Boss Lady

From idea to reality: 5 Steps to starting your own business

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If you’re an entrepreneur who is ready to take the plunge and launch a business, it’s important that you know where to start. Whether you’ve had successful ventures before, or you’re about to dive into the business world for the first time, turning your idea into a profitable company will take hard work, patience, and perseverance. To help, here are five steps on how to start your own business.

Conduct research

Once you have a business idea that you want to turn into a reality, it’s important that you begin by conducting research. In order for your business to be a success, it needs to fulfill an offer or need that the market wants. There are several things that you can do to identify this need, such as creating a focus group. Finding out who your target audience is, what types of products and services they need, what your competition is like, as well as how your company can stand out from the crowd, is crucial.

Create a business plan

To get your business up and running, creating a business plan should be your next step. Without planning and preparation, it’s likely that your idea won’t get far off the ground. The sole purpose of a business plan is to provide structure and clarity to your operation. Creating long term goals and objectives and noting them down in your plan will help keep you on track with your business and ensure you do everything you can to make your company successful.

Plan your finances

While launching a business doesn’t require you to have tons of money, there will be some initial investment that needs to be made to cover ongoing expenses. To do this effectively, creating a spreadsheet that pinpoints the one-time startup costs for your company, such as insurance, legal fees, licenses, and permits will help you stay within your means and avoid getting into debt. If you need funding for your business, there is also the option to take out a business loan.

Select a business structure

There are numerous business structures including an LLC (limited liability company), a corporation, an S-corp, and a DBA (sole proprietorship). The business entity that you pick will have an influence on your business name, how you file your taxes, as well as your liability. You can start your new company online with the help of websites like MyCompanyWorks. To make sure you’ve picked the right structure choice for your company, you may want to enlist the help of an attorney or CPA.

Marketing your business

Once your business goes live, unless you have an audience who are aware of your brand, you can’t expect a surge of interest. In order to attract the right people to your business, it’s important that you use the correct marketing strategies. Devising a marketing plan from the get-go can help you work out what your unique selling proposition is, as well as what methods you should use to draw consumers in. There are lots of tactics that can build interest in your business, such as email marketing, creating an online presence on social media platforms, as well as setting up your own blog. Thanks to technology, there are lots of inexpensive strategies that you can use to spread brand awareness without having to dive into your business budget.

No matter what kind of business you plan to run, to avoid falling at the first hurdle, all the steps above will contribute towards turning your idea into a successful venture. No successful business owner got to where they are now without hard work and determination, so knowing your operation inside out is key to running a profitable company.

About Joniel Suezo

joniels@thebusinesswomanmedia.com'

Joniel Suezo is an outreach specialist at Smashdigital, and hardworking mother of two – keen to get ahead and see other women do the same.

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