Updated: Sep 6, 2020
Are you thinking about starting a new business? This post will help you get started.
Did you know that there are over 28 Million small businesses in the United States? That's 99.7% of all U.S. businesses.
And that means almost everyone trying to build their own empire or business. But in the attempt to do so, many people lose motivation and fail due to various reasons.
That's why a good plan or strategic moves are incredibly critical in business. Especially if you are a startup and you don't have the funding.
So let me share some knowledge and steps that you should follow to avoid such kind of things.
10 Steps To Starting A Business
Step 1: Do Your Research
If you think that you are the only one who is getting unique ideas to start a business that will become the next big thing, you are wrong.
And the statistics that I shared above are there to prove it.
However, not everyone makes it to the top or even survive, and one of the common reason for their failure is lack of research.
I get it that when we discover an idea that can change your life or potentially many more lives, it's easier to get lost in dreams. But that's where we need to be calm and do thorough research if your business idea is worth it or not.
And if it worth it, who is going to be your targeted audience? What type of marketing channels will you need to use? Whether you'll require funding or you'll do bootstrapping with your savings? And there are tons of other questions that you need to ask yourself before moving on to the next step.
Step 2: Make A Plan
Now when you almost finished with your research, it's time to make your plan. We all have heard that famous saying don't we?
Those who fail to plan are planning to fail.
A classic one and true.
No matter how awesome your business idea is or how talented you are, you will need a solid plan. Studies show that those who write or prepare a business plan are 2.5 times more likely to succeed.
Develop a business plan, then a marketing plan.
Not having a proper plan can deviate your business towards failure despite being a fantastic business idea. You may end up spending all your savings or funding without even realizing it.
Trust me, it happens! And it happens a lot.
Planning without getting your finances right is like not putting the wheel on the proverbial wagon, and crucial for starting a business; see our next step.
Step 3: Plan Your Finances
Like I said above, if you don't manage, estimate, and organize your finances well, you'll end up losing everything. It doesn't take long to spend all your savings or the raised business fundings.
Companies or businesses that pay regular attention to their numbers are 30% more likely to grow. And those numbers are not only the statistics. They are also your money or finance. So pay closer attention to your spendings and use your money wisely and keep track of everything.