies) are you up against and is there room for one more—your business?


Customer base – Where do your customers live? Are they local, national, international or a combination? What percentage of them can your business reach?


Your business location will play a roll if your goods are physical since you will have take into consideration cost for shipping. And don't forget about a commercial driver's license if you plan on using your vehicles for delivery.


​Online presence

Does your customer base purchase from your competitors online? What are online buying trends within your market niche?


If you have a brick and mortar location, you may want to think about employing a web developer to create a website for your company, which means you'll need to work on search engine optimization so that your clients can locate you when they do a Google search for your kind of products or services.


You may also consider opening social media accounts for your business so you can batter interact with customers.

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