There’s no doubt that entrepreneurship is an appealing idea to so many people. At the same time, figuring out how to begin can be pretty tiring and frustrating. You are ridden with the thoughts of what to sell, where to sell, who you should sell to, and how to get customers.
As if that stress isn’t enough, you go on online and see different new business trends. That again leaves you wondering what exactly you should concentrate on.
Well, if you’re not discouraged with what you’ve seen and still want to get involved with business then this article is for you. Follow closely as we walk you through this 6-step guide for new entrepreneurs interested in starting a business.
But before diving in any business strategy questions, one of the first things you will need to do, according to LLCGuys.com, is to start a legal entity (most likely an LLC) for your new business. Without it – there’s no business.
1. Choose a Business Niche You Are Interested In
This is the most important step when it comes to starting a business since there are so many people who end up hating what they do in their company after working for years because they started something they’re not really passionate about. There’s no one way of finding an idea that will be the holy grail for your business, but there are some questions that you can ask yourself to give you insight on what you like and what will make money. Ask yourself:
What time do I wake up? What do I usually think about when I’m walking to work/school? What do my friends talk about over lunch or before going out? Do people at dinner parties seem interested in discussing? If no one is particularly interested in talking about it where will this business take place?
2. Research Your Idea
With a clear idea of what your idea of a perfect company looks like, it’s now time to research its marketability. Check online as well as offline places. See if other companies have these niches as well and how they are making money. Some questions to ask yourself include:
What are the benefits of this product/service? If my business is related to food, how does it taste? How much does your product cost compared to similar ones in the market? Is there a high demand for this service or product currently in the market? Or if it’s related to online products, how long will it take for buyers to get their product shipped?
3. Ensure You Have The Necessary Resources To Start Your Business
Once you’ve proved that your idea has potential, you need to think about whether you have what it takes before actually starting off. There’s so much that goes into this from paperwork to funds. It is essential you’re partnered with companies that help you start up a business in different locations the way Sleek at www.sleek.com/sg/incorporation does. Again, this mostly refers to financial resources since not all entrepreneurs have an abundance of these when they first start out. But don’t worry, you can actually start your business with the resources that you currently have.
To do this, you will need to research what kind of equipment and supplies are needed for your company before going out and buying them. Think about the kind of space or location where it will be held. You also want to consider if a license is necessary for your business in its location and whether you have the extra cash flow to pay for it without neglecting other daily operations. The licenses themselves may vary from one place to another so better check first instead of getting one then realizing that it’s not valid anymore after a certain time period has lapsed. Next, think about how much money should go into marketing to get potential customers interested in your product/service. If you need to hire an SEO or web marketing firm, can you afford it?
4. Design the Business’s Identity
Whether you will be running this business personally or hiring employees to help out, it is important that they are able to identify your brand easily. This means coming up with a tagline and logo for your company so potential customers know who they’re dealing with without having to ask around. You should also think about how you want other people to perceive your business through colors or font that represent trustworthiness, friendliness, family values, etc. Keep in mind that what works for one place may not work for another which is why research is key here too.
5. Build Your Customer Base
Depending on whether you’re starting a physical store or an online one, this method may vary. With physical stores, you want to have your target market in mind before actually setting foot on the location where it will be held. This means having the right kind of people walk into your shop so they are likely to buy something from you instead of just leaving without purchasing anything at all. Online businesses have the option of advertising through Google Adwords, building up your social media pages to gain followers, or starting out with email marketing campaigns that can eventually lead to sales if done properly.
6. Keep Improving Your Business
It’s important to build good customer relationships over time but keep yourself open for new opportunities as well. Some changes may be necessary as time goes by especially if your company has been in operation for a while now. Try to innovate from time to time and see how it changes the marketability of your product or service. Think about what you can do differently that will either help you gain more customers or increase their satisfaction over buying from you.
In this guide, we’ve covered a lot of ground. You now have everything you need to start your new business out on the right foot. Feel free to reach out to professionals if you get stuck somewhere.