Have you been thinking about starting your own business? Every year more and more entrepreneurs want to have financial freedom for themselves and their loved ones.
Many believe that starting out is an easy task and underestimate the entire process and effort that must be invested. This is even before all the political, economic, social, and personal factors that must be considered.
The reality is that entrepreneurship is for everyone! But, not all of us were born to undertake! However, we can be in control of our personal finances and educate ourselves for the process.
The moment you decide to launch your own business, you must accept that it will be a path full of challenges, satisfactions, and failures.
The important thing is that you have essential qualities, such as perseverance, commitment, and continuous learning to act with conviction. These will help you to become a successful entrepreneur.
Take your first step with faith. You do not need to see the entire staircase; just take your first step.Martin Luther King
Suppose you are not yet enthusiastic about starting your own business. In that case, this article will present some advantages that this significant undertaking can bring you instead of working for someone else.
Free time – Once your business is up and running, you can have a lot of free time as long as it can function efficiently without your presence.
Set your own hours – Unlike a job, you own your time, the how and when to manage your decisions, all without anyone telling you what to do.
Higher available income – If you put all your effort into your business, the fruits will be favorable.
Be your own boss. – Who wouldn’t want to be their own boss? You answer to yourself, make your schedule, and have limitless potential to expand your ideas.
You can use all your potential and creativity – Human beings yearn to feel free to create, grow, expand, and draw all our skills and knowledge without limitations.
The joy of being an entrepreneur- Starting from scratch and seeing how your business grows every day from just one idea.
Can we convince you to start your own business?
If the answer is yes, we will show you ten steps to start that business you dream of. Let’s do it! We hope that these steps help you on this new path.
1. Develop a business idea and launch it
All it takes is an idea to start your own business. Do you already have an idea of what business you want to start?
If you still do not have ideas, you should start by focusing on your skills, what you are passionate about, your most outstanding talents, what type of business can describe what you are and what you offer.
Many strategies can guide you to channel your ideas:
– Exploit your interests and try to relate them to the business you want to start developing
– Review existing products so you can offer the best or identify market gaps
– Capitalize early on the trends most sought after by consumers
2. Write a business plan
Every idea must have a solid business plan executed in the best possible way. It doesn’t matter how small or big your company is going to be.
The business plan will show you the feasibility of the idea you have in mind.
Another excellent advantage is that if you are looking for financing, you will show how attractive your ideas are to banks, investors, potential partners, or lenders.
3. Look for validity of that idea or business plan
There are many ways to validate a business idea or project. The important thing is that your product or service has the highest possible demand.
The objective is to seek the validity of your business plan, not to waste time and money.
Some strategic examples of measuring market demand:
– Offer your product, and take orders in advance so you will know the reception of the consumer.
– There are strategies such as Crowdfunding, which help to create your company through collective financial aid. Your first step is the business plan.
– Create a beta version of your product or service to sell. You will be able to detect possible improvements or errors in the product before its launch.
4. Do a pre-feasibility study
Pre-feasibility is a market study where you will have specific information on the market before moving on to a more formal and expensive study.
Do short interviews with people in the community, family, friends, or small business people who can give their opinion about the product you want to sell.
Also, visit stores or shopping centers where they sell products similar to those you want to offer, and analyze how much competition and demand.
Estimate your resources and knowledge to produce your product and put your ideas into practice.
5. Define the target market
Defining the target market helps you know the set of consumers that your product will aim to sell to and direct all marketing efforts to that specific target.
6. Determine the costs
Calculate the investment costs once you know what market competition you face.
The objective of any business is to make money. Therefore, you have to understand how cash flow works to manage it most intelligently and efficiently as possible.
First, calculate or determine the amount of capital that will be used to start. A “small or large investment” depends on the financial capacity of your pocket.
7. Establish a budget
If you have already calculated and defined the investment needed for your business, it is time to project the margin of income and expenses over the foreseeable future.
The budget will keep track of all expenses and profits that your business will have to project viability, profitability and mitigate risks.
>> If you don’t know how to make a budget, download this template for Free!
8. Look for funding and potential allies
At the onset of any business venture, you will need financing. That will come from savings, credits, loans, credit cards, investors, or venture capitalists.
The important thing is to get potential allies who believe in your idea, which will help you develop your business going forward.
Another tip is to take considerable time to evaluate all the options and different financial offers in the market.
Ensure they are regulated by the corresponding government agency, analyze all the loan conditions, and read the contract before signing.
9. Name your business
Once you have confirmed that your business is feasible and can be competitive in the market, success is all yours!
You have to find a business name that makes it clear what you offer or what you do. The easier it is to remember, the better.
You must make sure to do a domain search to be 100% sure that no other business has that name.
10. Study the competition
Study everything about the competition, name, products or services, location, target or the general public, the time they have been in the market, if they have potential allies, and so on.
The more you know about your competition, the more focused you will be on what you want, how you want it, and where you want it.
Analyzing the competition is a job that you must do continuously.
These steps are the planning stage that you must implement to start your own business. They will help you check if it is feasible or viable and what benefits you could obtain in the short, medium, or long term.