Starting a business can be hard work, but if you break down the process of launching your new company into individual steps you can make it easier.
Rather than spinning your wheels and guessing where to start, you can follow the tried and true methods of entrepreneurs who’ve done it successfully.
1. Discover your big idea
It all begins with an idea. To narrow in on that idea, it’s important to know what kind of business and lifestyle you want to have.
Developing your product- You may decide to make a product with your own hands or develop one in partnership with a manufacturer, print-on-demand company, or private label partner.
2. Research your product and audience
There are many ways to do your research upfront before you start investing. Identifying and getting to know your target audience is important because:
- It helps you make smart and cost-effective marketing decisions.
- It influences your product development (because you have a direct line of feedback).
- It can increase revenue (by focusing your efforts on the most promising customers).
3. Calculate your startup costs
Once you’ve validated that there’s an audience hungry for your product and you’ve nailed your value prop, it’s time to talk money. Your business will be viable if you have the funding to get it off the ground and you can identify a price that’ll turn a profit.
7 business plan writing tips:
- Know your audience.
- Have a clear goal.
- Invest time in research.
- Keep it short and to the point.
- Keep the tone, style, and voice consistent.
- Use business plan software.
- Check out other business plan examples, like the ones here, to inspire your own.
4. Source products
By now, you’ve validated your product idea, your business plan is locked, and you’re ready to bring it to life. It’s time to get creative. In this section, we’ll take you through the options to make, manufacture, or source your product as you get ready to start a business.
5. Figure out your shipping strategy
Shipping is often cited by small business owners as one of the most challenging aspects of getting started. Luckily, the tools aimed at simplifying this task keep getting better.
6. Develop a brand strategy and brand identity
Aside from a unique product or exemplary service, your brand is the driving force behind a customer’s decision to buy from you. Your brand is more than a business name or a logo.
7. Build and launch your website
At this stage, you’ve secured a product and committed to your brand. Now, it’s time to assemble all that hard work into a website and introduce it to the world.
8. Register your business
Depending on the countries or regions where you do business, you may be subject to a set of rules that govern how you manufacture, market, and ship your products.
9. Manage your money
The key to a successful business can usually boil down to finding the right product for the right market at the right time. But sustaining that success depends on many other things happening behind the scenes.
10. Market your business
Marketing is reported as one of the most challenging aspects of running your own business—but it’s also the area where you will spend much of your time and budget.