Starting a business can be rewarding as you get to give birth to an idea, watch it grow and later reap the rewards for your hard work when the business starts making money.
Depending on your intentions for the business and how far you want it to go, if given a lot of attention your business can turn into a success story, give you millions in returns. If you’ve always had a business idea but didn’t know how to go about it, the six steps below on how to start a business as provided by Old Mutual may be able to assist you.
1. START WITH A FEASIBLE YET CREATIVE IDEA
Think about whether or not your business idea is viable for business. Figure out if it is a need or want, is it a service you would use frequently. Be more objective with yourself, will people be willing to pay for what you want to offer (product or service)? Does it exist in the market and if so, what sets your business idea apart.
2. PLANNING
For any business to come into effect one needs to strategically plan by mapping out short-, medium- and long-term goals and objectives of the business. Planning should be an on-going process to ensure the survival of your business. Put to paper the day-to-day activities of the business.
3. RESEARCH YOUR MARKET
With any business you need to research if there is a market for it and whether your methods will work for distribution and any pain points that need to be solved with regards to what you’re offering. Ask your target market the relevant questions to get your business off the ground. Solve a problem for your market and you sure to have sales.
4. CREATE A DETAILED AND WELL-RESEARCHED BUSINESS PLAN
Compile a detailed plan consisting of the idea and objectives behind your business also stating your mission. This will also need details of the business goals and how you plan to reach them as well as the start date. The plan should also include the structure of the business and operating systems. The marketing strategy should be included your financial forecast for the business with a detailed list of expenses.
5. PLAN YOUR MARKETING STRATEGY
Once you have figured out what your offering is, you need to come up with a marketing strategy to sell your idea to consumers. Perhaps through social media, a website or flyers and incentives. This is an essential part of the business because it can make or break your business, it begins from the point of production to the point of distribution.
6. THINK OF HOW YOU GOING TO GET FUNDS
Once you’ve registered your business and estimated costs, the business is going to require its own bank account which should have funds especially if you’re thinking of lending money to fund the rest of your business operation.
Also see: How to deal with financially needy family members
