How to start a business

Let's imagine that in your desire to open at least the simplest business from scratch, you have moved further than just attending the training of a promoted coach or watching a dozen webinars

Here's what to do in the beginning

Decide whether you are ready to fully devote yourself to your business or will continue to work

Soberly assess the situation: perhaps you should not immediately leave your job. Save money for the first time or continue to receive a stable income.

Get rid of doubt

How many people do you know who dreamed of starting their own business but never even tried to start one? Interestingly, most found reasons to leave the dream. If you're not the type to attribute your indecisiveness to government, corruption, and high taxes, be prepared to take risks.

Calculate the possible risks as much as possible

Keep in mind that difficulties and unforeseen expenses may arise - almost all entrepreneurs have such an expense item. Stock up on resources, including material ones.

Take responsibility for your decisions

Otherwise, it will not work out - if in your work for hire your responsibility was shared by the team, then at least at the beginning of the business activity blame yourself.

Be willing to sacrifice your time

Yes, now you will decide how much time to spend on your project. But with a high degree of probability it will be all your free time, moreover, on your own initiative.

Decide on a niche

Think about what you are best at - this way you will be well versed in what you are doing and will be able to prevent mistakes. In addition, you should like your business, because this is one of the reasons to leave the office and make a choice in favor of your own business.

Write a business plan

Decide which legal entity you will work under, choose a taxation system, register a business and open a bank account.

Don't forget the details

If there is a room, check it for compliance with fire safety requirements and certification conditions in order to avoid fines.

Get ready for a long wait

The business will not immediately begin to generate the income that you dreamed of. Understand that just one idea is not enough to implement your plans.

Calculate the profit from one sale

Consider the cost of rent, advertising, taxes, and employee salaries. If the profit is small or out of the question, adjust your plan. It may be worth moving to a cheaper location, or reducing the cost of raw materials.

Don't do big big business all at once

So advise experienced entrepreneurs. You should not take loans, buy the latest equipment and open a large-scale company. Start with small steps. Focus on what makes you money first. Release the product, and don't spend all your time licking the site, packaging, and so on.

Market and target audience analysis

After you decide on your future business, you need to find out how much you will be in demand among customers, and who will become them

Analyze the market

For beginners, it is better to turn to specialists for marketing research. But you can take on this task on your own. For example, using Wordstat and Google Trends on the web, you can find out how many people are interested in your product or service.

Analyze competitors

Find out with whom you have to share the market, and highlight the strongest competitors. Pay attention to what benefits and benefits they have for customers, what techniques they use to sell, attract attention, motivate them to buy, what information these companies provide to buyers, and so on.

Analyze your target audience

Find out who might be interested in your product: where these people are, what they are interested in, and how they can find out about you. Clarify what problems potential customers face, how you can solve these difficulties, and why buyers should choose you over competitors. 

Often people cannot solve some problem in everyday life or are dissatisfied with the quality of existing products or services, so they decide to organize a business in this area themselves.

Advice of experienced businessmen

Market research should be carried out not only before starting a business, but also systematically during its operation.

How to find a business idea

The right idea for a business is the key to its success

The young man decided to give his girlfriend chocolate with natural fillings. He failed to find one in his city, and his girlfriend probably received a certificate for cosmetics or a new dress as a gift. 

However, later the guy began to produce chocolate on his own.

Sometimes you can take a closer look at what products or services people around you lack, and what they are willing to pay for.

There are 3 main areas in which you can start your business

• Services
• production
• Trade

You have to decide whether to copy a ready-made business idea or create something of your own.

Remember that it is worth offering something unique to the client so that he is ready to pay money for it. However, a competent repetition of someone's idea can also be successful.