How to start a successful business in the twentieth century
When you want to start a business, there are several steps that must be considered and we have listed them below.
1. Conduct A Personal Evaluation
Here are some questions that you should answer .
- Are you serious and even genuine about moving forward?
- Why is it that you want to start a business/
- What are the main reasons that comes to mind?
NOTE: Many people start a business for more money and/or time freedom.
- How much capital do you have to invest?
- Are you thinking on a supplement part-time business or are you planning on a full-time replacement venture?
Note: You may want to conduct a S.W.O.T. Analysts
Strengths provide an area to list everything done right either individually or as an organization. This section pertains to both strengths within the organization and external strengths,such as customer relationships.
Weaknesses aspect of your business that detract from the value you offer or place you at a competitive disadvantage. You want to enhance these areas in order to compete with your competitor.
Opportunities are factors that represent reasons your business is likely to prosper. Such as being able to expand marketing campaign into a new market while some may have been failing. Also opening in other markets especially foreign exchange.
Threats include external factors beyond your control that could place your strategy, or the business itself, at risk. You have no control over these, but you may benefit by having contingency plans to address them if they occur.
2. Know Your Industry & your Target Audience
- Who will benefit most from your products or service?
- Research to find key solutions that helps your customer avatar that fits the specific relevant industry.
Note: This will help you with supply and demand for the specific market.
3. Become Legal
- Determine if you want to become a corporation.
- Sole Proprietor
4. Write a Vision & establish a Business Plan or Road-Map
- Define your strategy!
- Determine a Financial plan
Marketing Budget and cost analysis to how much are your monthly expenses are .
- Business Plan
Discover the tools you will use and set up your email marketing campaign with the proper lead magnet and capture page to access newly daily clients and business consultants.
Write Smart Goals: S.M.A.R.T. Specific, Measurable, Attainable, Relevant and Time-Based….
5. Get Investing
- Investments Saving
- Venture- Capital
- Small Business Administration
- Family & Friends
6. Determine If Home -Based Or Brick & Mortar
- Determine Office space
- Location and Visibility
NOTE: Online or Physical address to be found by searches looking for your product or services.
- Know the specific local or city and state rules and regulations regarding to criteria.
7. Trial & Error
- Be open & willing to learn from mistakes
- Be Open minded, creative and always be looking for opportunities to grow and learn new strategies.
- Decide what you want and what direction you’re going
- NEVER HAVE A QUITTING MENTALITY