Entrepreneurship is its own mountain climb. At the beginning, success seems insurmountable and difficult to reach. Where do you even begin?
Hopefully, checking out the resources in this article will help you with these seven steps to start a business. Get ready to start your ascendent!
1. Market research
Every business idea starts with your perception of a problem, and your perception of what the best solution to that problem will be. However, it is important to first test your hypothesis about this and check if others agree that your solution will work.
Market research doesn’t necessarily have to be complicated and expensive, as the following articles point out:
How to Perform an Efficient and Effective Market Research - this article gives you some insight into where to begin with market research
How to Conduct Market Research on a Budget - figure out how to get an accurate picture of what your consumers want without breaking the bank.
2. Examine different business structures
You could have one of the most innovative products in the market, but if you don’t have the right strategy to get it to your target market, you will never be successful. There are so many different ways to structure a business, and each model may be suitable in a different context. In order to figure out what is right for you, you need to research the different models that are out there, test what will be right for your good/service, and then plan your actions accordingly. For some tips about the ways to do this, read these:
Which is the Best Business Model for your Startup? - this article the differences between Business-to-Consumer and Business-to-Business models, while also giving sound advice on finding what is right for you.
7 Steps for Establishing the Right Business Model - follow these to make sure that your approach to business development is streamlined and efficient.
3. Create a business plan
Every business needs a comprehensive plan that you can present to investors and potential partners, and it can be quite easy to put together if you know how. Watch this to find out what sections your business plan needs:
4. Deciding on a location
Where your business is located is going to influence the distribution of your good/service, as well as how your business model functions. Thus, choosing a location that is appropriate for what you want to do and who you want to reach, while being affordable, will be crucial to the success of your enterprise.
Tips for Choosing the Right Business Location - Four key things to keep in mind
Choosing a Successful Location for Your Business - this article gives you a unique, legal perspective on where to set up.
5. Name your business
What is at the front of your brand? What is the one thing that you want to stick in the minds of your consumers? That would be the name of your business, of course! Choosing a name that represents what you stand for in a simple and memorable way is key to being successful.
How To Pick The Perfect Name For Your Business Or Startup - The Startup Bros provide a step-by-step strategy to come up with the best name
Business Name Generator - If you are really stuck for ideas, try playing around with this business name generator to get your creative juices flowing.
6. Create a website
In today’s business world, an online presence is often just as important as your physical location. If you haven’t already, set up a website for your business, and make sure you also utilise social media with it! There are countless affordable ways to do this now, so make sure you are up to scratch on the best solutions:
Small Business Website: How to Create One in 4 Simple Steps - this article outlines the basics of creating an online presence
7. Keep your finances in order
Find an accounting system to ensure you’re not buried in invoices and receipts at the end of every month! There are many tools that can assist you with this, and you may consider also hiring an accountant. Try to learn, in addition, some basic rules to be sure of keeping costs as low as possible. Here on the Ye! Community blog we have put together a series of Financial Terms Every Entrepreneur Should Know, introducing you to the concepts of the Balance Sheet, the Income Statement, Breakeven Analysis and Ratios.
While starting your business and going through these steps, it is important to remember that no two businesses are the same! Thus, you are inevitably going to find a unique way to set up operations. Don’t be afraid to do things differently, if it helps you reach the summit!
By Francesco Mazzola
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