5 STEPS TO START YOUR OWN STARTUP BUSINESS

Starting your own business may not be the easiest thing to do. It requires you to invest a lot of time and energy, but what you can gain from it is well worth it. This blog will provide helpful information if you want to learn more about starting your own business and how it is possible.

Before you begin, let me tell you some business tips for beginners.

Always have the right mindset

You must have heard about the overnight successes. However, it's rarely that simple. There is always a year of dreaming, building, and positioning before a big public launch. So, focus on your business journey. Never compare it with the success of others already doing business for years.

Consistency is the key

Business owners are very much motivated initially, but later they get frustrated when motivation wanes. It is essential to keep your motivation high and develop habits and routines that will give you power when your inspiration starts getting low.

Always keep a failure plan in your mind as well. This will save you from hurt because business is all about taking the risk.

Now let's move to the steps essential to start your own startup business.

Business tips for beginners

If you have an idea about what business you want to do, then it's just like a seed. It has many more things to do. There are the following steps that need to follow before starting a business.

1. Evaluate your vision and write down your business plan

First of all, you need to know what your business goal is. Ask yourself a few questions that are very important starting step:

Why? Always start with why. Think about the purpose of your business. Why do you want to do it? Are you motivated enough to do it? Is it according to your interests? Why would people buy your product?

What? What are the services and products you are offering?

Who? Who would be your target audience? Be specific in describing your audience demographics, age, gender, income level, location, and other factors.

How? How would you develop your product, and how will it be delivered to the target audience?

After answering these questions, it's time to write your business plan. It's a roadmap to your business that you will show people what your business strategies are, competitive analysis, financial cost, objectives, action plans, etc.

It will take time. Because it's a whole idea of how you are going to start, build and grow your business. It's like a 'living' document of your business. This plan can be adjusted according to the situation at any step.

2. Conduct market research

Your next step is to start working practically. Here, you must do it to check out the market demand for your product. Who is your target audience, and how and why would people be willing to pay for a product? Why would people come to your brand if there are already products, e.g., dress brands?

Research what other brands are not offering to the same audience that you can offer. Consider the customers' pain points, needs, and desires. In this way, you will be able to enter a competitive brand. The location of your brand matters a lot as well. There are some standard market research tools:

· Online survey

· focus group

· run target advertisements

· hold a phone campaign

These responses will help you build your business strategy and test your services. Also, do SWOT Analysis (strengths, Weaknesses, Opportunities, and Threats to your business).

3. Access your finances

Starting any business has a price, and you need to determine how that will be covered. Do you have enough personal savings, or would you borrow money? Consider all startup costs of your business. Money that would be spent on products, vendors, rent of the location, etc.

Many startups fail because they run out of money before having a profit. Try to overestimate the amount of everything so you may not have less when you start working.

Perform a break-even analysis to find out how much money you need. It's a significant element of financial planning. Its formula is:

Ø Fixed Costs ÷ (Average Price – Variable Costs) = Break-Even Point

Register your business

Now it's time to fulfill all the legal requirements. Like registering

your business permits, license, opening your business bank,

bookkeeping, and accounting. File a tax etc.

Build a team, promote your business, and start selling

Now it's time when you need to recruit and hire a passionate worker. Give equal importance to your employees as you will give to your business. Figure out how the team will work together. Define everyone's role, division of labor, and how to 0give feedback. Decide them before so that when you are not around, it will save you from a lot of tension.

Promote your business. Create an online presence as well. Build a website. There are many social media apps where you can promote your business for free, i-e, Facebook, Instagram, LinkedIn, Pinterest, etc. Also, apply marketing strategies to grow business in-store and online. And start selling your product.

Conclusion

 Here's my recommendation for anyone who wants to start a business—consider your strengths and find people who complement those strengths. If you're a designer, find a programmer to build your website. If you're an engineer, find a product manager to help guide you. 

Do all the tasks yourself if it's something simple like a cupcake business. But whatever you do, don't let ignorance hold you back from bringing your vision to reality!