How to Start a Business: Practical Step by Step Guide

Do you have idea to start a business, but don't know how to start? Here's the step by step guide to learn practically

Every people want to start a business, but it is the toughest thing ever. It involves a risk of failure, but there is definitely a success at the end.

There are a lot of effort to put over starting a business and to make it operational.

Here I am presenting you the answer for the question "how to start a business"?

The following part of your journey will require a lot of time, effort, and hard work, and perhaps you may end up failing many times.

But if you struggled to survive, the rewards after the obstacles will be as sweet as candy.

start a business


Why do people consider starting an own business?

It includes working on your own idea, designs your career, working towards financial independence and there are lots more reasons for starting an own business.

But not all business reach the height of success, and the fact is only one-third of businesses will survive after a long struggle. Because many people often failed to face the real time challenges.

So if you want to start a successful startup, you are required to prepare yourself morally before everything, plan your actions and narrow your path towards success.

Take one step at a time.

Let's get started...

Table of Contents

1.) Plan your passion
2.) Build a prototype
3.) Assess your Finances
4.) Determine legal business structure
5.) Register with the government
6.) Select the technology
7.) Choose your business location
8.) Build your team
9.) Brand yourself and advertise
10.) Grow your business


1.) Plan your passion:

Every successful entrepreneur achieves success only on the things they love to do. Each new business starts with a new idea and it should be your passion.

Ideas are not limited to present industry because there is always a way to turn your ideas into a business. Think about it, does your idea have potential to succeed?

Narrow down your ideas and write a note. Use the power of the internet to search for existing companies in your chosen industry.

Learn their business model, plan of action, marketing style etc. and figure out how you can do it better or same thing in an entirely different manner.

Another option is to open a franchise of an established company, where everything is already in place and you just need a good location for your operation.

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2.) Prepare a blueprint:

You need a plan to make your business idea a reality. So prepare a sustainable blueprint that will guide you through your start up process to an establishment.

So you have the business idea in place, now ask yourself the following important questions:

••• What is the purpose of your business?
••• Who are the target audiences?
••• What are the products?
••• Where is the market place?
••• How you arrange for your finances?
••• Who are the competitors?

Write down in the note to avoid any confusions.

A proper business blueprint is needed to be in place for the proper business setup. It will help your business setup stay focused on a narrow path and support at the time of diversion.


3.) Assess your Finances

Starting a business needs money, so you need to determine how you are going to manage it? Every business needs at least a small initial investment as well as additional funds to cover ongoing expenses.

What's your plan?

Do you have the source of funds for your startup, or will you need to borrow money?

Prepare a spreadsheet to list one-time start up estimate costs for your business (Licenses, permits, office space, furniture's, equipment such as the computer, laptops, telephones, market research, advertising, inventory etc.)

On-going cost factor including rent, utilities, marketing and advertising, travel expenses, employee salary, your own salary etc. You need to maintain this fund for at least next 12 months.

If you are going to start your new business your full-time job, you need money to put for start up costs and for sustaining yourself at the beginning before your startup makes your profit.

A commercial loan through a bank is a wise decision, but it is the bit difficult to get a loan. You can opt for Small scale business loans offered by Government to motivate entrepreneurs.

You can search for different financing schemes such as Working capital finances, corporate term loans, project finance etc.

The government of India provides various financial support to small businesses through various schemes such as Small Industries Development Organisation (SIDO), National Small Industries Corporation Limited (NSIC), Small Industries Development Bank of India (SIDBI), World Association for Small and Medium Enterprises (WASME).

4.) Determine legal business structure

Now it turn to register your business for enabling legal operation on your location. Without a legal business license, you cannot run any businesses.

Before going for registration process you should decide what kind of entity will be your organization, a proprietorship concern or a partner firm.

If you plan to own the business entirely by yourself and be responsible for all obligations, you can register a sole proprietorship.

Or partnership, which means two or more people joined together as business owners.

Ultimately it's your own decision to choose the type of entity which is suitable and fits your future business growth.


5.) Register with the government

Pick a right business name for registration. This process is needed to operate your business legally in your country.

You need to submit a document which includes your business name, business purpose, organization structure, stock details and other information.

Registering a company in India, for example, you need to submit separate documents to obtain GST number for your company to file taxes and other credits.

Without registration, you cannot able to recruit employees. Each business needs different forms to be submitted for registration.

Once after your registration, don't forget to register your domain name because it is necessary to reach out to the world market.


6.) Select the technology

The Internet and the technology have developed a lot today and every business needs to be in the part of this technology for their smoother operation.

The technology meant to be likely having powerful and reliable computers, laptops, printers, the Internet and other smart devices.

Because key business functions - accounting, invoicing, marketing, billing and packing, all require being managed by using any software.

So technology is must for all business to operate.


7.) Choose your Business location:

Finding the right place of business is very important for the operation. You may have either a home office, a shared office space or even a private office space. But your business should have its own infrastructure.

Choosing a location should be based on various factors such as your audiences, market trend, transport, availability of employees etc.

You can consider buying an own space or rent a commercial space for your business start-up.


8.) Build your team

Starting a business may be done by yourself but running all alone is not merely possible.

Every business has various departments such as admin, billing, HR, support, sales, processing and it needs human intervention to work, manage, organize and monitor.

You should build a responsible team at the beginning of your startup who cares your business growth apart from their monthly wages.

Because this is the stage that requires careful movement targeting only on start up growth. Finding the right candidate, defining roles and responsibilities, the division of labor, addressing their activities on right time will save you a lot of headaches during the beginning.

If you are not willing to hire employees, instead plan for outsourcing, get help with a legal advisor to get your independent contractor agreement in place.

Team work will always lead to success. This team can be comprised of a mentor, small business coach or your family members to support you, motivate you at times when needed.


9.) Brand yourself and advertise

Every business achievement is purely based on the brand name. To build your business, you need to build your brand.

Create a stunning logo that helps people to figure your brand, and register a website on your business name.

Hire a professional web designing services to create your business website that attracts people from all over the world.

Showcase your services and/or products, display your brand logo and name on the home page.

Use social media to spread a word about your new business after your business setup.


10.) Grow your business

Your launch and first sales are the first milestones in your entrepreneur. You should consider steady growth on your business, and it takes a lot of work, effort and time but it is doable.

Plan for reaching out new customers every day in your industry is a great way to achieve growth.

Reach out of potential bloggers and other influential people in your industry, ask for some promotion in exchange for free sample or cash.

This way you can reach out to a new level.


Start a business only if you have the desire to achieve something great in your life because starting a business can be a real challenge and it takes much time. With proper tools and information, along with right planned path, you can surely achieve success






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Sandeep says...

This informative post very helpful actually to start a Business.....!!

 
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