Creating a business today is no longer a complicated thing , what’s more, having a business or venture can be something very interesting in your life and that of those around you, you don’t have to dedicate yourself full time, nowadays new technologies They allow you to have a part-time or full-time venture, as you want , and also without the expenses that existed before, but first you have to start, as always, at the beginning.
If you’ve never owned a business before, the thought of starting your own can be at least scary. The people who have already done it, in the end testify that it was not such a big deal, plus many other entrepreneurs have already done it, so you can take advantage of the wisdom they obtained from their successes and failures.
These 9 time-tested steps will help you start your own business or venture, they are advice on all aspects related, from finding your idea to make money, to discovering the strategy that you have to follow until finally launching your product or service.
1. Use the time you have available
No matter how ambitious you are, you can still start a business in your spare time, and fit it in with your current life commitments. Not everyone has the ability to quit their full-time job to dedicate themselves to developing something of their own, but that doesn’t mean you can’t get started.
For example, it is possible to create a business of products that already exist in parallel to a full-time job, or to start a blog that later turns into a business. If you are looking for more inspiration, here are our business models, plans and our prices , as an example.
2. Identify the business idea
Finding a business idea is something that you can systematically approach by trusting ideas that have already been tested and have already worked for other entrepreneurs. I leave you some ideas, because each person logically has different interests and personal tastes.
- Exploit your personal interests. What do you like to do in your free time? Are there products you can sell that relate to your hobbies, or solve a common frustration you have?
- Research existing products. Examine product reviews for common complaints about popular products, and see if you can identify gaps in the market.
- Capitalize early on trends. If you notice that a particular product seems to be popping up everywhere, or if you have a great idea to help make the most of a popular product, you could spark great business ideas.
For example, virtual business cards and QR codes and Vcard are now in fashion. Do you want to know more about this? Look here .
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Remember, all you need is an idea to get started. Many successful businesses launched with a unique product and expanded into complementary products from there.
3. Find a business name
Work to find a name for your business that makes it clear what you do, that is short and catchy. It is not an easy task, but it can be achieved with a little effort and imagination.
It is important that the domain name is free, since you will need a web page, test here if the domain name is free:
https://dominios.miappmovil.es/
In general, a good name has some characteristics:
- Short and simple. Customers need to be able to quickly remember your name, and the best way to do this is to avoid long names. One or two words are ideal, although three or four short words can also work if they create a memorable phrase.
If you know of other people or businesses that seem to have similar names or are based on similar elements, you should avoid them to get a name that really stands out.
4. Make a business plan
Writing a business plan helps validate and formalize your idea, and can streamline the business-building process by inviting you to sit down and think things through methodically.
A classic quote that applies especially to the business plan development process is: “Plans are worthless, but planning is everything.” Many entrepreneurs say they rarely look at their plan once they’ve opened their business, but they’ll also tell you there’s value in thinking about and researching your idea as you develop your plan.
If you have never done it before, we leave you a complete guide in this article, which teaches you how to use the well-known SWOT tool:
5. Investment
The shared goal of any business is to make money, so the key is to invest to earn, and thus run your business. In this sense, you should understand some basic concepts to start and scale that knowledge as you grow.
There are many businesses you can start with just a small initial investment , but others will require money for inventory, equipment, or physical space. Therefore, it is essential to have a clear vision of your total investment, before spending a single penny.
What you invest and what you earn should be one of your main financial tasks as soon as you are ready to start shopping for your business. Keeping accurate records of your income and expenses will help you control your cash flow.
To make the process even easier, consider opening a bank account and having a credit card specific to your business, perhaps a paypal account, etc. as keeping your personal and business finances separate makes it easier to prepare your business taxes and can also help automate some of the steps.
6. Develop your product or service
For a product-oriented business, developing your idea could mean taking one of three general approaches:
- Create your own product or trust one already created and tested. (The latter is becoming more frequent, since the risk you run is less). Whether you’re creating handcrafted items or looking for a manufacturer’s original product, developing your own product to sell can help you stand out in the marketplace.
- Customize an existing product. Most profitable option.
As you develop your product, consider your total costs when calculating your prices. While pricing your product isn’t solely based on cost, and there are many factors that influence your pricing strategy, it’s important to price your product profitably.
7. Licenses and regulations
Nobody wants to have legal problems. Remember that your business is subject to the laws that govern business in your area, as well as the laws and regulations specific to your sector. For example, a food service company needs to adhere to specific licenses and regulations to handle the products it sells, but must also pay attention to the legality of its marketing efforts, trademark and copyright laws, among others.
Invest time and money to obtain timely legal advice, it can guide you according to the specifics of your business, such as industry and geographic location, before starting, so that you avoid headaches in the future.
8. Find a location for your business
Your business plan will help guide what type of space you need for your business. If you sell print-on-demand t-shirts, you may just need to find a place in your home to create a small workspace, desk, and laptop. On the other hand, if your business requires physical retail space, you will need to find a place to rent.
To help narrow down what you need from your business location, consider asking yourself these questions:
- How much space will I need for inventory? If you agree to receive thousands of items at once, you may not be able to fit them in your living room.
- Will I offer retail sales in person ? While selling at home may be an option for your first few orders, if in-person selling is an important channel, you’ll need a comfortable and easily accessible space for customers to visit.
- How do I pack and ship orders from my location? Depending on the size of your shipping operations, you may need more space than you have available in a home office.
My recommendation for performance, cost and time are ONLINE BUSINESSES.
9. Start your business
Are you ready to take the last step to start a business?: START . The preparation you’ve already done has laid a solid foundation to back up your decision, so you can focus on getting started, which is perhaps most meaningful.
The first thing is to leave the false fears (excuses) that sometimes you have:
Some advices:
- Take advantage of your network. Promote your business first and foremost on free channels that are already available to you, including your personal social networks and your contact list. Sending one-on-one emails asking for support, as well as sharing content on social media, can go a long way in gaining traction.
- Consider offering discounts. Rewarding early customers with a discount code that matches your profit margins can help you gain traction early on, especially when your store is new and doesn’t have many customer reviews or social proof points yet.
- Try paid ads. Even if you start with a small budget, paid ads can be one of the most effective ways to get yourself in front of your ideal audience. Testing early and learning from your results can help you drive your first sales and optimize your ad performance as you scale.
Start your own business and monetize.
Starting a business isn’t easy, but it doesn’t have to be scary either. Whether you want to sell a product that solves a problem, build a profitable self-employed business, create opportunities for the people around you, or generate some extra cash each month, these steps can help you make your dreams come true.
