Here is a starting list of things to do when starting a business to increase your chances of success.
1. Do a self-Inventory:
Before investing any time or resources , evaluate yourself and see if you have some of the typical traits of an entrepreneur.
- Are you motivated?
- Able to adapt and confident?
- Are you resilient?
Just because you want to start a business doesn’t mean that you should.
2. Develop an idea:
Don’t just start a business because you see everyone starting one. It’s easy to fall into fads, everyone is selling hair, doing make-up, making body butters, selling eyelashes. Develop a business concept that you are passionate about and related to something that you have experience with. From there, come up with a product or service that you believe will enhance peoples lives.
3. Test the plausibility:
Is the product or service something that people want or need? Can you make a profit selling it? Does the product work?
4. Write a business plan:
A solid business plan will guide you going forward. It is also needed for presenting your business idea to potential investors. The “Hustle With A Goal” business planner is the perfect guide for this step.
5. Identify your market:
Even though you may have detected some interest in your business, you need to do more homework. Asses the market, targeting customers who will most likely make a purchase. Perform a competitive assessment.
6. Determine the costs:
Do additional research and find out the standard cost factors within your industry. Not only will this help you manage your business more effectively, investors will want to know this.
7. Establish a budget:
Once you determine how much money you’ll have to work with, figure out how much it will take to develop your product or service and create a marketing plan.
8. Determine the legal structure:
Settle on which form of ownership is best for you. A sole proprietorship, a partnership, a limited liability company, a corporation, an S corporation, a non profit, or cooperative.
9. Select a business name:
Decide on a name that best suits your business. Check to see if the domain name is available online, check to see if the name is available in your county, state, and country.
10. Register your business name:
If your proposed business name is available, register it with the county clerk, have it trademarked at the state and federal levels and secure a domain name.
11. Secure permits and Licences:
You’ll have to pick up a federal employment identification number. Apply for state licenses, pick up a local tax registration certificate, and file for local permits.
12. Be flexible:
Chances are, your original idea will be modified. Being able to pivot and adapt to create what customers want will determine whether your business will fail or succeed.
13. Deliver the product or service fast:
Your business is a work in progress and if you launch your product or service quickly, you will be able to build a community of customers who can provide valuable feedback that can help you improve your offerings.
14. Be patient:
Always keep in mind that success doesn’t happen over night. Its going to take some time before you see a profit.
15. Overdeliver at first:
Once you land a new client, be sure to go above and beyond the call of duty for at least the first month. You’ll have this customer hooked from then on.
16. Don’t fear the competition:
Don’t bad mouth the competition on social media or when talking to customers or investors. Remember, when competition exists, Theres a market for your business. Use that knowledge to out perform your rivals.
18. Benefit from word of mouth:
Nothing beats old fashioned word-of-mouth marketing. Let friends, family members, and influencers in your field spread the word about your product or service.
Don’t be afraid to get out there and show your face to the public, whether at a conference or out and about with a friend on a Friday night. Have business cards, a professional E-mail, a working website, and be ready to promote yourself and pass your info out.
20. Provide outstanding customer service:
The key to good customer service is building good relationships with your customers. Thanking the customer and promoting a positive, helpful and friendly environment will ensure they leave with a great impression. A happy customer will return often and is likely to spend more.