How to start your own business? How to become an entrepreneur?

 

It can seem tough to launch a business. It is possible that you believe you lack the necessary skills. You may believe that you lack a strong sense of entrepreneurship and that 9 out of 10 new businesses fail. There is a process involved in starting a business, and if you follow these stages, things can get easier to handle.

Legal Disclaimer – This article is for general information purposes only.

Just Simple Steps: How to start your own Business

How to start a business?

1.       Business Idea

2.       Information Gathering

3.       Business Planning

4.       Brand Design

5.       Business Registration

6.       License

7.       Tax ID

8.       Finance

9.       Business Website

 

Business Idea/ideation

What is the actual process of Ideation?

At least 10 ideas should be generated throughout the ideation process, and the best idea or the top two or three should then be determined. This is the first main step you must take when you are going to start a business of your own. You need to have a more refined business plan for what you intend to do. You may have concepts or ideas related to any business field.

·         Grocery

·         Furniture or supermarket

·         Property and land sale businesses

·         Businesses related to the IT field

·         Tuition classes

·         Tuition class centers

·         Motor mechanical field etc.

It is best to keep your concept a secret once you have decided on it. Maintain its secrecy and strive hard to achieve it. You might occasionally consider and work for the opinions of others but you should not abide by their advice. Make your own path. Another important fact is to make sure that your business idea should be stable for at least 10 years of period to the future from now. 

Information Gathering

Information Gathering is related according to your business idea. In this section, I recommend you collect specific details before you start the business or your work. You can search or collect ideas from,

·         Internet

·         Reading

·         People

·         Friends

·         Colleagues

·         Relations

It is better if you can gather ideas from all those resources. Categorize those and match the contents with your idea. When you are planning, the above resources will assist in classifying what are the pros and cons of your idea. Sometimes they may possess some kind of background associated with your idea. Whatever you require to operate your business as an assistant can be found online or on social media. People share their experiences and accomplishments there.

No Job, Only Business

People are hesitant to launch their first business when they don’t have sufficient funds during the initial stages of a business. Despite your lack of income, still keep your idea to launch a business because there are countless resources available that don’t require even the most basic financial support.

But if you are still having a Job

The majority of the people are willing to launch a business while they are employed by corporations. But they seem much more difficult to manage their time frame to fulfill their needs towards the business. You will not have enough time to manage your business outside of work hours if you work an 8 to 5 job.

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Plan your Business

This does not mean that you have to write a comprehensive business plan. Make sure to make some basic plans about what business you are starting and what your business is going to sell such as a physical product or digital product or service and what the value that the product is going to give to your customer. You should also think about the name that you will use for your company.

Branding Design

This includes the logo and the tagline or title of the business. This is the visual branding of your business, mainly the color scheme, fonts or other design components, and final layout that you will use. Intentional brand design gives a more professional and appealing appearance to your business and always keeps engaging customers with the business.

 

Register Your Business

This is what lawfully and formally launches your company. However, it would be preferable if you did your own study on how to properly start a business in your particular state or nation. To begin the process, you must first register your business name. However, you can legally do business under your name as an individual without having to register your business or comply with basically any other legal requirements, you can just perform business as yourself.

Business License

What is a business license? It is important to consider the industry you are in when determining the answer to this question. You can search for whether the country needs the license requirements. In most cases, the small business administration of your country will guide you.

 

Tax ID

Every business needs to have a federal TAX ID number and this is important for when you are paying taxes. In most cases, you just have to fill out an online form. It is essentially functions as a kind of identification number for your business or company and also when you are going to open a bank account, better to have this.

 

Business Finances

The most crucial factor is that you need to keep your personal and professional financial records entirely apart. The easiest way to do this is to open a business bank account. It is capable of handling all of your commercial transactions. Additionally, create a manual bookkeeping system for your daily activities using spreadsheets, software, or an app. It will be worth it to you to save records even in the first two or three years from the start. After you can come up with your own system which is particularly designed for your business only.  

 

Website for your Business

This is the public face of your business even it operates locally or online. Sometimes customers would prefer to learn more about your business rather than in person. They tend to accomplish those by visiting your website. Make sure to create a simple and professional website indeed. Because those are often the most effective than complicated and fancy ones. A simple website can provide everything the customer needs without distracting them. If you are not handling an online business, three contents are enough including the home page aka landing page, about us, and contact us pages. You can add some of your prior work as well as a testimonial section on the home page.

 

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