Starting a business is a very simple but yet tedious thing to do. It is one of the most profitable way to invest your time. There are so many technical articles out there which require technical and in dept knowledge about Entrepreneurship before understanding but this article will be as simple and understandable as possible. I am going to write from the perspective of someone who is totally ignorant about starting a business so this will be the best you've read. What are you waiting for? lets get down to the main business.
Something You Cannot Miss.
Before i begin talking about all the simple steps to follow, i have to point out a very important curve in this whole process. You have to read books and invest in yourself. Any book you find on business start ups, entrepreneurship and any book you find that can give you an insight about what you are getting into. It is one of the best ways to assure success in your business. So lets get down to the simple step by step process of starting a business.
Step 1. Evaluate and Forecast
Before you plan, you have to analyze, before you analyze, you have to forecast, before you forecast you have to evaluate and finally you control. (i love this quote. Do you know who said that?)
Before you start with any plans, you have to evaluate and forecast. You have to know what to expect at the end of the tunnel. You have to know how big or how small your business is going to be, how much revenue you're going to make daily, weekly, monthly and yearly after your business has matured, How many employees you're going to have, grounds you're going to cover etc. This helps you make the right decisions when it comes to setting your business up. In short, you have to dream and visualize you business so that you'll know how to start because you already know what to expect.
Step 2. Choose a Niche(Products and/or Services)
Now that you know how far you want to get your business, choosing the right niche is very important. For instance, if you plan on operating your business only in your locality, you don't have to start a computer manufacturing firm, you can just be a retailer and make cool profits. Also, if you plan on taking your business to the world, you don't have to choose a niche that sells only locally. If you don't have any niche in mind yet, you can check out this article on the top industries to invest in. Make sure your niche can fulfill the dreams you have from the forecast stage. Its is very important.
Step 3. Location of Your Business
The location of your business can be a great factor when it comes to revenue generation. If you have a niche that does not sell in your locality, then you don't have to stress yourself setting up there. Get the suitable place for your business. For instance, you should not sell snow boots in west Africa because it doesn't snow in west Africa. You shouldn't promote your local dish in a place where people are not used to it. If your niche Targets kids, then set up near a school or a park or somewhere you can meet many kids. Just make sure you're choosing the right location for your business.
Step 4. Cost Estimate
So now, you know how big or how small you want to grow your business, you know which products and or services to offer, you know where to locate your business. It is time to draw an estimate on how much it's going to cost you to start operating. If you are going to be an affiliate marketer, you have to know how much it's going to cost to partner with your preferred company. For any business you choose, you have to know how much it's going to cost to acquire your desired space for operating, the equipment you need and how much they will cost, the cost of registering your business, the monthly cost of operating and all other cost you can think of. Make an estimate of how much you'll need and increase it by up to 50%. This is to make sure that anything left out will be covered for. So get everything down, draw an estimate and increase it by up to 50%.
Step 5. Get Funds
Now you know how much you need to be able to make your business a reality so what you do next is to get funds if you don't have any yet. Some people have saved for quit sometime so they have all the funds they will need. If you are like me(before),then you don't have enough to start your business so there are some options available for you but first, you have to write a very convincing business plan. This business plan is what will lure people and organisations to invest in your business. So write a business plan and show it to your bank or other banks asking them for a start up capital. You can show this to other investors and if your business plan is good enough (which i know it will after you've followed all the steps i have listed here), they will surely invest into your business. There are thousands of investors out there looking for a profitable place to bury their money. Show your convincing business plan to them and you have the capital for your business.
Step 6. Get Started
Once you have completed from step 1 to step 5, get to work, start building and make sure you follow the plan you've outlined. Remember, you are the only one standing between you and your success. Read books on entrepreneurship and success, invest in your knowledge, apply whatever you learn and you shall surely make it. Easy is not an option but never give up. In the end, it will surely be worth it. Being an entrepreneur requires great sacrifices but the person you become in the end can touch and affect lives. You have taken a great step, keep on and let the world hear you out.
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