What should be the first step of growing your own business?
There are few things to know before getting pumped up into starting your own business. I was just reminded about this because of a recent proposal from a good friend who was very eager to fund this project. So with that case, I had a little research on how to start from scratch.
Basically there are seven steps to start your own business:
- 1. Personal appraisal
One does not just simply say “I want my own business” because it is never too easy to have a business. Think first of your position. Is it money that you are seeking or is it creativity? Then every question will follow. One of the question would be “what are the skills I need to apply?”, “Is it products or services?”, “How much capital should I risk?” These questions will help you narrow down your decision. Other businessmen or women has an admiration to consider. For example, I am interested in having my own custom design T-shirts, Stuff Toys, Key chains or cellphone cases or other accessories. I would take consideration the same industry as to what Wongfu Production is having.
- 2. Scrutinize the industry
Once you are confident with your traits and personal assets, you must take consider that your business should fit your lifestyle. The kind that you would want to sleep with. The things that you love, crafts, icons, designs, baking, cooking, brewing or anything as long as it fits your personality and fits in your heart.
- 3. Make it legitimate
This will make everything right on track, legalizing your business will put you to a decision on what kind of formation your business comes into. Specially your own business name. You have to decide whether sole proprietorship, partnership, corporation or Limited Liability Company. Although incorporating your business might be too expensive, but you have choices that you need to think deeply about. Remember, planning is everything.
- 4. Begin planning process
Having a concrete business plan is like having a map with a trail. This includes the activities which your business will be going through. For example, selling of goods or services. Usually, the plan starts with funding. Where do you get your capital? Do you have enough money to start your own business? Even if the business is sole-proprietor, you need to have a BP. Your business plan may not be too formal. As long as it states the four P’s of business: The Product – which will tell you what to sell, Price – How much will these cost, Place – Where are you going to sell your products and Promotion – How will you inform your customer about your product.
- 5. Having Funds
Well, your funds depends on what kind of business that you will be having. If you are planning to have a BPO business, then 100$ would not be enough. If you get lucky, you’ll be meeting someone who will be interested to put a capital on your business.
- 6. Location of your store
After you have polished your business plan, you have a very strong hold capital, a pot of luck, all you need to take care now is where are you going to establish your shop? Remember, the key to a very productive business is that it is well known to the public. Your market is your asset. A hint: Try to boom your shop with a very eye catching grand opening. Put loud music outside, balloons, tarps, samples, fliers and maybe a mascot just to boost your first impression.
- 7. Make room for mistakes
Mistakes makes you stronger and with an open mind, you sure are having a good start with your business. If you own your own business, you get to enjoy the facility of making your own decision.
I hope these things will help you.