How do I start my own business?

Six Easy Steps to starting your own business.

Brief

Starting a business doesn’t necessarily have to mean that you should stop other ongoing jobs or projects in your life.  Businesses can start faster than you think, depending on the business founder, resources, geographical location, etc. We will discuss this topic with an audience that never had their own business before.

Introduction.

Starting a business requires a few prerequisites & some steps that need to be taken. This article will focus on the prerequisites of the business founder, business know-how, available business resources & business ideas.  We will also cover a few suggestive action steps that a business founder or cofounders could take to start their business effectively & efficiently.

Prerequisites of the business founder(s)

There are plenty of suggestive opinions on what should a business founder be like. We here are suggesting what, ideally should, a business founder possesses & should be able to do when and if given the task of starting a business.

1. Visionary & imaginative.
2. Great at convincing others
3. Good coordinating skills.
4. Has experience in recruiting & management.
5. Can recover from loss or failure
6. Can adapt to unexpected scenarios
7. Has Business know-how
8. Can and will pay outstanding payments duly.  
9. Understands the basics of financial management & business funding.
10. Ready & willing to initiate any business task if the business requires it.

For a detailed article on business founders’ entrepreneurial aspects, please refer to the article:

Becoming an Entrepreneur (Suggestive Prerequisites Of Entrepreneurs & Business Founders).

SIX STEPS TO START YOUR OWN BUSINESS

Now that we have addressed the prerequisites of the business ideas, let’s jump on to quick and brief steps that should help you start your own business.

1) Develop your business ideas

Keep developing your ideas don’t worry too much about funding your business ideas. Think more about your business ideas, what it offers and how everyone involved benefits. Already start documenting all your findings and idea evolution so you can refer to them later.

2) Research the market

Now that you have some ideas, it’s time to check if they already exist in the market. If you don’t have any existing competitors, then do a minimum investigation as to why there is no competition. If existing competitors exist, start by analyzing your market leaders and learn how they offer their customers and operate their business. Don’t forget your customers at this stage, understand the demand & supply in the market. Try to figure out who will buy from you, for how much, and why they would buy from you.

3) Research the requirements

If you have done an excellent job in the previous step, then by now, you should have a compact understanding of your market & customers.  Now it’s time to find out all the legal requirements to set up and operate your business following the business resources your business ideas may require, e.g. human resources, office requirements, shops, website, hosting, funding etc. Expect that this phase takes time, but it could prepare you well to list what you need to do to start your business. It is advisable not to blindly rely on the information on the internet but instead go to related offices and confirm all the business or legal requirements. Arrange appointments with people and offices involved, and don’t be shy in enquiring about matters you don’t know yet.

4) Develop a business plan

It’s time to refine your ideas and turn them into a business plan. You could hire business consultants or financial accounting offices to do this for you or use our business development tool. We have a free-to-download concise business plan template, should you wish to start with it.

5) Sort Funding

Arrange your funding, whether it be a bank loan, a grant given by your city administration, or savings. Your financial management is essential to your business, so be equipped with basic accounting knowledge. Your business plan should already have covered this topic, so you go back to your plan and seek advice from experts if you aren’t confident.

6) Get started

If you are convinced that your business will benefit you over time and you have all it takes to start, run, maintain and develop the business, then take immediate action by giving your business legal confirmation by registering it with your local authorities. Don’t loose time on ting unless you have to.

All businesses come with risks, so if that’s the reason that stops you from starting your business, then we quite sincerely advise you to instead take a less risky path by being employed & contribute to existing and established businesses. Please be informed that being an entrepreneur or having your own business doesn’t guarantee a better financial prospect than being an employee and vice versa.

CONCLUSION

We wish you all the best in embarking on your entrepreneurial journey. We would like to inform you that you could involve us at any stage of your business development, and we would be more than happy to be on board with you. We dropped some useful options below for new entrepreneurs like you.

Disclaimer:
As a company policy, we always intend to do our best to keep you in light of reality and not mislead you to false business or success expectations. Therefore we have highlighted the below points for your consideration.
• We do not guarantee successful business outcomes merely by reading or following the contents of this article instead, the success of a business depends on many other factors, such as how they operate, function and much more.
• As a business & publisher, we are informed that the author of this article possesses either one of the following points or some or all of them, but we are not able to guarantee & verify thoroughly. The points are as follows :
o Arbitrary experience
o Formal education or Formal training
o Guidance from expert or expert sources.
• This article is not intended to be financial advice.
• By reading/viewing this article, you agree that you won’t hold the parties responsible for publishing this article which includes the author, Managers Business Management & Support GmbH and its employees and any third parties involved for any damages or loss.
• Copyrights violations of this article and its content are punishable by law .