Staritng Business Steps
Secondly you have to follow few basic steps:
Do not worry you are already on the right way, because you are interested in what we have to tell
and that means you’re interested about starting a business. In addition to this you have to
open your mind and focus on few starting business steps:
1. Wait till the light bulb does not start to shine!
Inspiration is all around you, do not walk around the world with a blindfold.
Business ventures are born when people observe what other people do right, wrong and
search what still need to be discovered in the world of business. You shouldn’t keep your
idea to yourself but find a smart way to share it with the world and earn money on the side.
2. Smart naming for business!
Firstly you have to examine the law: Your Business Name should contain all mandatory
Company name should differ: Avoid naming it after other people businesses or brands.
Why? Because they have the legal right to say NO to you and you will have to rename it
once again. And also, there is no entrepreneur who wishes to confuse the customers sharing
name with a lot of other different businesses.
Business Name should trigger associations: It should have some means, people should relate
it to your product or get positive emotions about it.
Increase interest: If you pick a good name, you will become more interesting as for buyers,
investors, suppliers as for other associates.
3. Do you need a Business Plan?
People do not share the same opinion: some say YES and some NO to a Business Plan! You can
not avoid making one when you wish to get fundig from banks, VCs, government agencies, private
investors and others. You should keep it short, aim for 20 to 40 pages and confirm every hypothesis
you have made in the document. Numbers in your business plan are not just for decoration!
4. Entrepreneurs should know the Economy’s basics
Economy refers to all activities related to the distribution and production of services and
goods in a particular area: micro and macro level. Try to understand how your target market
works and how it is connected to other markets.Therefore you will be able to learn how to
use available resources.
5. Location, location, location…
Some people say location equals money: right location can lead you to your business success
or just the opposite: wrong choice can be a killer to your business.
Your choice of location should depend on the type of business you are going to run. If you
are working from home, your office is your home area. Running a restaurant or a bar is
profitable on places with increased human traffic: in tourist places, shopping centers, city
centers, will increase your revenue spigot …
If your business is based on manufacturing and distribution, it should have good transport
connections, usually near airports, harbors, main roads …
6. Customer = money/feed back/legitimate reason for running a business
When you decided to alive your business idea, it was probably when you understood what
market needs. But what market needs actually means, what customers need. Therefore we
can say you that (among other factors) you started a business because you have developed a
strong empathy for the customers: you understand their needs. Keep that thought for your
future work: build up customer relationship management to improve your business.