When it comes to business, not all of us are the same.
While some have to carry on with an already established business, others have to start from the scratch. Since you’re on this page, we assume you belong to the latter category.
It is much easier to walk on a path than to build it. And you? You are made to create a legacy than to simply carry it forward. If you are here wondering how to start up your own business, then we can tell, you are one of the lot who had rather be the leader than a follower. This lot is a gem to us, and hence, this article has been written to bring out their true potential by giving them ideas and guidance for their own start up business.
DO I NEED A DEGREE FOR IT?
Do you need an address to reach a particular place? Yes, you do. But it only helps you get to that place, the rest is on you. Similarly, a degree may enable you understand your goal better, but certainly it is not a guarantee card for a successful businessman.
To build something out of nothing takes you more than just going an extra mile- a competitive strategy. Becoming a cut-throat businessman does not require a degree, for it, a degree is just a paper that looks the best on your hanging wall.
To bring a difference to this fierce world of business, you need ideas, convincing communication skills, smart strategies, plans and a clear idea of what you are stepping your feet into.
These, of course, are the qualities that help you have an upper hand among all other competitors. But is that it? No, that isn’t. You still need some sources and ways to map it all out.
This article is about all the ways in which you can persuade entrepreneurship as your career.
A GUIDE TO BEGIN WITH YOUR OWN START UP
Before you open the doors for yourself, there are a few tips to keep on your fingers. Take your step while keeping these points in mind, and rest assure, you’ll only rise.
- MARKET RESEARCH
Carrying out a market research helps you more than you think. Before you set up your own business, you must know what scope it has in the market and how many willing customers will it attract. Not only that, you’ll also be able to figure out if your business has any competitors, this makes it easier for you to map out ways in standing a chance against them. Before you choose to compete, know the rival’s strength.
- MAKING A MIND MAP
Whether it’s a story you are writing or a house whose architecture you have to design, a mind map helps display your ideas in a clearer form. Take your time. Sit in your recliner and get the paper pen to make a clear sketch. By writing down your ideas, your tangled thoughts get a pattern on the paper. Starting up with your business is like building a house, if you have all of the structure laid out in front of you, you can point out the bricks that weaken your building, and add the ones which will give it a stronger base. If you want to act, your thoughts will need words.
- PLANNING IN ADVANCE
This is a part of mind mapping. Your ideas look better on a paper than in your brain. Hence, after writing it all down, make a plan. It’s true that things can change any second, but it’s only safe and wise to walk through business with a future plan on your hands. Plan out what to do in case of losses, how to compete, which strategies attract customers etc.
- PREPARING THE FUNDS
There is nothing commercial that you can get for free. To make more money, you need to give some money. At the end of your planning list, you will able to calculate a budget for your business. After you know the budget, the second step is to arrange it. Give in 1/4th of your money or savings, look out for investors or sponsors, take a bank loan etc. There are many other ways to raise this amount, all you have to do is ensure that you are investing in the right place.
- THE LOCATION
The locations has one of the largest impacts on your business. Whether it is an online business or not, choosing the location will determine your rent, taxes, requirements and most importantly; the standard of customers that it will draw towards it. For example, you cannot spend million on a shop in an area where people belong to the middle class. This is because you expect to get a return for your investment through your earnings, and a middle class won’t be able to cover it up as fast as you had like them to.
- CHOOSING THE STRUCTURE
When you head out to start your own business, you need to abide by the legal rules. Hence, while planning out a structure, make sure it fulfils all the legal requirements. Other than this, the type of structure that you choose will eventually affect the taxes, registration requirements etc.
- GIVING IT A NAME!
This is our favorite part of the game. Giving a name to your business will give it its identity, hence it is essential that you narrow down a name that will best reflect your products, your aims and plans. The name should be unique and eye-catching. Shorter names are likely to be more attractive. You also have to make sure that your business name hasn’t been already selected by someone as yet.
- NOW GET IT REGISTERED
After choosing the name, it’s time for the world to see it now. However, even before that, it’s essential that you are playing safe and legally, hence, get your brand registered and legalized. This approval will give you a secure position in the market and a stronger will to go ahead. You will need to get it registered with your federal government, or in some cases, with the state government as well.
- TAX IDs
Once you own a business, there are a few responsibilities you have to take care of. Some states demand you to have your tax ID with you. Other than that, you will need to use your employer identification number (EIN) to grow your business. For example, opening a bank account to pay your taxes will require you to use your EIN to establish a secured system. An EIN gives your business a unique identity to protect it and give it a solid base.
- PLAYING LEGALLY
The security guard for your business is a legal approval. You don’t want to waste millions due to some legal disagreement, right? The safest is to not leave the government for any objections, because really, it can be a big hindrance in your progress. This could be done by getting the legal permission in every area where it is required for example, in choosing the location, state, structure, industry etc.
- A BANK ACCOUNT
Paying taxes is not the only Math you have to do. With your own business, you will have to pay the rent, salaries, bills etc. You need to make sure that you have a systematic way of working this all out, that is, open a small bank account where you can easily put up with taxes and other issues. If your business is registered, then getting a bank account is the last rock to climb.
- GETTING A TEAM
A team does not only divide the work, but also the burden and stress. With the right team, chances are you are about to get famous. As they say, “Teamwork makes the dream work.” Before you get a team, write down the places you want the employees for. If you need guards, waiters, cashier etc. However, if you a one man army, even then you will need a team. But this time, you won’t hire anyone. This team will include your friends and family, can be a therapist too, to encourage you during the dark nights and give you helpful advices.
- LETTING THE WORLD KNOW
After months of pulling down your own weight, finally, it’s time for you to introduce your hard work to the world. Of course, you cannot just open a shop and sit at the counter, expecting the customers to know about it through a revelation. It’s your job. Before cutting the ribbon, make sure the world knows about it. In simple words, advertise your brand.
This could be done through many ways such as printing out pamphlets, asking your friends to spread the word, put up online stories, make an online page or a website, get it printed in newspapers etc.
These were some easy yet effective steps that can help you take the road down to a successful life. With these steps, the only problem that you will face is competition, and in our opinion, the only person you should compete with is yourself. So, at the end comes your spirit and confidence that has to be there no matter how bumpy the road get. Believe in your business before setting it up.
Now go for it, the train that leads you to a successful life has just arrived! For more click here