How to start a business using 10 easy steps

Saturday,April 26 ,2008

The process to start a business may be annoying and quite boring, and if we want to do it in a proper way we should follow a series of steps which are most long and fairly, however we make an exception by doing kind of abstract of 10 simple steps.

Remember as all new, a new business is like an infant, needs to grow up in a proper in order to have success with it. Before start we should have a business idea. Once having the idea, let’s start planning. While you are planning define by default these basic questions, they will let you guide through the most basic aspects of your business:

What kind of business you want to start? (the idea)

What product or service are you going to sell and how it will benefit your costumers?

Who are your customers and why they should come to you?

What are your goals? Do you have some basic knowledge about the business that you want to start?

Who is your competition?

What is the time frame in your business?

Having the preceding points clear, let’s follow the 10 steps of how start a business.

1 - Planning is the first and most important step to follow for every business also planning can be a time consuming task that is why I strongly recommend you to follow the business planning section.

There is some kind of thumb rule, it's not an exact rule and it may be not mentioned on books but works with most businesses: "Depending on the type of business you want to start, you must have three times the money what it needs to invest". For example: Supposing we have thought about starting a restaurant which requires an initial investment of $20000; we will need at least $60000 to start it.

2 - Finding a location (physical address): Every business need to be spotted otherwise costumers will not be able to find it :). Many times finding the correct location takes time however it must be taken as a priority at the very beginning. I have seen failure in business because this issue, usually the owners believe costumers will come just because they open their business no matter where is located, they used to say the phrase: "if you build it they will come". Use the niche of your business, example: if you are going to sell fishing tools then open your business next to a lake or at the beach.

3 - Make a full research into the needs of your business; I've seen hundreds of businesses as they become bankrupt due to lack of ability of the owners.

4 - Make a market research in the area where your business will start. This study will help take the results of your business before you even begin.

5 - Know your competitors, analyze them and discover what you can offer that they do not.

6 - If your business will require equipment for its operation, always get the best quality, but never spend more than your budget allows. Your customers will always prefer you if the quality of your establishment is the best.

7 - If your business requires staff, hire the very best, remember that we want to be the best therefore your staff should be the best.

8 – If already established your business and your no getting any costumer then you should increase your exposure by advertising, invest in advertising and let your customers to know about your business.

9 - "Love born by sight" The first impression is everything, the first impression that the customer has of your business will be the most important, strive to give the best impression but in a natural way, make your costumer fall in love of your business.

10 - The first months are the growing days for a company, we may have a little income or nothing but if we followed the rule of thumb ("Save 3 times the money needed to invest") you won't have to worry. Persistence is the key on everything we do

Category Business Tips