Business

All the Steps Involved in Starting a New Business

Starting a business from scratch can seem daunting. It does involve a lot of very hard work and lots of determination but there are lots of positives and some negatives.

Starting your own business is exciting and gives you the freedom to make your own choices and enables you to follow your dreams. But, of course, there are risks involved, especially financial ones. If it’s your business it is likely to involve long hours and a lot of decision making which can be very stressful. On the other hand, there are many rewards for your entrepreneurship that are filled with as much excitement and satisfaction as winning an Intertops poker bonus!

Below we will look at the steps involved in starting that new business.

What is Your Dream?

What is it that you want to offer to the world?   Creating a business based on something that you are interested in, or better, passionate about, is a good starting point.  By doing that, when the going gets tough you will likely persevere.

It is never good to copy what others are doing just because you see them being successful.  Stick to what you are interested in and passionate about; the things that excite you and go with them.

Figure Out Who You Are

A key factor in building your business is really knowing who you are.  It will be useful for you to use different tools available, like personality tests, to really understand who you are and what qualities you have.  Sometimes we may be surprised to learn that we are not exactly how we thought we were.  This can often be difficult to accept.  However, it is important for you to know when you are starting a business what will be expected of you and what you expect from yourself.  For example, are you someone who generates ideas?  Are you a team player or a team leader?

Knowing who you are, and what your strengths and weaknesses are will enable you to attract the right people to join you in your business endeavor and make it a success.

Develop Your Business Model

The business model you decide on should fit the way in which you plan to live your life and work.  How do you plan to balance out your working life and your desire to enjoy your free time?  Is your working life your main focus and means of fulfilment or are you working in order to have the freedom to do other things?

Working on your business model is a really valuable step.  How do you envisage your company in the future?  Will it be locally based or international?  Your vision of what you have in mind for the business should align with your business model. In other words, your ideal business model should reflect the life you expect to lead.

Road-testing Your “Product” on the Market

Putting your product or service out there in order to test its viability should be done as soon as you have decided upon your business model.  Find your target audience and then get their feedback. It is really important to listen and take note of the response you get about your product or service.  Better to learn early on if you are on the right track or not.

The Importance of Marketing

Make sure you know who your target audience is and ensure that your message is one that will be heard and understood.    You can test your message in a variety of ways and platforms, such as blogs, social media, videos, exhibitions, and face-to-face interactions to name just a few. Consider which ones work best for you and are within your budget.

You will likely have to do some paid advertising but certainly not all of it needs cost you.  It is important to have a longer-term branding strategy because people will connect your product or service with the message you put out. This is where a digital branding agency can be of immense value, offering expertise and guidance in crafting an effective online presence. Marketing helps to pinpoint questions that are likely to come up before the consumer goes to purchase the product.

Selling Strategies

In order to be successful, you will need to have a working sales strategy.  Selling is the crux of any business so this is crucial.  It will be useful to test sell your product to your target market.  You will get the feedback you need.  Make sure you take note of the feedback to either change or tweak things or to know that you are on the correct path.

Repeating the Process

After you have been through the entire process – learning, understanding, implementing, marketing and then selling – you need to go onto the next phase of the process.   You may have to do this time and time again.  Learning and growing your business may be a struggle.  It can be difficult to hear things about your product or service that you may not like.  However, this is often when you make your best strides.

One thing to note is that all the above is something that each person needs to figure out what works for them.  Not every detail will work for everyone.  Use what will work for you and your specific situation.




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