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Starting a business? Follow these 8 steps to launch your new career path
So, you’ve decided to start a business and make your dream a reality. Thinking about all the things you’ll need to do may seem overwhelming, but it doesn’t need to be! We’ve broken down each step of the process here.
Read on
Step 1
Before executing your full business, do a test-run using the core concept on a small scale. Going through this test process will offer valuable information about your idea. Once you’ve developed a product/service that represents the business and received customer feedback, you can refine your concept. You’ll have a clear understanding of whether it makes sense to go back and make changes or proceed forward.
Step 2
Making a business plan gives you the chance to think critically about the big picture. The process will require that you consider everything from overarching goals to possible sources of income for each expense. Once this information is down on paper, it can serve as a reference as you work through more specific details. It also helps business partners, investors and banks visualize your company.
Step 3
Funding your business starts with finding the right financial resources. Before offering a loan, banks often need prospective businesses to be open for at least two years, have a credit history and income record. In the early stages of establishing a business, this might not be possible. Fortunately, there are other options such as fintechs, crowdsourcing, friends and family or self-funding.
Step 4
Once you have a solid business plan and the kinks are all worked out, it’s time to make things official. Following the critical legal, government and insurance processes is critical to get your business started. These tasks may feel more technical and less inspiring, but they ensure you’ve accounted for very important details.
Choose a business structure
Get a business address
Register a business name
Sign up for a business tax ID number
Apply for business licenses and permits
Open a business bank account
Get business insurance
Step 5
Having the right team is a key part of a business’ success – and your peace of mind. When it comes to hiring, you have plenty of options. You might consider recommendations from people in your network or take a chance on interested applicants with the right skills. Choosing the right vendors adds another dimension of uncertainty. It’s all about finding out what works best for you and your company.
Step 6
Creating a brand that consistently lives up to – or exceeds – customers’ expectations is good for both them and your business. It’s essential that any promise made can be delivered on every time. By offering dependable service and establishing good rapport with the community, people will think of your brand first whenever they need that product or service.
To effectively market a business, several different platforms may be used. Using multiple mediums will help your message reach the largest possible audience. Develop a strategy by finding out which forms of advertising work best for certain objectives. Regardless of your business type, engaging with the public, acting as a thought leader, capturing leads and showing up in the community can enhance customer relationships and build your brand.
Stay connected
Whether you use targeted ads or social media content, make yourself visible to potential customers.
Be a thought leader
Share industry updates and creative ideas to establish your business as a go-to source for information.
Capture new leads
Offering a newsletter, product guide or special discount can turn visitors into customers.
Build relationships
Showing up for your community will help spread the word and keep you connected to your market.
After you’ve launched your business, priorities will shift from planning to doing. This is an exciting time to see all your hard work and concepting come to fruition. It’s also important to set up benchmarks for the first year to make sure business is strong and growing over time.
