How To Start Your Own Business

Starting an independent business is not an easy task, it requires planning, perseverance, patience, determination and motivation. Everyone today, this new generation is bent on becoming their own leaders. The new age of entrepreneurs, changing the world, modernizing society, shaping culture and developing ideas. Starting a business requires foundations, small steps that later on become big developments. 

Preparation, Planning & Research

The first thing you want to do is prepare, by first deciding what it is you actually want to invest your time and effort into. Proper preparation requires research of the nature and topic of your business, that being said; in depth understanding of the market you wish to penetrate, making sure to develop a proper business plan. The world is changing, where man plans and plans, but Greater Forces Plan Stronger. It has made people realize that nothing comes without organization, so when hoping to start a new business, be prepared for constant changes and setbacks that may occur, have a Plan B for your Plan A. that can only be done with an organized and well prepared plan, looking at the advantages and the disadvantages, the good and the bad, the internal and external environment. 

A good business plan is not built without good research. Fully looking at everything and preparing a strong plan is important, you must create

• Structure plans; of your business.
• Cost and expenses research; for your business.
• Market research; of where you want to sell your product or better known as the external environment.

These are parts of a business plan that require you to understand; what you’re selling, who you’re selling it to and how you’re going to sell it. Being ready mentally for what is ahead, you also need to develop an exit plan; this is a way for you to look to the future of your business. It helps protect you from any losses or disappointments that may occur. By creating a detailed and honest exit plan, you’re ideally looking at ways to

• Sustain your business.
• Protect your profits, this way you are ready to leave the business when it is not doing well or exhausted. It also ideally helps you look ahead at threats that may come to create a disadvantage, so you know what to expect. 

Funding; Capital & Investments

Funding comes next, that is we’re talking money… Are you financially realistic enough to start an independent small business? After finishing your business plan, you will be able to determine the amount of money you need. If you did the research right, you should be able to figure out; 

• Expenses of your product or services – this will allow you to see how much money you need if your product or service has any manufacturing costs.
• Determine the amount of capital you need for the amount of product you wish to manufacture. 
• The next step is determining your estimated/ projected profit margin – how much are you 

(i) going to sell your product or service.

(ii) how much is your profit after expenses 

(iii) your marketing budget –can you afford it? This helps you analyze your profitability and survival during your business venture. One vital importance to consider, throughout all this is, that you will have a better chance at performing in your business, carefully evaluating your funds in all these respects of investments and capital, helps you to avoid losing money. 

Sometimes you may calculate your funds during planning and realize you don’t have enough, so you may then look for other options like getting a loan from a bank if you have some assets to cover the loan or partnering up with friends or investors who have an interest in your potential business and offer a share. There are always other ways, saving money, raising money by sponsors, borrowing, etc… A good plan of funding prepares you for the future of your business, and keeps you from going into it blind. 

To keep things simple, you can always start a business from your home or even online from the comfort of your computer, thanks to the internet, the world today has become so dependent on online businesses and shoppers love buying products from the comfort of their phones. So this will help you in avoiding unnecessary expenses of renting or owning a physical office until you make a good enough profit to expand. In the meantime it will save you more money and reduce stress that you already have in actually getting the business up and running, which is enough workload that needs your focus and concentration. 

Legal, Taxes and Insurance

Next is legal, getting your business registered lawfully? That is, licenses, documentation, articles of incorporation, trademark, patenting, etc. All the legal documents required by the government of that country you’re in. Each country is different; some may require more documents than others, while others may require less. Either way, you can easily research this or consult a lawyer. You need to have all the correct permits and documentations for your business that is usually considered after you verify the nature of that business.

There are many different types of legal requirements in business, and it’s based on the type of business you intend to start, for example, some businesses could be new ideas of a product or service, and that requires Intellectual property documents first. Based on what your business is, you need to ensure to follow all the correct legal requirements and needs. Once you’ve gotten all your documents in order, you can then look onto the next step since you’ve established your business. 

Taxes, a good law abiding legally registered company pays taxes. It’s the law, so always remember to prepare your taxes. Take those funds into account, each country has its own organization and percentages of those taxes, so ensure when you’re planning with your legal advisor to take into account, legal registration costs and future taxes to pay. Failure will result in complications and setbacks, where legal action may be taken against your business.  Take into consideration insurance policies as well; any and all required in helping to compensate your business, if anything unexpected occurs, such that you’re fairly insured. In case of damages, thefts, insurance policies will help protect you in the future. 

Teamwork, Hiring & Employees

Now, regarding the business, you need to consider if you plan on running it alone or with people. Say you decide to hire a few employees to help around with your small business; you would need to make sure you can agree with them and be able to pay them a monthly/weekly agreed salary. A good team helps in a more successful business. Ever heard of two heads are better than one? Exactly, just like a marriage, two souls helping each other out to get through life. 

“Your product is built by people.” – Joe Zawadski (CEO of MediaMath) 

You have to hire the best people in life, the ones that are bright, tolerant, and kind. That way you have a team you can trust with a great personality and perhaps others benefits. You also find in the long run a successful business.  

Marketing & Advertising

Since you’re saving more money by working from home, or online, and your business is in its production phase. The next steps are to market once your products are ready. It cannot be said enough; Market, market, market! Get your business product or service known; advertise your business until you pierce through the minds of potential buyers. Matter of fact, if you can start marketing beforehand it is obviously recommended. Nobody is going to buy something they don’t even know exists. Building your brand, (product or service) is essential; you and or your team will need to advertise in any way possible of all the different mediums to get your product out there and known. There are so many mediums of advertising in this day and age; 

Social media

Probably one of the most influential modes of delivering your brand to the world today. Social media is so commonly used and popular that people can’t live without it. This is how you can market your product or service easily. 

Your official company website

Another great way to utilize the internet when marketing your stuff is by building a grand and great website online to showcase what your business is all about. 

Publicity

From establishing small rallies of fun and or joining a platform of sellers or public events where you can demonstrate your product in the open is another great way to advertise your products, perhaps throwing in free samples as well would be a good way to get people to spread the word. 

Multimedia

If your already a creative person, you can use the arts as a voice to help you advertise, pay for a few commercials on local TV to get your product known, or a post it up on a billboard for a week, maybe even posters or even using YouTube with great edited videos of your products also greatly helps. Matter of fact, you will find that YouTube has become a super influence for many people who have even profited from their content. 

There are many other ways to get your company noticed, just remember to have a great logo, so people can recognize the movement of your product or service, a good name and slogan too. Always remember the famous saying in business; “Customer is King.” Never forget about your buyers, one mode of good advertising as well as good management is constant customer and company relationship. Talk to your customers, tend to their needs and their remarks, and establish a constant upkeep of keeping in touch with your customers. Surveys about what they like or didn’t and where to improve, asking them for ratings on your service, giving them promotions (buy 1 get 1 free) are ways to keep your customers hooked to your business. Not only that but it provides customer satisfaction; you’ll find new customers interested just because you treated the current ones so well. You’re not only marketing but you’re also maintaining your business and managing it well with determination; “Two birds, one stone.”

Growth

The final part to understand is, keep growing your business, keep developing, keep your buyers interested by bringing in new things, new services, new products. As you make profit in the beginning of your business endeavor, you also need to keep coming up with fresh ideas. Keep those creative juices flowing? A business brand is built from the ground up, a reputation of a company is earned when you put effort into keeping it that way. So never bore your customers, surprise them. Never slow down when you find yourself making money, re-invest again and again, and push for a company that can stand on its own feet someday without you even having to be there. Be a flexible business that never stops exploring its options and potentials. If you keep this mentality when you decide to start your business, then you’re going to do well as long as you stay focused and reach heights you didn’t foresee in the beginning.