Every year, hundreds and thousands of business startup. It’s common for someone to build a business from scratch. It could be something simple like an out-of-house makeup company to something more complicated like a law firm. But, for every person who starts their dream business, another person doesn’t bother trying. It’s hard to get up the courage to start a business. There are so many questions behind it. How do you start up a business? What if you fail in the first year? And the questions could go on and on. The point is, you shouldn’t worry about the questions because if you start with a solid foundation, your business will boom. A solid foundation can be built in 4 steps.
Maybe you already have an idea, or maybe you know you want to be a business owner, but you’re not sure what you want to do yet. If you’re still thinking of an idea, try to come up with something that has a neat twist on an item that already exists. For example, years ago a product called Clocky. At first glance, it looks like an alarm. The twist is that after the alarm goes off, it gets up and runs away from you. Your idea doesn’t have to be complicated; it just has to be unique. Before you settle on an idea ask yourself three questions. First, is your product useful? Second, if you weren’t the creator of your product, would you go out and buy it? And third, will your product sell to a target group of individuals? If you answered “No, No, and No” then you might want to rethink or idea.
Names carry more meaning than you might attribute to them. Think of your own name and consider where you got it from. It’s likely that your name holds meaning. When someone first meets you and hears your name, they briefly compare you to everyone else they know who has the same name as you. Names are important. For your business, whether you’re selling men’s designer clothing or toothpaste, you need to have a name that fits. Make sure that the name hints to the product so that there’s no confusion with the customer. Customers don’t want to sit there puzzling out what your product is to make sure that it’s semi-clear from the name.
The next best thing that you can do for your business is to plan ahead. Even though you haven’t actually started up the business and you haven’t hired any help, you need to make a plan. Making a plan will build you a solid foundation for years to come. What you should do is sit down and make a 10-year plan for your business. Make goals for each year and decide what needs to happen for you to meet those goals. Having a plan will prepare you for the future and help you know what decisions you need to make before you make them. Go to your close friends and family and ask them for help with making your plans. Your plans should be realistic–not aim for world domination. Keep in mind that you’ll want to stick closely to your goals but also know that you won’t be exact.
The next step of the process is to finish. From here, there are a few more steps that you need to complete before the business is up and running. You’ll need to find which permits your state requires and fill out the paperwork that you need to have a business. You’ll also need to figure out where your business will be and who you will need to hire to help you out. You might even consider bringing in a business partner to help you to cover costs.
The important thing to take away is that it isn’t hard to start a business. The most important thing that you can do is to get your foundation set.
by: Dennis Hung