- Use the time you have available
- Get Your Mind on the Right Track
- Focus on Refining Your Idea
- Do Market Research and Competitor Analysis
- Validate your business idea
- Develop a Business Plan
- Understand business finances
- Take Care of the Legal Issues
- Research licenses and regulations
- Set Up Accounting and Bookkeeping Systems
- Hire a Team of Employees
- Market Your Business Aggressively
- Launch your business
Use the spare time you have available
The best time to start your business is starting a business in your spare time, with fulfilling the current commitments in your life.
Get Your Mind on the Right Track
It takes a certain mindset to start a business from scratch because there is no perfect time to start a business. If you have a product, service, or idea that you think could work, then go for it. You must have the ability to enjoy the challenges. Stay motivated by enjoying the rewards of your small business success.
Focus on Refining Your Idea
- Mining your personal hobby, interests, or passion.
- Research existing products and check if they could help to develop your idea by gaps in the market.
- The other way is, if you notice any particular product seems to be popular everywhere, or you have any other great idea to help to make it a more popular product, those can make for great business ideas.
Do Your Market Research and Competitor Analysis
- You’ll need to conduct initial market research to find out whether your product or service is currently offered in the marketplace.
- Your market research can be based on primary and secondary research.
- Primary research is the method of collecting data through, questionnaires, surveys, and interviews to determine the tastes of the customers directly rather than relying on the results of already collected data. Primary research can lead to a higher level of accuracy than depending on previously surveyed data. It is helpful because you can focus on the survey to your target market.
- Whereas in secondary research, you use existing sources of information, such as Census data.
- I personally think we should go for Primary research as we all know today’s data and information change in seconds.
Validate your business idea
There are several ways to validate your business
- Set up an online store, website, or form on social media to take pre-orders
- Launch a crowdfunding campaign
- Develop a beta version of your products or services.
- Direct customer feedback
Develop a Business Plan
A business plan is a bunch of documents that guide us on how to develop a new business. Business plans typically offer
- SWOT Analysis
- Executive summary
- Mission and goals
- Background summary
- Organizational structure
- Marketing Plan
- Financial plan
- Summary.
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Understand business finances
- You must have a clear view of your total Start-up costs before starting a business.
- Bookkeeping needs to be one of your initial financial tasks as soon as you are ready to start making purchases for your business.
Take Care of the Legal Issues
You have to understand that you must have knowledge about legal issues which helps you when starting a business like
- Choose and register your business name.
- Apply for an Employer Identification Number.
- Check with your local government office for licenses and other documents.
- Open a business bank account.
- Apply for business insurance.
Research licenses and regulations
You need to register your business with state and local governments. You need to prepare several documents before registering. Check all your Income tax forms.
Set Up Accounting and Bookkeeping Systems
- You can use digital bookkeeping or a manual bookkeeping system.
- You can record financial transactions by using accounting software, by hiring an accountant or by hand(which I will not recommend at all)
- Open your business's current accounts.
Hire a Team of Employees
Before you start hiring employees, you should keep the following points in mind
- An Employee Identification Number (EIN) for your business
- A detailed job description for each designation with a salary range
- Comprehensive employee application form including references
- An employment offer letter or agreement
- Confidentiality and disclosure agreements
- Do not neglect this; you should talk with previous supervisors of your potential employees
Market the Business Aggressively
- Develop your website.
- Optimize your website and content
- Do SEO so that the search engines can find and index it
- Write quality digital content, this is the best way to drive your customers to your business.
- Your social media presence takes the most important place to drive traffic and sales.
- Digital marketing techniques are like only traditional marketing techniques like direct mail (refer to emails); discounts, coupons, and print advertising (refer to website banners advertising).
Launching.
You’re ready to take the last step in starting a business that is launched. Although every launch is unique, some initial activities can boost any business’ first few days of sales.
- Promote your store first and foremost on free channels that are already available to you, which include your personal social media and your contacts list.
- Sending emails to your known and relatives asking for support, which can be as simple as a social share, can go a long way towards gaining traction.
- Always reward your loyal customers with a discount code that fits with your profit margins and ask them to put in social reviews.
- Initially, you start with a small budget, but paid ads can be one of the most useful ways to get in front of your ideal audience.
Bonus point on Do Your Market Research and Competitor Analysis
SWOT analysis at this stage is one of the most important factors A SWOT analysis is a business assessment technique that focuses on the strengths, weaknesses, opportunities, and threats related to your business. The SWOT analysis shows the relationships between these four major factors of any business so that you can determine the best path forward.
CONCLUSION
In short, business is just like your baby, you need to take care of it initially so much and after a few years, it will take care of you.
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