It is no new news that starting and setting up a new business can be very challenging. It is your responsibility as an entrepreneur to tackle these challenges and make proper decisions to ensure the growth and prosperity of your business. Most successful entrepreneurs today started very small. Ever heard about the story of Coca-Cola? Or KFC? They all started small and boom! Look where they are today. That can also be you; all you need to do is get the right blocks to starting a new business properly. These blocks will serve as the foundation of your business and whether it will grow or crash is solely dependent on you.
All aspiring entrepreneurs must have an understanding of the power behind thinking big and starting small. Everyone has big dreams and goals but how are you able to actualize them by starting small. I believe you may have a business idea which you intend bringing to a reality as soon as possible.
So here are some steps to take when starting small businesses and driving them to success.
STEP 1: RESEARCH
We assume you already have a business plan set down. The first thing to do when starting a business is to organize and carry out a proper research. You must be properly informed about the idea you have and know if it has the potential to succeed properly. Identify a problem which your idea is going to solve or the need it is going to satisfy. Make proper research so as to know if your idea properly fits into the market and adds value to it. When conducting research as regards to your business idea, you should ask questions like; who needs this product or service? Do I have any competitors around? How did other similar businesses succeed? Also, as part of the research, ask yourself if you are really ready to handle the task ahead of you. It is important you carry out your SWOT analysis here, so as to know your Strengths, Weaknesses, Opportunities and Threats.
STEP 2: WRITE A BUSINESS PLAN
This is an important step before kick starting your business. The importance of doing this is that it helps you know the possibilities of your business succeeding so as to avoid waste of time and energy. Put together a simple single page plan. This will help you also know your financial outcomes, budgeting, marketing opportunities, etc.
STEP 3: ORGANIZE FINANCES AND FUNDING
Depending on the type of business you intend starting, you might need little or heavy financing. You must be fully aware of the initial investments you must make and the expenses you are to have. You can make use of the Microsoft excel software to prepare a spreadsheet and put together all startup costs for your business (branding, rent, marketing, salaries, bills, etc.). After doing this, work towards getting the funds available either from personal savings, from loans or grants.
STEP 4: STRUCTURE YOUR BUSINESS
In the structuring process, you must decide if you want kind of business you want to run. If it is going to be just you as a sole proprietor or a partnership or liability company (Private or Public). The structure you chose has a number of effects on your business in terms of decision making, accountability, taxes, etc. Although, business structures can always be adjusted as the business grows bigger.
STEP 5: REGISTRATION AND LEGALIZATION
You should have a business name already in place. Make sure it is a good one and make sure it hasn’t been picked by someone else. The next thing to do is to go for registration of your business. There are corporate bodies available for the registration of new businesses. In Nigeria for example, it is the Corporate Affairs Commission. Registration your business depicts a high level of professionalism. This will also be an added advantage when you are working with bigger businesses or government agencies.
In addition, you must get legal. Registration is just one step to legalization. You must get all permits and licenses required for you to properly run your business.
STEP 5: LOCATION SETTING
Set up the location of your business. This is solely dependent on the type of business you wish to run. Some people can actually run their business from home or rent an office space. It all depends on the type of business you are starting. There is also room for growth and improvement. NO GO DO PASS YOURSELF
STEP 6: MARKET YOUR BUSINESS
Your business should be up and running now. Get out there and bring those clients and customers in. Work on your promotion and advertisement in every way possible. Create marketing strategies and work with them.
Remember, good things take time; never rush yourself into wrong decisions. Take your time to properly plan and build that business of your choice.