Starting a Business 101
Feeling fed up with your day job or currently in-between employment? Looking for the next opportunity? Look no further! Here are super useful tips on how to create a business from ground zero, or jump-start one you just bought.
Startup or purchase, either way, it’ll require some heavy lifting and commitment. But imagine the freedom and extra time gained — it’s well worth the elbow grease.
First off, brainstorm a standout idea
Whether you’ve been struck with an idea or you know you want to own a business but aren’t sure what kind, an idea you believe in is the starting point. About 80% of new businesses bite the dust in their first year, often due to an unconvincing idea. Your business should solve a problem or enrich someone’s life; prep with plenty of research.
Dig up some data!
Once the idea lights up your mind, study it. Make sure it can actually work. Chat with others in your line of work, get to know your potential customers, and figure out what your industry needs. A business needs to offer some sort of value. Doing market research and walking in a customer’s shoes can strong-arm your business against losses and better guarantee its success.
Consider buying from a trusted online platform
Feeling antsy and want to dodge startup pains? Buying an existing business from a reliable online platform might be your ticket. While it can save time and startup costs, one caveat — do careful research to avoid fall into traps with unviable or misadvertised businesses.
Map out a business plan
Whether starting from scratch or buying a venture, a business plan is vital. It’s a roadmap for your business, outlining goals, predictions, and financial info needed to secure loans.
The money talk
Both creating a business from scratch or purchasing an existing one need cash. You’ll likely get the funds from a bank. They offer special loans for new businesses, but you’ll need your financial docs well-prepared.
Make it legit
Every business needs certain insurances and certifications to run lawfully. If you’re buying, you’ve got an upper hand as the legalities are usually in place. Otherwise, figure out what insurances and certifications you need specifically — not having the right stuff could cost a fortune.
Grow it!
It’s natural to want your business to grow and increase your customer base. Develop a solid marketing strategy and study your rivals for opportunities. Growing a successful business not only brings more money in the door but also makes it more alluring for potential buyers.
Build an amazing sales team
Having an A-team is key to boosting your business. A stellar team can amplify your revenues, regardless of how excellent your goods and services are. Aim for naturally talented folks, or partner with a firm who could hook you up with the right people if sales isn’t your forte.
Ready to hustle? Let the world know about your new venture and make waves!