Business opportunities can be compared with the air that surrounds us; they are always around even when we are not aware of them. THE real entrepreneur is the one capable of finding these wonderful business opportunities. If you are wondering how they do it, in reality there is no real secret. It is just a matter of using some creativity and having some experience in the field.
In most of the cases, identifying a business opportunity could be the result of an exhaustive research of the market or just a matter of knowledge from personal experiences. So, how a complete newbie can start a business from scratch?
Let’s analyze these simple steps one by one and you may get some ideas of how to do it.
First off, before you can start your own business, think about THE business idea. Once you have decided to start a business you should have a well defined business idea. Do you already have it? No? There are thousands of ideas out there, but there is way to find them.
I suggest you visiting some online stores such as Amazon. There you may get some ideas for selling products. Furthermore, I suggest you going to your local supermarket and figure it out, what is missing there. Talk to people and ask them what would be useful in your town. A good example is how a friend started a laser cutting business by researching the market. He found out there was no other business like this in the area. I have suggested some business ideas here.
Writing the business plan is essential for your success. In every business start up you try, the business plan will aid to visualize EVERY aspect of your business development. Essentially, it is just a well organized document in which it is planned all aspects of your business including financial situation, marketing and management among other relevant aspects. I really suggest reading my business planning guide.
The vision and company mission statement are an impalpable part of your business, but important. The business vision and mission statement help to generate the energy and required emotion for working and achieving your business goals. Without these two elements you will be running your business as driving a rudderless boat.
The market research is the process where you can find out whether starting a new business really worth or not in the niche of your choice. Furthermore, it helps to identify your potential customers, and taking decisions on how to focus your marketing resources as well as where to set up your business facilities.
Defining an image for your company is something you should keep in mind. This is because your brand is determined by your company image during the advertising campaign. A business conveys many aspects with its image: Professionalism, seriousness, security and comfort among other aspects. The company image is determined by the colors you choose for your logo, slogan and even the vision and mission statements enter in this category too.
All financial planning is usually mapped during the business plan. Nevertheless, I would like to highlight this point as all investment made to your new business and operation expenses mean everything for your success. In order to begin with your new business, I strongly recommend you setting up a budget separately. It is not the same the operation budget with the start up budget. Why? Because the stat up budget is done just one life time, and most of the times is often the most money consuming one. Either way you should always keep in mind your operating budget but that is done during the business planning.
Every country has its own legal procedures and rules for all new businesses. These procedures may vary from country to country. Generally, this is related to patents, licenses, tax records, personnel insurance among many other aspects. I suggest you to find out what are these procedures required in your location, take note of them and make sure you are following them in order to comply all requirements.
No matter whether your business will have a single employee or it will work with some partners, it is always recommended choosing all your personnel using a well defined process. I have seen some business owners doing the same mistake one and over again. They do not choose certified personnel for saving some money. At the end of the day, they end up losing more capital. I recommend you reading our post for recruiting employees for your business.
Once everything is set up, the next step is advertising your business. This is usually set during the business plan but I think is important to mention it. During this process you should define how you are going to promote your business, how many resources do you have, and what media you are planning to use in order of reaching your target audience. Here are some ideas for media types.
They are endless way to get this process done. I strongly recommend you not skipping this step. I have seen many businesses going to bankrupt because they did not get enough exposure. Get rid of the phrase “If you build it they will come”. Advertising will help your business getting into the marketing.
Once you have a well defined business idea, have developed a business plan, defined your initial budget, have done all legal procedures, have chosen your staff and planned your marketing campaign, it is time open your doors for your customers.
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