How to start a business - Quick step guide on what to expect
Have you been completely inspired and formed a business idea? All to now be thinking, how on earth do I get started? What is the first step? Starting a business is exciting but it can also be overwhelming with so many different elements to consider.
The biggest advice I can give, don't let the fear of failure stop you from following your dream... but do let it help you! 50% of businesses that failed were actually profitable. It wasn't that the idea didn't work, it was that the idea wasn't cultivated. If you start your business the right way, you're chances of success is going to increase ten fold.
23% of businesses fail because they didn't have the right team
17% of businesses fail because they lacked a business model
14% of businesses fail because they ignored their customers
Okay, so what to expect:
Step 1 - Start simple
Brainstorm what you expect from your business, your ideas, names, keywords, goals, and anything else that comes to your mind.
Step 2 - Understand your why
Use your brainstorm to configure your 'why' statements. What value is your business going to bring?
Step 3 - Test viability
Check your finances, do a cost prediction and explore what to expect of start-up costs and how you are going to manage your living expenses until you become profitable. What do you need to charge for your services/products to be viable? Will customers pay this? Create a business plan and keep adding to it.
Step 4 - Swot
Conduct a SWOT analysis (strengths, weaknesses, opportunities and threats) so you have an understanding of your new businesses positioning. This is vital for your planning.
Step 5 - Competitors
Who are you going to be competing with? What are they doing? How are you going to add value or do something different?
Step 6 - Identify your target market
Who is your ideal client? What market will you target? What are their needs? Interests?