20 Tips on How to Start your own Business?
To Start your Own Business It requires a lot of Dedication and Hard work. Presently In US, there are over more than 30 Million Business which is making More than 1000 Billion Dollar Business per year according to this year reports. Startup Business requires unique views of the product and There Business Plans for Staying Competitive for longer Period of time.
While I was searching how can I start my own Business over the Internet, I found Many Articles about the topics but most of them were not practically Implementable and The article was written just for the blog purposes by those Writers. Here I'll share my own Experience of 10 Years how I started my own Business and what all problems I faced During my Startup.
Following are few points or you Can say topics you must think about before starting your own Business.
1) Do self Analyses.
Analyse whether you are ready to Execute your plan and If you Execute how long can you run that Business with investment and without Investment.
2) Develop Your Unique Idea.
Think about your Idea you are planning to Execute. Is your Idea Unique and Provides Something New for The Customers or For the businesses.
3) Register Your Own Business.
Deciding Business Name is one of the most important parts of any Startup. If you have Unique Name For Your Business and it is not yet registered in any Business Directory or on any Government Directories than just go for it as soon as possible, It's hard to find the Desired name for your business.
4) Market Research
It is the one factor which can decide the faith of your business Idea. In market research, You would find about your Compilation, Your Targeted Audience, how you're gone acquire those Customers, Your Long-term Business Planning, analysing worst-case scenario, Can Your Business Idea still Be Implemented after 5 years. How Long can you get the Financial Resource?
5) Total Estimated Cost
Calculate the Total Cost your Business Idea gonna take to be In the Market and To reach out to the Customers if the Idea is Product Based. Include all Costs like registration of business cost, renting the Property for the Office, Employees, total Tax to be given to The customers, Office equipment etc.
6) Find Investors.
Having a business Idea is very Good and Planning for future is also Good but You should be aware of the fact that Most of the Startup fails not because of the Idea or potential, They fail because of the Finance. More than 90% startup in USA and UK fail because of Finance. Finding a right Investor for your Business is very hard and Challenging task and In case if you find them and Convince them for funding your business, they won't stay with your business until and unless you show them profit as soon as possible.
7) Go through All the Legal Documents for the Business.
Every Country Government has different rules and Guidelines for Business in their region. Go through all policies, prepare all documents for your business so that you won't face any problem in Future and also keep updating with government policies.
8) Buy Insurance
Go for Insurance, it's rarely seen that Insurance Companies provide Insurance to the startup companies. Its based on the Business Idea of your Startup. If any Business Firm is ready to ensure your business idea than Just go for it.
9) Your Office or Business Location.
Geolocation of your business also plays a major role in Growth of your Business. It builds a trust factor in the customer's mind. With multiple office locations, you can cover more Audience and grow your business faster.
10) Share Your Business Idea.
When I say share your idea it doesn't mean you share it on Social Media or some random places. We have seen the effects of sharing Idea In big MNC companies like Google and Apple. The main Purpose of sharing your Idea is to get genuine feedback whether your idea is good or Bad and yes! share your Business Idea with your Family and Close friends only for proper feedback.
11) Show your Progress rate.
Deliver Your Product or services fast may be before time so that you get good reviews about your Business and show your Progress rate to your Investors or shareholders to make them satisfied about the growth of the business.
12) Blog all the Time.
Create your own business Blog and Keep it updated all the times. Always right about your Business model, updates in your industry and about your product and services.
13) Competitor Analysis.
Analysing your Competitor in the Market and research on their Marketing activity, there product and services, how they are generating revenue and how they are leading in the industry.
14) Finding right Employee.
Right Employee for your business can Boost you the Growth rate of your business Like anything else. You Need to find Employee who is loyal to You and Believe in your business idea.
15) Marketing Planes.
Plan your marketing Activities, How you are gonna launch your Product in the Market. Where you would advertise your Product, Budget required to Execute your Marketing Plans, Foe what time of audience advertisement is been published.
16) Digital Presence.
In today's World, Everything is going online. From many research, It is seen that more than 4 to 5 hours people spend their time online and More sales are happening online only. You can also target global audience for your product. Build your product website and blog, and keep optimizing it for the Search engine so that you get a lot of free traffic to your website and for Conversation.
17) Customer Service.
Provide Customer Services for your product so that your Customers can contact you anytime they want regarding the product or services. It builds very strong Impression on customers.
18) Be Motivated.
Always be Motivated by the Profit. If you are not able to generate profit than also don't be disappointed because some business gets there profit earlier and some later. Motivation to Success should never be down.
19) Analyse your Progress rate.
Keep documenting all the activity so that you can analyze it later what went good and Bad for the Business. It will keep a track of all the activity and Progress.
20) Know when to move on.
In case you are trying very hard still not able to implement your Business Idea than I think It's better to Move on and Work on something else. It's foolish to keep spending money on dead Ideas. It's better to move on and Start fresh.
I hope This article helped you understand what it is like to start your own Business and what all Challenges you can face as well during launching your Business.
While I was searching how can I start my own Business over the Internet, I found Many Articles about the topics but most of them were not practically Implementable and The article was written just for the blog purposes by those Writers. Here I'll share my own Experience of 10 Years how I started my own Business and what all problems I faced During my Startup.
Following are few points or you Can say topics you must think about before starting your own Business.
1) Do self Analyses.
Analyse whether you are ready to Execute your plan and If you Execute how long can you run that Business with investment and without Investment.
2) Develop Your Unique Idea.
Think about your Idea you are planning to Execute. Is your Idea Unique and Provides Something New for The Customers or For the businesses.
3) Register Your Own Business.
Deciding Business Name is one of the most important parts of any Startup. If you have Unique Name For Your Business and it is not yet registered in any Business Directory or on any Government Directories than just go for it as soon as possible, It's hard to find the Desired name for your business.
4) Market Research
It is the one factor which can decide the faith of your business Idea. In market research, You would find about your Compilation, Your Targeted Audience, how you're gone acquire those Customers, Your Long-term Business Planning, analysing worst-case scenario, Can Your Business Idea still Be Implemented after 5 years. How Long can you get the Financial Resource?
5) Total Estimated Cost
Calculate the Total Cost your Business Idea gonna take to be In the Market and To reach out to the Customers if the Idea is Product Based. Include all Costs like registration of business cost, renting the Property for the Office, Employees, total Tax to be given to The customers, Office equipment etc.
6) Find Investors.
Having a business Idea is very Good and Planning for future is also Good but You should be aware of the fact that Most of the Startup fails not because of the Idea or potential, They fail because of the Finance. More than 90% startup in USA and UK fail because of Finance. Finding a right Investor for your Business is very hard and Challenging task and In case if you find them and Convince them for funding your business, they won't stay with your business until and unless you show them profit as soon as possible.
7) Go through All the Legal Documents for the Business.
Every Country Government has different rules and Guidelines for Business in their region. Go through all policies, prepare all documents for your business so that you won't face any problem in Future and also keep updating with government policies.
8) Buy Insurance
Go for Insurance, it's rarely seen that Insurance Companies provide Insurance to the startup companies. Its based on the Business Idea of your Startup. If any Business Firm is ready to ensure your business idea than Just go for it.
9) Your Office or Business Location.
Geolocation of your business also plays a major role in Growth of your Business. It builds a trust factor in the customer's mind. With multiple office locations, you can cover more Audience and grow your business faster.
10) Share Your Business Idea.
When I say share your idea it doesn't mean you share it on Social Media or some random places. We have seen the effects of sharing Idea In big MNC companies like Google and Apple. The main Purpose of sharing your Idea is to get genuine feedback whether your idea is good or Bad and yes! share your Business Idea with your Family and Close friends only for proper feedback.
11) Show your Progress rate.
Deliver Your Product or services fast may be before time so that you get good reviews about your Business and show your Progress rate to your Investors or shareholders to make them satisfied about the growth of the business.
12) Blog all the Time.
Create your own business Blog and Keep it updated all the times. Always right about your Business model, updates in your industry and about your product and services.
13) Competitor Analysis.
Analysing your Competitor in the Market and research on their Marketing activity, there product and services, how they are generating revenue and how they are leading in the industry.
14) Finding right Employee.
Right Employee for your business can Boost you the Growth rate of your business Like anything else. You Need to find Employee who is loyal to You and Believe in your business idea.
15) Marketing Planes.
Plan your marketing Activities, How you are gonna launch your Product in the Market. Where you would advertise your Product, Budget required to Execute your Marketing Plans, Foe what time of audience advertisement is been published.
16) Digital Presence.
In today's World, Everything is going online. From many research, It is seen that more than 4 to 5 hours people spend their time online and More sales are happening online only. You can also target global audience for your product. Build your product website and blog, and keep optimizing it for the Search engine so that you get a lot of free traffic to your website and for Conversation.
17) Customer Service.
Provide Customer Services for your product so that your Customers can contact you anytime they want regarding the product or services. It builds very strong Impression on customers.
18) Be Motivated.
Always be Motivated by the Profit. If you are not able to generate profit than also don't be disappointed because some business gets there profit earlier and some later. Motivation to Success should never be down.
19) Analyse your Progress rate.
Keep documenting all the activity so that you can analyze it later what went good and Bad for the Business. It will keep a track of all the activity and Progress.
20) Know when to move on.
In case you are trying very hard still not able to implement your Business Idea than I think It's better to Move on and Work on something else. It's foolish to keep spending money on dead Ideas. It's better to move on and Start fresh.
I hope This article helped you understand what it is like to start your own Business and what all Challenges you can face as well during launching your Business.
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