In a recent social media post, we shared about how you can start a small business without breaking the bank. There, we highlighted that although entrepreneurship can be challenging, taking these five steps to start your own business would ease the journey.
This article reveals more actionable steps the startup entrepreneur can take to minimize failure. Whether it’s the interior designer looking to fly a viable business or the consultant trying to run a successful agency, these steps will definitely lead to a profitable venture:
Do a market research
Firstly on the five steps to starting your business, you need to find out if there is a true need for your product/service, how and where you can position yourself. All this information will give you a strategic advantage over your competitors as you carve your own niche in the market.
Write a business plan
This is a blueprint that shows details about how you want to manage and grow the business. This will convince potential partners and investors that this new venture is worth their time and investment. You can do this yourself or engage an expert for an outstanding plan.
Get funding for the business
According to this Investopedia article, funding is one the reasons most businesses fail within the first few years. This doesn’t have to be a problem, however, if you take advantage of Reapquick, a savings plan that allows you to earn 12 – 15% interest to avail you of more funds to invest back into your business. You can also take soft loans from friends and family.
Pick a brand name and location
This may be a no-brainer, but it is very important what name you give your business and where you set up shop. Your target customers must easily connect with your business name wherever they come across your brand. As for location, whether it’s online or offline, make sure your target customers can easily find you.
Register the business
Lastly on five steps to starting your own business is to register your business. Most small businesses shy away from this on the premise that it costs a lot or that it puts them in the spotlight. What they fail to realize is that getting all necessary permits identifies you as a trusted brand, therefore anyone is safe to do business with you. This positions you for exposure and growth as soon as possible.