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How can I start a new business? This is a question that most would-be entrepreneurs ask frequently, and it continues to come up every day. Many people, including myself, intend to start a business but do not have the basic knowledge of how to do it. Business is a beautiful thing when you know the right way to do it. So, what steps should I, like everyone else, take on the way to this?
Every business tends to solve a certain problem, therefore, money shouldn’t be the aim of venturing into a business. This should be the very first stage of every business because the business you want to start depends on the problem you intend to solve. For instance, the person selling car spare parts sees the need to bring it closer to the people around him which will prevent them from going too far to access it. I have seen circumstances where people abandoned a guitar because there is no nearby shop that sells a guitar string. So, to start a business, first of all, I should be able to identify a problem in the environment and then work towards solving it.
The second step is writing the business plan. A business plan is a set of intended actions through which one expects to achieve a business goal. A popular adage says, “If you fail to plan, then you are planning to fail”. Planning is essential in business because it is the stage to decide how you want your business to be. Though the business is prone to growth, a good business plan will be a guide through each stage of starting and managing a business. So, to start my business, I should create my business plan and use it as a roadmap for how to structure, run, and grow my new business. It will be a good way to think through the key elements of my business.
After drawing a business plan, I should be able to choose a location best for my business. In choosing a business location, it's important to consider the needs of the potential location and how the business can address the problem there. Besides their needs, it's important to consider their culture as well. Culture is the total way of life of the people in a particular area, therefore my business will suffer growth if my goods or services are against the people’s culture. What is the future of a brewery in Mecca?
Potential customers are the ones who may need your goods or services. Such people need to be considered first before starting a business for the aim of every business is to serve the needs of certain individuals. At this stage, I should be able to research those in need of my service or goods, where they are, and how I can reach them.
It's also important to pay attention to a good business name. A business name is very vital in every business for such will serve as the number one business identity. Even the CEO should see the business as a living organism and give it a name for it will be required in my proposal, ordering, application, advertisement, etc. The name should be a catchy one for easy pronunciation.
Another step will be budgeting. I should be able to itemize the summary of my intended expenditure. The amount of money needed for my intended business will be captured in my budget, besides, budgeting will guide me in my spending, especially at the building stage of the business. The aim of every business is growing, but in case the yield doesn't come as expected, the budget reserve should be able to keep.
Funding is an unavoidable stage of every business, irrespective of the source of funds. There are many ways to fund a business, it can either come from personal savings, contributions from a group you belong to, a loan from friends, lending institutions, banks, etc. All these are ways I can generate funds for my business. The size of my business at the point of starting will depend on the available funds (capital).
It will also be very important to me to register my business with the business union, agencies, government (federal, state, or local), etc. Without registration, I may miss out on the legal, security, tax, and financial benefits that may attach. Besides, registration is another form of insurance.
And finally, starting a business should be done with full dedication and diligence. As we all expect growth, it should be kept in mind that most businesses hardly yield a reasonable profit at the initial stage, therefore patience is very vital.
In conclusion, taking into account the previously highlighted steps, I believe that I, like everyone who wants to, will be able to start a business and be successful in it.
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