It’s the classic American Dream – you start with nothing, work incredibly hard, and build up a business that just comes from your own ideas and convictions. Can you do it? Of course, you can, even if you don’t have a lot of money to start with. How can you do it? Let’s look at some of the essentials you need as you plot your way to global success.
I created my blog with just $100 investment. All you really need is your time and dedication to get off the ground. Consistent hard work and passion are needed to make it a successful venture. So all you need to start a business is will and time.
Starting your own business can be both exciting and daunting. The thought of being your own boss is appealing, but the fact that there is no guarantee of success makes starting a business a risky venture.
Many people find the starting point stressful because it is like there are lots of things to do. However, planning can make the process easier. If you want to start a business, here are some things to consider to ensure that you begin on a good note.
A sound idea and a sound plan
When you have your idea for starting a business, do some hard research to find out who else is doing something similar or if you are going to develop a niche. When you have worked that out, you need a business plan to set down what you want to do and how you want to do it.
This doesn’t mean that you write a zillion pages explaining in excruciating detail what you’re planning, but rather a clear, concise document that spells out the key areas. It’s especially helpful to set down some outline financial plans in this so that it can help you raise the money you need to get started.
Don’t let the finance put you off
Many small businesses start on a shoestring, maybe a few thousand dollars to get up and running. If you have some savings, use them; if you don’t, show your plans to family and friends and ask them to help kick start your business.
Alternatively, you could go for a loan from a bank (that’s why you need a business plan to help convince them you’re on the level), but then you need to plan in repayment costs over a period of time.
Get exactly what equipment you need
Many startups just begin with a decent computer, a good broadband internet connection, and – that’s it. You can build your own website, develop it for your marketing and public profile, and get your message out there through the smart use of social media.
Depending on what you’re doing, you may need a good-quality printer and scanner, and it’s always useful to have a tablet and smartphone so that you can keep in contact with clients from wherever you are.
You don’t have to spend a fortune at the outset, and the more you can keep your costs down, the easier it will be for you to operate in the early days.
Look at what others have done
You can be inspired by how other entrepreneurs have developed their businesses from nothing. You can be inspired by how other entrepreneurs have developed their businesses from nothing.
Like, David Kiger, he started his company, Worldwide Express, in 1995 with $5,000 of his own money. It’s now a diversified global logistics company.
Kiger’s original idea was that small and medium-sized companies should benefit from the same volume discounts when shipping that large companies get. From that realization that small businesses are the backbone of the US economy, he grew a company that reached $750 million in sales.
Get your strategies right
You need to be able to communicate well and be a convincing front for your business. If you have a lean, mean staff machine that is totally committed to your vision – and can share in the success as it grows – you’re potentially onto a winner.
Tell your story to potential clients and have the backup you need as you bring those clients on board. Use freelance work when you need them – you may not be able to pay great rates to start with, so encourage them with invites to a cool event or send out some free product.
In the end, it’s all about credibility. The more you work with people and encourage them, the more likely you are to be able to grow your business to major success.
Things to Consider When Starting Your Own Business
Your knowledge about the business
Having a good business idea is great. However, a great business idea alone cannot help you to achieve success in your business. You need to know the industry into which you are entering.
You need to do your research to know exactly how you can make a difference. No matter how unique you think your idea is, someone has definitely tried or done something similar.
Sometimes, there are more people doing that same business than you can imagine. That is why you need to conduct thorough research.
Check your finances
Starting your own business requires a lot of money. You need to check your financial status and see if you can actually afford to finance the entire cost of your business.
You should also check other possible sources of funding, like loans. If you have a bad credit score probably because you have a lot of debts, then loan application will be hard. Here are some ways to get out of debt.
Know your target market
Even before you start a business, you should know your potential market. Knowing your target market will help you to create products and services that will meet their needs.
Knowing your target market will also help you to know how to serve them better. You will know if you should offer delivery services based on their locations as well.
Along with knowing your target market, knowing your customers’ creditworthiness is also important because it might affect your credit and finances in case you’re thinking of B2B sales transacted on credit.
Who to hire
When starting a business, you may need a helping hand. Sometimes, you cannot do everything on your own. If you suck at managing your finances or advertising, get someone else to take charge of these things.
For financial management, you need to be able to keep a good record to help you check on your progress. If there are no proper records, you may not even realize it when your business is not making profits. In the same, great marketing techniques will bring the right people to you.
Get someone who knows all about effective marketing to ensure that your business is visible to your potential customers.
Apart from considering who to hire, you need to plan on how much to offer them and ways to protect your employees. When your employees know that you are protective of them, they will be happy to work with you.
What is the position of the law towards your business
There are laws in every state and country. They may differ from one place to the other. You need to know if what you want to do is legal. Sometimes, the idea itself may be legal but some aspects of it may not be.
If you do not have a lot of idea about it, you need to hire legal personnel to look into it. Being on the wrong side of the law with your business can bring you a lot of headaches.
Be certain about what the law says about your venture before you start it. Also, there are some permits and certifications offered by the government before you commence a business. Look into those things as well.