9 Steps to starting a business

Starting a business can be a tough task to most of us. Here, I have compiled nine easy steps that we can take to start any type of business and success in the current world market.

Steps to start a business

1) Conduct personal evaluation.

This is a process of evaluating yourself to know your Strengths, Weaknesses, Opportunities and Threats (SWOTs) that surround you. By evaluating yourself, you come to realize what you are capable of doing as well as the traits that make you weak. At the same time, you become aware of the opportunities in place and the threats that may hinder you from benefiting from these opportunities. Once you have evaluated your SWOTs, you can proceed to the next step.

2) Analyze your industry.

Here you are supposed to examine the industry around you in details. Analyze the surrounding businesses to know what sorts of products and/or services are available in the market. This will help you when you come to choose and decide the products and/or services to sell and thereby, the type of business to start. Once you have decided on the best business that fits your goals and lifestyle, you will as well be able to figure out the amount of capital needed to get started.  Analyzing the industry also helps you to know who are the competitors in the specified field and how they operate, thereby guiding you to plan proactively in order to stay ahead of them.

3) Evaluate your target market.

This means assessing the target audience who you intend to sell your products or services to. You need to evaluate the target market to identify the types of products and/services they might need. This will guide you in deciding the products/services to bring to the market. This way, you end up availing to the customers the products and/or services they need most and thereby business success might be achieved.

4) Start the planning process.

Set the goals you intend to achieve through the business. Note what needs to be done in order to achieve these goals. At this point, you need to plan every activity that you will take in the field, who will do it, when and how it will be done. Identify the resources you need to implement the plan as well as their sources. Establish a location upon which you can set up your business. You can also identify some potential risks that you may encounter and plan on how to address them. Your goals can only be achieved through the vehicle of a plan, in which you must fervently believe and vigorously act upon.

This post can guide you on planning: How to write a perfect business plan.

5) Register your business.

Registering the business is the first step towards making it real. However, as with the other steps, you need to take your time to know the pros and cons of different business entities. This is an area you won’t need to go wrong. As well, you will need to get the relevant and proper business licenses and permits from the authorized government agents. This is also the time to consider insurance services and find a good accountant (or needed employees).

6) Prepare for trial and error.

Whether you are opening your first or tenth business, always expect to mistakes. Making mistakes is natural to humans but you need to learn from them and make them beneficial. If you do not make mistakes, you do not learn what to do less and what to emphasize. Be open-minded, creative, adaptive, opportunistic, and above all, have fun!

7) Set up the business.

Once you have registered your business and planned thoroughly for it with required capital in place, then you are ready to set up your business space. This is the point where you lay out your business in a pre-determined space/location. If your business in online for instance, you may not need a storefront to get started. You are probably looking at building your own website and choosing a shopping cart solution. May be you will be able to work from home office or a co-working space as compared to renting or buying an office space. But if your business needs a dedicated brick and mortar location, there are many considerations as well. This step would leave your business up and running in the market place.

8) Business monitoring.

This entails observing the business to ensure that the activities are taken as planned. Monitoring the business operations helps to identify what adjustments to make in order to meet the set goals and objectives. It helps ensure smooth running of the business.

9) Business evaluation.

Examining the performance of the business over a certain period of time helps to know if the business is meeting its set goals and objectives. If the goals have been met, it means that the business has been a success and only little improvements might be required. But if the goals have not been met, it means that something needs to be done instantly so as to ensure the right progress and prevent losses.

The above steps can guide to start any type of business successfully. If you follow them carefully, you can witness success in your new business and earn yourself good amounts of profits.

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