3-How To Start Your Online Business

HOW TO START YOUR ONLINE BUSINESS

by with No Comment Business

Easy step-by-step guides for audiences with little online business experience.

Brief

Whether you have an existing business or no business at all & you are planning to start doing business online, this article is for you. In this article, we will outline ten steps that you should be taking to start your business online.

Introduction

Just like any business, your business should first start with business ideas. Your business ideas may answer a few basic questions, like what your business is called. , what does your business offer? are you planning to sell products or services, or are you selling to sell both products and services? Once you have started developing your business ideas in mind or already have a business plan, we suggest you follow the steps below to start your business online.

STEPS – A total of 10 steps

1) Develop & Document your business ideas.

Don’t hesitate to invest time in this step. Brainstorm your business idea with friends, colleagues, hired business consultants and business partners. Such brainstorming will enable you to express your idea to yourself and others. Document all the business conversations, and meeting minutes, so you don’t forget or miss out on any important inspirations, you came across during this stage. You could develop your business ideas for free using our business developer tool.

2) Market analysis

After you have documented your business ideas, now ask yourself or your important business questions about the market. Your market analysis should include at least the below points.

a. Define the market’s problems & shortcomings in serving customers.
b. What is the market size & what are its trends
c. Overview of the industry you are planning to do business in.
d. Market potential & practices
e. Risks & Challenges
f. Competitors & their business practices in the market.
g. Technologies used by online businesses in your market of interest.
h. How web-friendly or internet-friendly are your potential customers.
Save and document the information mentioned above that you will require for the next step.

3) Understand your target audiences & their preferences

Define your target audiences even if you or your business might claim that you are planning to offer products or services to everyone. Understand your target audience and see their preferences and practices when buying online. Again document your findings and move to the next step.

4) Research available & possible technologies

Making your business available online has gotten easier than ever. You can create your business’s presence online in minutes and, in many cases, for free. For example, you create a business page or account on Facebook, Instagram or google business. Your business becomes visible online, and your audiences can already learn about you and what you plan to offer. Depending on what your business offers, whether it be products or services, we suggest that all businesses have their own official website and email with their business web domains. When it comes to developing your own website, app or software, find out the available options to you & the costs involved. We can create your custom-made business WordPress website starting from Eur 300 in about 6 -10 working days. Please don’t forget to save or document all your findings.

Build a website

5) Start developing a business plan

Finally, the time has come to develop a formal business plan. So the previous steps were getting you prepared to get started with your business plan. To make things simple, we have developed a two-page free-to-download Business Plan Form. You could use the premium version of our Business Developer Tool for more detailed business planning. You will find all your previous research & knowledge will find its place in your business plan, and you will be in a better position to move to the next step.

6) Check the legal formalities to do your business online

Contact your local chamber of commerce or of the market region were you planning to offer business online. Check if you need to be registered and the business or tax implications. Update your business plan should you find a need to after this step.

7) Complete Cost analysis & understand your development time frames.

Gather information on all direct and indirect costs of developing and running your business online. You can start this by contacting web developers and hosts, interviewing part-time staff for your online business, buying a new pc or laptop if you don’t have one already etc. Add this information into business plan.

8) Put your business plan to the test before getting started

At this stage constructively criticize your business plan. Get more opinions on board by consulting business developers or people who have relevant market experience. Make sure you cover all aspects of your business plan whether it be business operations, analysis, financial forecasts and much more. Have your business plan cover all the questions and forecasted scenarios along with your action plans. After all this you are still convinced then take the last to steps.

9) Get legal & start forming your business

If you are planning to go big then we advise you to have your business registered and then only move forward. There are many types of business legal types the most common one chosen by our customers is business type with limited liability which means all liabilities are limited to the business and liabilities are not supposed to be transferred towards you . In many countries limited companies are abbreviated with LLC or WLL. To learn more about business legal types please read our article Business Legal Types & Limited Liability Companies Vs Private Limited Companies

10) Engage your resources & launch with milestones

If you were using our business developer tool then you will have all your business milestones lined up for your business launch otherwise make sure that your self-developed business plan has milestones in terms of developing your online pages, apps and platforms.

Book a business consultation with us if you want to discuss your business ideas with us and need well-informed guidance to develop your business.

BOOK CONSULTATION

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.

2-Leadership Vs Management

LEADERSHIP VS MANAGEMENT

by with No Comment Business

Definitions & differences explained.

Brief

We often expect managers to demonstrate leadership, so do management & leadership mean the same? The simple answer is No, they are not the same. In this article, we will explore how leadership & management are different yet so connected & relevant to each other.

Definitions  

Leadership is a quality or attribute involving inspiring and motivating others to achieve a goal or multiple goals, usually seen as good or beneficial for the people involved.

Management, on the other hand, is a set of processes, procedures & policies administered for a group of people or individuals to achieve a common goal or goals aimed by managers.  

LEADERSHIP & MANAGEMENT COMPARISON TABLE

Below we have designed a table to draw comparisons between the two to understand the differences between the two better. The table below is produced bearing a business context.

S.NoASPECTS / FEATURESLEADERSHIPMANAGEMENT
1RoleTo lead, to inspireTo administer & ensure compliance
2PractitionerA person who practices leadership is called a leaderA person who administers & manages people or business is called a manager
3VisionLeads others to believe in a visionDevelops a strategic vision to achieve businesses goals
4SkillsIt’s assumed that leadership skills are innate & cannot be developed in adulthood. Modern researchers believe leadership skills could be developed at any age.Managerial skills often are developed through formal education and managerial experience.
5FocusConvincing others to demonstrate volunteer shipAdministration of people via decision-making & accountability
6 IntegrityLeaders are expected to be open, honest approachable & transparent.Managers are expected to keep groups of people safe and maintain order and coordination.

Despite both leadership and management having clear distinguishing aspects or features, one can have both leadership and management skills. We believe all members of an organization must have both leadership & management skills.

For leadership quick online training

ENROLL NOW

To consult and develop your organization’s business management / HR management please book a consultations with one of our experienced business managers.

BOOK A BUSINESS CONSULTATIONS

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.
• This article is not intended to be financial advice.
• 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.
• 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.

1-How do I start my own business

How do I start my own business?

by with No Comment 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.

Business Development & Project Management ToolBOMPS
15 Session Business one-on-one Coaching bundle for Euro 3450Entrepreneurs Coaching
Single Business Consultation for Euro 300Single Business Consultation
Entrepreneurs PageFor Entrepreneurs
Create your website/appCreate Website/app
Create your logo/brandDevelop your own brand

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 .