10 Oct How to Start Your Own Business
So, you got a stellar business idea. You know what you want to do with your passion and skill. But where do you actually begin? How to start your own company? In this blog, we’ll try to touch upon important points quickly so that you can get started as soon as you’re done reading.
Step 1: Ask yourself: are you truly an entrepreneur?
Starting a new business requires copious amounts of self-introspection and analysis. To succeed, you must know your strengths, weaknesses, and skills. This will help you distinguish between what you can do, and what you cannot do.
It will also provide valuable insights into whether being a business owner is actually your cup of tea or not.
Step 2: What’s your business idea?
Thinking about any business idea is easy – coming up with a great business idea is difficult. Explore as many ideas as you can, before going forward with your final choice.
A good place is to start identifying significant problems that customers face in your field. Many businesses have succeeded just by providing solutions to customer pain points through their offerings. Once you identify what you’re going to do, research, define and analyze the market. Then get ready for step #3.
Step 3: Check 1, 2, 3… testing.
Once you have a thoroughly researched business idea, quickly test and validate its premise in the real world. Many entrepreneurs who skip this step waste precious time and resources in chasing potential-less ventures.
Start small, take a target market, and target audience. If everything works, it’s time to take the next step.
Step 4: Planning time!
By now, you have an idea that is well-researched and validated for profitability. It’s time to put together a robust business plan that outlines the objectives of your venture in detail.
A business plan helps you sort out your thoughts and assists you in planning your business in a more structured way – so that it is helpful for your team, your investors, and your own self.
Step 5: Next, register your business.
There are different types of business registrations – the structure for which depends on your idea and business plan. Some of these are:
- Sole traders where a single individual runs and owns the entire business.
- A limited company where the entity of business is separate from owners.
- Private limited companies where shares are held privately by owners.
- Public limited company where shares are available for purchase and ownership by the public, and so on.
Step 6: Take care of finances.
Now that you have the legal structure taken care of, the next order of business is finances, taxes, and accounting.
Open a business bank account, followed by filing for paperwork, recording financial transactions, registering for Value Added Tax (VAT), and purchasing insurance.
Step 7: Branding and promotion of your business.
Your business is now all set for its inaugural day. But before that, you must create a professional branding. This includes a logo, tag-line, slogan, color scheme, and website that will become synonymous with your business.
Well, there you go. With financial, accounting, and branding essentials taken care of, it’s now time to start looking for avenues to secure funding for your business. Good luck!