Most people have at some point had an idea that they consider good enough to warrant starting. The problem is that many have never made it to fruition for a variety of reasons, or excuses. Many would say that they know next to nothing about business, and they wouldn’t know where to start so why bother? It is this sort of defeatist mindset, which needs to be eradicated. How many of the world’s biggest businesses wouldn’t exist if their founders had been put off because they “knew nothing about business”?
When starting a business you have every right to aim big, just start off realistic. And there is a difference between starting quickly and rushing. We will look at the how you can turn that idea of yours from just and idea, to something tangible.
Come up with/develop an idea
It’s all well jumping on the bandwagon with businesses that are in fashion (i.e. food trucks and clothing lines), but what is the use if you have no interest or passion in them? The business will probably end as quickly as you had the idea. Develop an idea you are passionate about and will give your all too; something you believe can improve people’s lives. Do you have a passion for carpentry but think it needs refining before becoming a business? Check out websites such as Ted’s Woodworking for blueprints on new furniture you could make. And always remember to have a business plan, but make it a relevant size to your business idea so you don’t waste time and money on something excessive.
Conduct a feasibility study
Imagine finding out your business idea would not be possible in your local area due to laws and restrictions. Plan on selling alcohol in a Muslim country? Think twice and do your research before parting with your money. Offering conference room scheduling software to a company having problems using their meeting rooms efficiently? Probably a better idea than the first!
Plan your finances and business structure
Starting a small business usually doesn’t require too much start-up capital. Sometimes it is small enough to fund from your own personal savings. If not, consider borrowing from friends and family and banks. Plan for these start-up costs; rent, permits, legal fees, equipment, marketing, inventory, launching etc. Expect to be running for at least 12 months and the costs associated during this time; salaries, expenses, advertising etc.
Choose your business name and get all the appropriate permits dependent on he structure of your business. Once all this is ready, you are almost good to go. Just another reminder that starting quickly doesn’t mean cutting corners!
Once all the legalities are in order, it’s time to offer your products or services to potential customers. Expect the unexpected and be aware that not everything goes according to plan, and this requires you to be dynamic and proactive rather than reactive.
Use all the resources available to you to promote your business and watch it grow!