START YOUR BUSINESS
It’s time to rock ‘n roll.
Check out these 10 steps to get you going.
01
Choose a business you're passionate about, but make sure there's demand for your idea. Does your idea fill a gap in the market, solve a problem or offer a better experience than currently available? Could you turn your passion, hobby or skill into a way of making a living?
02
Many small businesses make it big by focusing on a niche community. With a clear target audience, you will know where to find your customers. Look to become an expert in your field and build a loyal following.
03
Before diving in, you want to ensure your idea is viable. Is there a need for your product or service? Is the market growing? Who and where is your customer? Why would they buy from you? Best to be thorough.
04
Your plan should spell out what you want to achieve and how you'll do it. Writing a plan forces you to think through the details of your business, e.g. your goals, the resources you need and steps to take.
05
Before registering your business, you must decide which legal structure works best for you. Most small business owners tend to opt for one of the following - self proprietorship, a limited company or partnership.
06
Once you've chosen a business structure and name, you can register your enterprise. It's primarily a paperwork exercise. However, formation procedures vary depending on which legal structure you select.
07
Consider the advisors, contractors and employees you need to help you launch and grow. Running a business can be lonely so don't forget to include mentors, peers, friends and family whom you can confide in and trust.
08
A dynamic, visible business stands a better chance of success. Can you spread the word through social media, a website, blog or PR? How about trade shows, networking activities, special promotions or events?
09
Being in business relies on making sales. To win customers, present your offer in a way that motivates, persuades or moves them. Once they come aboard, don't forget to treat them well.
10
The true reward of being a business founder is the opportunity to do good. Can you weave positive social impact into the fabric of your startup? How will you enrich society, help the planet and improve lives?
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Start your entrepreneurial journey with our books and guides.
Sales help support small business owners on Kiva.com.
