Want to start your own business? Need to become your own boss in your own business? Then this Complete step by step Guide to Starting a business? become your own boss guide is for you.
Starting a Business
Starting a Business can be the beginning of an exciting and changing of your life. If you need more income with more freedom on behalf of your 9 to 5 job, then it is a better idea for starting your own business. There are no barriers to become a great entrepreneur No limits to get an unlimited income. However, it is not easy, you need to work hard in the beginning.
Every business is not going to succeed. Most of the business closed after a few time running. So make sure you may need to complete every step to start a business.
If you have money, maybe you are looking for how to start a business by investing your money? Starting a business can be a good investment for your life. But only invest and do a business that you are well known. If not, you will fail and you will lose your money too. So read How to invest like Warren Buffett? Buffett’s golden investment rules and factors to consider before investing for beginners.
This guide helps to make easy of early stages of establishing your business.
Complete step by step Guide to Starting a business? become your own boss
01. Determine if you are ready to accept this challenge
Going to start your own business for yourself can be a big challenge for your life. Because that thought can change your future life, your lifestyle, personality, and professionally. Also, it can be an involvement in significant financial commitment.
By starting a business both your business and your personal life future is going to completely change. Your business success or fails depends on many things including your capacity to work, your skills and abilities, and initiative as well as external environmental factors such as the Business, Political and economic factors. Those changes and effects are unpredictable. So you have to work with a huge risk of your business future as well as your personal life future. Also, if you need to succeed with your business, you have to do a lot of dedications for it.
Hose all above things can be challengers for yourself. So if you are feeling that you are ready to accept this challenge to start a business, move your first step forward to beginning your business journey. However, if you are still haven’t a good confidant to accept these challenges, don’t worry. Start to do a self-evaluation by yourself. We recommend Both people of with confidant and without confident start to do a self-evaluate by yourself. With that, you can identify your strengths and weaknesses.
Are you ready to become your own boss? If yes, ready to accept this challenge step by step.
How to evaluate yourself?
Simply you can do a Self SWOT analysis to evaluate yourself. From that, you can identify your Strengths, Weakness, Opportunities, and Threads. You can easily learn how to do a SWOT analysis by our previous article of Business environment and SWOT analysis.
However, start to ask the below questions by yourself, those will help you to figure out about yourself and type of business you should start?
- What are your skills?
- Where does your passion lie?
- What is your expertise?
- How much you can spend?
- How much capital do you need?
- Are you ready to accept the risks and to be an entrepreneur?
Try to be honest with your answers because it can be better to know the truth today than later. This will create a strong foundation for every moving forward in your life.
02. Think and Hone with your Business Idea
When you coming up with a great business idea, that can be the beginning of your business journey as an entrepreneur. If you already have a killer business idea? If yes, it can be great. Congratulations. You can move forward easily. If still, you haven’t a business idea, do not worry. There are a lot of ways to start brainstorming for a killer idea. Just keep a few minutes or days to think about a good business idea? What is really a market need? Or What are the market required things? Try to generate your own unique and good business idea. A good business idea can be very critical to the success of your venture.
- If you have any trouble if your business idea is work or Not? Then answer to the below questions. Those will be important for you to determine whether or not your idea works.
- Is your business idea really unique?
- What value will it generate?
- Is it something that your target audience really wants? Or Is it something you think that your target audience wants?
- Also, you can go out and ask people what they really need? What is other business doing? And do research about your business idea?
03. Do market research and get feedback
Doing market research is the only way to know if your business idea is going to work or not? Simply that is the SWOT analysis of your business idea. Does this involve searching for information on the Business idea? In the industry, Competitor analysis, and surveying potential customers. Market research will help you to determine what are the Strengths, Weakness, Opportunities, and threats of your business idea?
By doing Business research you can get a sense Does your idea have the potential to succeed? To be successful you need to solve problems and fulfill a needs in the market or offer something the market really wants. Also, need to make sure people will actually ready to pay money for your business solution, there is not a carbon copy of an existing and established business and how much your market is big?
Also, proper market research helps in finding out who are your competitors are? And what are the potential pricing, costs, and profitability?
However, it is better to do market research with an open and unbiased mind. If your research results show that a proposed business idea has a high probability of failure it would be better to give up your idea and try to another idea or do some moderates o your business ideas.
Give close attention to what are the feedbacks for your business idea or business product/services. Then you can decide if the business idea will succeed or fail? Also, those feedbacks will help you to do more improvements for your business idea. Always love to negative feedback, it will help you to learn a lot of things in your long business journey. Positive reviews will help you to make a big difference too.
04. Create a business plan
You need a business plan in order to make your business idea to reality. The business plan is a blueprint that will help to guide your business idea from the start-up to eventually business growth. According to the type of business, business plans can be different. Also, when you are seeking for financial support from the investor, Bank, financial institute or loan provider, they request a simple business plan from you. They need your business plan need to validate your business idea and make trust in your business.
For that plan include every factor such as Capitalization, location, your team, and many other factors.
05. Choose your Business structure
After creating a business plan you need to decide on the business structure that best suits for your business idea and its particular circumstances. You can start your business as a Sole Proprietorships, Partnerships, or Corporative. The business structure you choose will impact your business from different ways such as your business name, liability, and taxes.
First, you need to choose the right business structure for your business, then reevaluate and change other factors, and structure as your business grows and needs changes.
The Business name plays a big role in almost every aspect of your business, and outside. So you want to pick a really good business name. Try to choose the name that related to your business. Also, it wants to be memorable and may able to build brand awareness.
Once you choose a good name you need to check your name and make sure there are currently not used for any business. Not only name but also you need to choose a good logo for your business too. Also, you need to check your logo to make sure that is currently not used for any business.
07. Set up your business location
For doing your business activities you need a business location. Setting up in the right place can be helpful for the operation of your business. It can be a home office, a private or shared office space or a rental or retail location. You should think about the place according to the type of business you will be doing. Also, consider the cost of the place if you buy or lease your business location.
08. Choose your accounting system
For all business need a good accounting system in place to run most effectively. The Accounting system is one of the important factors for small business. It requires to create and manage your budget, set rates, and prices, conduct business transactions with others, and file your taxes.
You can build up your own accounting system with accounting software or hire an accountant.
09. Check legal obligations and Register your Business, get a license
There are different legal obligations associated with starting a business, taxation, registrations, and insurance, also those legal obligations can be different according to your business structure.
Sole Proprietorships and Partnerships are not legally recommended to registration, but by registering your Sole Proprietorships or Partnerships business you can get a lot of benefits. For registration, you have to spend a small fee. However, if you are willing to start your business as Corporative company, then you have to complete a lot of legal requirements (account documents published, tax requirements) Also, you have to spend a high initial cost for Corporative registration.
Register your Business
Sole Proprietorships and Partnerships should register their business name in their state or country clerk. Corporative companies or limited partnerships typically need to register their business in the appropriate state office with formation paperwork.
Don’t forget to buy and register your domain name as soon as you have selected your business name. Try to get the same domain name to your business name.
Now your business idea has official status.
10. Finance your business and Fund it
This is the most important part of your business. To set up and manage your business operations, you need to capitalize and finance your business. For a startup, it not requires a lot of money, but you have to involve with some initial investments and day to day operation cost before gaining profits. You have to expend some one-time startup costs as well as cost to keep running your business too.
If you haven’t enough fun to start and continue your business, you can get loans from a financial institution or find some investors. Then you need a good understanding of how to balance your liable and assets.
So before starting your business, it is better to focus on what is your funding requirements?
- How many funds do you need to start?
- How many costs require to continue daily business operations?
- How exactly are you going to use the funds?
- How to fulfill the funds at emergency fund requirements?
11. Build up your support team and get ready
Always be careful to surround and work yourself with trusted and reliable persons. Your support team may include different type of people according to their job type such as Technical team members, Customer service, lawyers, Accounts and marketing expert. They are the people who support the success of your business, so gather a right and the best person with you and treat them well. Also, think about your financial capacity and hiring cost when building up your support team.
Also, get ready to the beginning and run the business.
12. Run a trial and gather feedbacks
Want to be sure if your business idea is indeed unique and going to work? Then run a trial and find out is it work or not. It will give you a good confidant and mitigate the risks of your next step. By trial collect customers, your team and others feedbacks and analyze it. That will help you to new insights to grow your business and identify challenges which you might have overlooked.
Also, start to develop your product and services according to your findings.
13. Market your business and do promotions
Most of the business fail when they start marketing and launch their products. Start advertised and launch your products and services. Do promotions to attract customers to your business.
14. Develop and innovations
According to the market, feedback does develop your products, identify niches in your target market, find new markets, rolling out the additional products. If you need more additional finance, you can get a load or find new investors.
Some tips for success your business.
- You need to allocate funds to do develop and innovating process in your business because it will help you to survive in the market.
- Also, do marketing campaigns via social media, advertising site and telecasting and other promotion media.
- Once you have a new customer, retain with your business for long-term.
- Start you’re a web site and e-commerce site to promote your products and business.
- keep researching the market
- hiring good people
Starting a business with no money – Become your own boss
Few businesses you can start today without money.
1. Start a blog
2. Affiliate marketing
3. Amazon Reselling
4. Drop shopping
5. Art collector
7. Buy and sell domains
8. Business consulting
9. Cell phone repair
11. College counseling
13. Computer support and repair
14. Content marketing
15. Content writing for web sites
16. Online earnings
18. Dog walking
19. eBay sales
20. Fiver gigs
21. Graphic design
22. House painting
25. Niche marketing
26. Online training
27. Online teaching
28. Property manager
29. Publish EBooks
30. Review web sites
Final words for Starting a business? become your own boss.
Those above steps will help you to start your business. It will help to cover the most important bases. However, keep in mind success is doesn’t happen overnight. You have to work hard to achieve it. Invest a few time to yourself too. Then you can achieve your business success step by steps. Then, you will be on your own way of building the empire that you always dreamed about.
I hope the above Complete step by step Guide to Starting a business? become your own boss help you in starting a business and become your own boss. And if you have any problem or know more on How to Starting a business? Become your own boss, please share with us in the comments section below.
Takitakibiz.com is created to provide free guides and tips to help online Entrepreneurs in enhancing and simplifying their Online/Offline Business, Blogging, and SEO knowledge. Takitakibiz was founded in Feb. 2018
I believe that knowledge should be free. So please, gain more knowledge through TakitakiBiz to Become Your Own Boss.
Latest posts by Keshan Liyanagamage (see all)
- How to Create a catchy slogan for your business - August 12, 2019
- Designing a logo for your business: The Complete Guide - August 9, 2019
- 08 Tips for Naming Your Startup Business - August 6, 2019