Today, everyone can open their own business from scratch. It’s true. This does not require a lot of investments — only time, diligence, and a strong desire to earn money. Your business can be for you as a part-time job in addition to your main full-time job, or it can become your full-time job.
If you want to start a business right now, and especially if you need to do it on a tight budget, this article is for you. Here are the steps you need to take towards your goal.
Step 1: Assess Your Strength
Not everyone wants to be their own boss. Some people are athletes, others are artists, some are great employees. And some people can call themselves entrepreneurs.
The most important thing is to decide if an entrepreneurial life is right for you. Does the thought of leaving your job — with its steady regular paycheque, perks, and benefits, and your boss and co-workers — motivate you, or does it scare you? Starting your own business is a risk, and therefore you should feel comfortable with it. It is crucial to weigh all the pros and cons of being an entrepreneur from the very beginning. If you are ready for losses and failures, if they happen, you will perceive them easier.
Step 2: Choose the Right Niche and Format
You should do some preliminary analysis and make sure there is a market for what you want to sell, produce, etc. Based on an assessment of the profitability of a niche, choose products to distribute. Buy a test batch and try working with it.
Opening a physical store with goods is much more expensive than starting a service business or an online store that you can manage from your home — so select based on how much money you have for starting a business and how much investment you can attract.
It is essential to learn as much as possible about the niche you plan to work in. The idea is the same for any activity you plan to deal with. Even if it is Forex trading, you will not be able to succeed without self-education. Luckily, the Internet is full of educational materials, like the Forextime blog in our example. So, try starting your activity in a chosen niche and do not stop learning to understand the difference between patterns, various commodities, etc. Your main goal is to become a real connoisseur in the field.
Step 3: Think About Naming
To stand out in our competitive world, you must be unique and special. Are you going to be a “soothing dentist” or an “eco grocer”? Look for trends and fit in with them. The best way to stand out is to select a brand name that immediately reflects your unique selling proposition. Choose a name that people will remember and that you will like.
The logo is the next thing to think over. It might be related to the field of your activity or not. It is up to you. The most essential is that it is related to the name of your company. An extra tip: the easier a logo is – the better. Consider such giants as Apple, McDonald’s, Nike… Their logos can hardly be called complicated.
Step 4: Write a Business Plan
Yes, writing a business plan is a lot of work, and yes, you don’t want to. Nobody wants to. But nevertheless, a business plan is your path to success. How much money do you need? How will you promote your business and fight the competition? If you need a loan or an investor, they will definitely want to see your business plan. So, do not wait — write it!
Step 5: Formalities
You will need to register according to the local legislation in force. Choose depending on the specifics of your job and the market you are going to work in, be it Nigeria, India, or Vietnam. Check with a lawyer if necessary. Open a bank account and take care of all the formalities so that they do not bother you later.
Step 6: Find Investors
If you have enough money to start a business, congratulations, you are lucky. Most aspiring entrepreneurs are doing worse. Otherwise, the following sources of the investment may come to the rescue:
- friends and family,
- bank loans,
- savings and credit cards,
- crowdfunding and microloans.
Step 7: Final One
Create a website and social media profiles. Rent premises or an office if necessary. Build your team: hire a good lawyer and accountant, find contractors, and finally… Host a grand opening party! Congratulations, you’re in business!