Most businesses fail between six months to one year of its inception. Starting up your own business as an individual requires active steps that should be followed in order to avoid business failure. Entrepreneurship is not a one size fits all situation, however, there are rules to the game of entrepreneurship, especially when you are at the beginning stage.
Want to start a business? Here are some of the steps you need to consider:
1. Research: Thorough research is needed for you to kick start a business. You do not walk into entrepreneurship blindly, you have to make proper research first. On the business you intend to start, your target audience market, your marketing strategy, your competitors (obviously you are not the only one with that thought), your value proposition and competitive advantage.
2. Plan: The second most important phases of starting a business, the plan. Draw out a business plan, how the business will go, how you intend to start, what you intend to start with, and how much you intend to spend for the startup process.
3. Financial planning: Almost every business needs finance, except you intend to go broke almost immediately as soon as you commence business operations. Work on the finance structure of the business. Create a spreadsheet of the business plan with the finances, allocating funds to all the aspects of the business at the startup.
4. Design systems and structure for your business: This needs to be put in place before the business gets started. A business without a set down system and structure is bound to have a scattered movement with no actual focus.
5. Get and Register a business name: This seems like a stretch, but it helps you put things in perspective. You have to be very sure of what you are about to do before you get to this stage because there usually is no going back at this point.
6. Get the required licensing: Unless you want your business closed down by the government, get the required licensing for your business.
7. Rent an office space: Unless you intend to work from your home, get an office space, a good one.
8. Put your team in order: Depending on the size of your business, hire great talent(s) and let them form part of your team. Highlight your business vision and mission as well as business processes with them. Provide them with the support they need to put in their best in order to help your business achieve its goals.
9. Advertise your business: This is the final step to get your business out there. Use all the resources available to you. Depending on the peculiarity of your business, you can use the traditional mode of advertisement, social media and digital marketing, even referrals.
There you go!
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