Starting Your New Business

Deciding to start your own new business can sometimes feel like a roller-coaster; overwhelming and scary at times, Born to Winbut for the most part, exhilarating. I suggest buckling up, screaming when it’s appropriate, and throwing your hands in the air. It’s an exciting adventure! Here are a few more steps to help make your business start-up a successful experience.

Get Inspired

No matter if you are selling products or services, all businesses have one thing in common: they start from an idea. You may have dreamed of starting your own business for years, or inspiration may have hit you unexpectedly. Regardless of the source, the first step of starting your own business is coming up with a business idea. What will your Brand be? Yourself? I recommend Branding Yourself, with a Tagline that briefly describes your product, service or dedication to your customers.

Mindset for Your Success

Mindset is so important when first getting started in your new business. You may stumble and fail at some things along the way so with the proper mindset and positive thinking you will be able to go back to the drawing table and tweak a few things to experiment what works best. Failure at anything is learning how to do it right the next time. Here is an excellent resource that can help getting in the right mindset. https://gv964.isrefer.com/go/tpms/livesmart56/

Do Your Research

You’ve identified your big idea, now it’s time to balance it with a little reality. The research you conduct in your small business start-up process will help you figure out if your business idea has potential.

In order for a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants. Some of the questions you should answer in your market research include:

  • Is there a need for your anticipated products/services?
  • Who needs it? Identify your target market.
  • Are there other companies offering similar products/services now?
  • What is the competition like?
  • How will your business fit into the market?

Make a Plan

In order to make your business idea a reality, you need a plan. If you intend to seek financial support from an investor or financial institution, a formal written business plan is a must. Even if you don’t plan to seek financial support, a business plan will help give you clarity about what you want to do and how you plan to do it.

Your business plan should outline business goals and the motivation behind them, as well as your plan for reaching your goals in terms of marketing and funding. In your business plan, you should think relatively long-term – what is your intent?

Plan Your Marketing Budget

Starting a small business doesn’t have to require a lot of money, but it will involve some initial investment. Determine how much to budget for training on how to market your business. This should be an annual budget to continue your training in the online and offline strategies. Here are some areas you may need training and links to the best training to ensure your success include:

You can also attempt to get your business off the ground by bootstrapping, using as little capital as necessary to start your business.

Pick and Register Your Business Name

The name of your business plays a big role in almost every aspect of your business, so pick a good one (no pressure!). Make sure you think of all the potential implications as you explore your options. I suggest thinking long and hard about your business name and making sure it makes sense phonetically.

Don’t forget to register your website domain name afterwards!

Consider Where you will Conduct Your Business

Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location.

You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing.

Small businesses run most effectively when there are systems in place.

Completing these business start-up activities will help you cover all of the bases and make good decisions so you have success as a small business owner.

And finally…

Buckle up! Starting your own business is an exciting process and you’ve already made the first big step. Congrats!

P.S. Was this Helpful? If you find value in this post, feel free to Like, Comment and Share. If you have interest in changing your life and securing YOUR future, let’s work together.

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