For years you may have wanted to be your own boss and start your own business but something has been holding you back. If it is your fear for the risks involved or you have been thinking that starting your own venture would require truckloads of capital investment and is positively a very challenging task for you, it is time to clear all your misconceptions now.
You don’t really need to be heavily wealthy or need a lengthy and selling resume to start a business. All you need to do is follow these simple steps to start and manage your own venture without having to worry about any risks:
Step1: Think of a unique and innovative concept
Before you actually jump to the big launch, start with baby steps. Think of an idea for your unique business. It may involve proper analysis of your surroundings, local markets, common & uncommon businesses in your area and your personal interests & skills. In case you cannot come up with any unique idea, worry not because you can always join an already established brand as a new franchise.
Step 2: Choose a location for your business
Shortlisting and finalizing a location to do your business is a crucial task which depends on a number of factors. You would need to keep in mind everything from easy and reasonable availability of labors, suppliers and vendors to local laws and tax policies, from target customers to competitors in the locality.
Step 3: Prepare and write a business plan
Planning is an integral element without which no business can stand. To make your business work and earn good revenues not only you need to plan out a strategy in advance but you also need to put it on paper. This document would basically serve as a map or guide to direct you while making decisions for the coming 3-5 years.
Step 4: Get thorough training for your business
It’s true that your educational qualification may not hinder the way of realizing your dream of your own business really, but lack of proper professional experience and training can obstruct the path of your success. It is very important to get comprehensive training in the field of your business which would enable you to stay ahead of the competition and understand latest trends in the industry.
Step 5: Arrange for your financial needs
Finance is the primary driving force for any business. So you would need to discuss about the business start-up loans with banks you already know, do some research about local investors, present your business plan to them and also talk to them about the potential benefit for them in your project.
Step 6: Setup the required infrastructure
Now that you have the required financial support, first thing that you need to do is get an office or work place. Now you would need to place the right furniture and equipment for your work, office desks, computers, telephones and other supplies like cabinets, label systems etc.
Step 7: Obtain the licenses and permits to run your business
To keep your business up and running, completing all the legal formalities is a must do step. You would have to do extensive online research and attain all the required licenses and permits from the local or state authorities before you announce the launch.
Step 8: Hire sufficient and efficient employees
Your employees would be the assistance you need in running your business efficiently. So set a standard eligibility criterion and hire qualified and skilled people. Set up proper accounting and evaluating systems to keep track of their working, performance and payments.
Step 9: Promote your business and prepare an integrated marketing plan
Prepare a rigorous marketing strategy to promote your business. Make use of social marketing, PR and advertisements to grab attention of maximum potential customers. Focus on customer service too; it’s very important to retain your customer once gained as getting a new customer requires nearly 20 times more efforts than retaining your old customer.
Step 10: Expand your network and review your values
Participate in networking seminars and conferences to keep in touch with the latest trends in the sector and extend your contact list. Analyse your performance continuously and think of ways to improve. Be open to suggestions from your employees and update your records. Also, keep an eye on your competitors.