START YOUR OWN BUSINESS
Starting small business could sometimes be stressful and challenging because most
people have desire to have big business so starting small don’t look like something
that motivate them but the truth is every business must start small then grow slowly
Things like your business name, business structure, business registration certificate and all your other licenses are must when considering to start a business. You are supposed to have proper legal and regulatory procedure in order to launch your business
to run a successful business, you must adapt to changing
situations, if you’ve been thinking about starting a small business from home,
here are some steps to get started,
START BY WRITING YOUR PLAN
planning is first step because this is where you set up your objectives and goals, know which business
you are going to start and what type of customers are you targeting, you must
do in-depth market research on your field, this is very important part of
crafting a business plan. This includes doing surveys, focus groups
discussion, and researching SEO and public data, also you must consider building your brand
CHOOSE BUSINESS NAME
Find the name of your business, the name that will be easy for the
customers to remember, the name that you choose should represent the products that you are selling or
the company that you are running, this has huge impacts on your competitive
landscape and allows you to show unique value to your customers.
KNOW YOUR CUSTOMERS
You must be able to set goals that target a certain group of people, you must know what
your customer like and what they don’t like and if they don’t like something
make changes immediately, ask yourself why would the customers buy things to you and not
to other sellers? So provide good value to the customers and stay positive even if
they criticize your product, always
make you products appear as the best to them.
KNOW YOUR COMPETITORS
It is important to know who is doing the same business as you and
what value to they provide to the customers, knowing how your competitors work will motivate
you to improve your services to the customers but also will spark you mind with
different ideas on how you can improve your services only after learning the
trick and techniques used by your competitors.
BUILD YOUR BRAND
Brand is very important, this is like the reputation of your business,
people can have a good perspective of your business by looking at your brand,
your brand could attract the customers, building brand is also associated
with advertisement, you must advertise
your business to your customers you can establish your branding first by
designing your business logo, through usage of social media, websites ,
television and radio, once the business is open then start doing some advertisement here
and there, you can do advertisement through radio, television, billboard,
flyer, poster etc. advertisement are helpful in order to reach
the customers
Through advertisement you can tell your customer what type of the
services you offer, what kind of benefits the customer will get when purchasing
products to you. Always protect your brand, make sure that it has good
reputation and it is respected by everyone, do not allow people to make bad stories
about your business as it can scare the customers away.
OPEN BUSINESS ACCOUNT
The important of having business account apart from your personal account is that it allow you to
arrange your budget easily also keeping you update on how much tax is taken,
you can track your expenses easily and correctly from your business account,
however if your business grow and a lot of cash go in and out of your business
account you may consider hiring accountant for more professional analysis of your
money.
DESIGN LOGO
Logo is very important, when people see your logo then they will
know that it is you, your logo should not resemble other people’s logo, you
need unique logo that distinguish you from other people’s business.
FIND BUSINESS MENTAL
We always have to learn the things we don’t know; it is crucial
that you have someone who know and is experienced on how to do business, a
guider or a person who gives you advice on daily to daily business activities,
this will improve your understanding on how business is done and how to fix the
challenges that may rise up on your business.
Why most business
fail?
Lack of commitment
People with poor commitment in the business they always end up
giving up, business require commitment 24/7 you have to be there even if you
don’t feel like it, so commit yourself that you are going to take care of
things even if they get harder.
Poor market
Lack of good market can also kill the business, if you are selling
products and then the people do not use that kind of product then you won’t
sell that much, so it is important to know if the business you want to do is
marketable, it is advised to do some market research before dive in the
business.
Bad services offered
If you go to some cafeteria or shop you will notice that the
services given is different from each place, people love to be treated kindly
and respected especial if they know that they are going to give their money for
a certain service, lack of good hospitality will make the customer to find another
place to purchase their product or to buy things.
Having a very low capital
Sometimes what makes business to fail to improve is having small
capital, which may not be enough to make the services look good to the
customer, having enough capital is the good place to start firing up that
business plane, most customer flow more to the place where they know that they
will get almost everything they need at once.
Lack of passion
If you hire people who don’t love what they do then they won’t do
it well, or if you yourself do something that you are not passionate about then
soon you will give up and jump into something else, so make sure you start a
business that even if things get tough then you can still do it for passion.
Laziness
As it has been said the lazy person will never be successful on
anything, if you have a business and then you are lazy your business will not
grow, you must build the habit of working harder in order to improve your
services otherwise you will use your capital with no profit at all.
FINAL THOUGHTS
Starting business is very stressful you have to persevere first before you
can get real profit, you must work hard and work smart, have good relationship
with your customers, improve your business when needed, make sure do enough
advertisement in order to attract the customers