The 10 steps to start your business

Discussion in 'General Business' started by the ceo, Mar 26, 2019.

  1. the ceo

    the ceo Member

    • Decide to undertake. Whether you start out of necessity, part-time while maintaining a job in a dependency relationship, or as part of a growth project, it is not usually easy to take the first step and get going with a specific project. Have you made the decision? Start planning.
    • Generate a business idea The development and maturation of the business idea are key to ensure its future success: a trade? a service company? an agricultural project? Market research and creativity can help in the process of defining exactly what type of business you want to start.
    • Find an opportunity For a business to work, the idea must coincide with some opportunity in the market. Are there unmet needs? Few competitors? Any trend in the market that has not been used until now? Think about how you will differentiate yourself from other similar ventures.
    • Put together a plan What are the steps to achieve the proposed business? For the simple enterprise, a customized business plan helps define needs and guides implementation.
    • Get financing Every project requires money. In addition to investing savings and putting work, it may be necessary to add contributions from family and friends, to begin with. Some ventures can also aspire to loans, seed capital, prizes or subsidies.
    • Define structure Shaping the business implies understanding what inscriptions are required, what is the legal framework of the industry and how taxes impact, among other external factors. You have to define, in addition, if you will work with partners and staff, and what will be the workplace.
    • Make marketing. To make the product known to potential customers, it is necessary to adjust some of its characteristics to the market, establish prices appropriate to the position sought, and define the advertising and sales method.
    • Tear. It's time to open the doors and meet the first customer!
    • Adjust to the market The first times are the most sensitive. The clash with reality can lead you to modify the planned business, to ensure its survival. If you're already up and running, pay attention to market signals to adapt to your needs.
    • Take off. When the enterprise finds its place in the market, it is time to consolidate and look for a growth path. Start growing your business!
  2. Charles T

    Charles T Administrator

    @the ceo solid tips.

    I particularly like point 3 "Find an opportunity" for its pointing out of crucial questions "Are there unmet needs? Few competitors? Any trend in the market that has not been used until now?"
    Therein is one's potential advantage(s) for the venture.

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