After years of working, you probably want to know how to GROW your money. Starting a business is now an option.

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7 Steps on How to Start your Own Business
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After years of working, you probably want to know how to GROW your money. Starting a business is now an option. 

But how do you start business? Here are 7 steps and things you need to know on how to start your own business

Write down a list of the businesses that interest you. Study the advantages and disadvantages of each business then shortlist and choose the best business for you.

Drawing up a market study and business plan for the chosen business.

 

A business, whether small, medium-scale or large enterprise, requires a lot of work. But it will be better if you come up with a business plan that includes the following:

Mission and Vision.Envision what you want your business to be and where do you want to bring it. 

Overview of the business includes analysis of the business itself, its existing competition, and SWOT analysis (strengths, weaknesses, opportunities & threats)

Goals, Objectives and Strategies lines up want you to achieve and how to achieve it

List of Products or Services that your business will be offering

Financial Summary includes how the business operations will be financed

Marketing Plans lays out the framework of how the business will be promoting its products or services.

 

Get your funds together.

Now you have seen the possibility of success, you need to know to fund your business. Let us discuss the basic uses of the following:

Capital will fund the equipment and buying of all the essential assets

Pre-operating Expenses will include all licenses and permits, rent deposits, recruitment, marketing promotions and others

Working Capital will be the money that will cover the following six months or until the business can sustain itself.

 

Choose  your business entity.

What’s in a name?

Business Registration is best to be legally permitted to conduct business. This is a great advantage also because the government offers seminars for starting companies.

Promote your business

Decide to go solo, have a partner or be a corporation depending on how you will fund and help you with your business goals.

 

Think catchy and unique for your business name that customers will always remember. Take note that the name will be in all marketing collateral such as signage, flyers and social media posts.

 

 

Now you need to let the world know that you are open. Promote it with both offline and online marketing strategies.

Offline advertising and marketing

includes your signage, flyers, 

Online promotions will be for social media and digital marketing like Facebook and Instagram. Online promotions cost little to nothing so it is a big advantage for starting businesses. Just make sure to target your audience since the online audience reach is wide. 

 

Always remember this: Do not expect to get rich overnight. A business requires a lot of work. 

Hard work + Patience + Determination = Success!

 

Good luck!

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