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This article was co-written by Helena Ronis. Helena Ronis is the co-founder and CEO of VoxSnap, a platform for creating educational materials with audio and voice. She has worked in the product and technology industry for over 8 years and received her bachelor’s degree from Sapir University in Israel in 2010.
There are 7 references cited in this article that you can see at the bottom of the page.
This article has been viewed 213,386 times.
Do you dream of owning your own company? You will become the boss and the driver of the destiny of your own company, maybe even the captain of an entire industry. Is it difficult? Very difficult. Is it challenging? Of course. Do you need to be rich and well educated with a great profile? Absolutely not! Can you do it? The astrological globe said, “All is possible!”. So how can it be done? Plan, plan and plan! There are several tried and effective ways to focus on your successful entrepreneurial journey, and now is the time to get started.
Steps
Building the Basics
- It’s helpful (and fun) to invite more smart and creative people to join in the search for creative ideas. Start with a simple question like, “What are we going to do?”. The goal here is not to create a business plan but to generate ideas. Many ideas will not be useful, some ideas are ordinary but a few ideas will have great potential.
- Consider your talents, experience, and insights when choosing ideas. If you have specific knowledge or expertise, try to see how this strength can be applied to meet certain market needs. Combining skills and knowledge with market demand will increase the success rate for a business idea.
- For example, you may have worked for an electronics company for many years, and you find that your community has a special need for a certain electronic item. You can then combine your experience with this market need to attract customers.
- Always check that the name you intend is being used by someone else before choosing. Try to come up with a name that is simple and easy to remember.
- A good example is the famous brand name “Apple”. Such names are not only simple and easy to pronounce, but also easy to remember and stay in the minds of consumers.
- Think of historical success stories like: John Lennon and Paul McCartney; Bill Gates and Paul Allen; Steve Jobs and Steve Wozniak; and Larry Page and Sergey Brin. In any case, the partnership yields the best results for both parties and they all become billionaires. Does that joint partnership guarantee becoming a billionaire? No, but it certainly doesn’t hurt!
- Think about your weaknesses or areas where you don’t have much knowledge. Finding the right partner for your personality who can fill any gaps in your knowledge or skills will be a great way to ensure your business has the resources it needs to succeed.
- Does this person complement your weakness? Or do they both have identical skills? If the second answer is yes, then think twice because you will have many chefs cooking the same dish but no one else can.
- Do you look at the big picture? Debates about details should be brought up and they are important to working effectively. But without seeing the big picture, your company’s main purpose can go astray beyond repair. Make sure your members care about the cause as much as you do.
- If interviewing someone else, learn how to spot a candidate’s talent behind a degree, certificate, or nothing at all. Everyone’s natural talents can be different from the traditional education they get (or don’t get) and the search for “the one who got it right from the start” and hidden talents and proofs. Getting a degree is very important.
Business Planning
- Who are the potential customers? Once you understand who they are and what they want, you can build a marketing strategy.
- What price are customers willing to pay for your products and services?
- Who are your competitors? Do a competitive analysis to identify your main competitors. Find out who is doing the same thing as you and how successful they are. It is also important to find out what causes their failure and what causes their business to fail.
- How will you create the product? Is it an existing service or if it is more complex like software, for example, a tangible product like a toy or toaster – whatever it is, how will it be made? Build the process, from raw materials to assembly, packaging, storage and shipping. Do you need to hire more people? Are unions involved? All of these factors need to be included in the plan.
- Who will lead and who will follow? Define the company’s organization, from the front desk clerk to the CEO, and the roles of each, including functions and compensation policies. Knowing your organizational structure will help you plan your operating expenses and capital adjustments needed to operate effectively.
- Receive feedback. Friends and family are great sources for you to ask questions and get feedback. Don’t hesitate to ask and listen to their suggestions.
- Need to increase the size of your business premises? This happens more often than you intended! Once the goods start to pile up, you may have to store them in the living room, bedroom or garden. Think about renting warehouse space if necessary.
- You will have to include the type of marketing that will be used such as radio advertising, mass media, promotions, billboards, networking events, or all above?
- Define the marketing message. In other words, what will you say to convince customers to choose your product? This means you want to focus on your Outstanding Business Score (also known as the USP). This is the only advantage your product has to solve a customer’s problem. It could be lower costs, faster service, or higher quality than competitors.
- Competition is not only about goods and services. It is also about social and environmental responsibility. Customers are increasingly concerned about whether your business is responsible for employees and the environment. Certificates and certificates of merit from prestigious organizations such as titles and star ratings can assure your customers that your products and services are associated with higher value than products that do not. .
- Take into account start-up costs. How are you going to fund your initial business? Funds from banks, start-up funds, venture capitalists, Small business management, savings: they are all reasonable options. When you start a business, be realistic. You won’t be able to start making 100% of what you expect, so you need to have reserves available to keep you afloat until everything runs smoothly. One of the surest ways to failure is lack of capital.
- At what price are you going to sell your product or service? What is the production cost? Estimate net profit, taking into account fixed costs like rent, utilities, labor, etc.
- It is necessary to edit the ideas. Perhaps your products will be more appealing if they come in different colors, textures, or sizes. Perhaps your service needs to be scaled up, narrowed down, or more granular. This is the time to focus on whatever comes up during the testing and development period. You’ll obviously notice something that needs tweaking to perfect or cut out in the sense of a competitor.
Financial management
- Do you have any investments or savings? If so, consider using some of your savings to invest in your business. However, you should never invest all of your savings in a business in case it fails. Plus, you shouldn’t invest your emergency savings (experts recommend having 3-6 months of income set aside for this purpose), or money you’ll need. for the next few years for other obligations.
- Consider a home loan. If you own a home, finding a way to get a home loan can be a good idea, as the loan is often easily approved (since your home acts as collateral), and interest rates are usually lower as well.
- If you have a 401(k) savings plan through your employer, consider borrowing from the plan. Plans typically allow you to borrow up to 50% of your account balance for a maximum of $50,000 (applies in the US).
- Think of saving first as another measure. If you have a job, save a portion of your monthly income over time to cover startup costs.
- Ask for a small loan at the bank. If you follow this method, consult as many banks as possible to choose the lowest interest rate.
- A business account opened at a bank is a contract in which the bank provides a line of credit to a business who wishes to accept payment for transactions via a card of a certain card institution. Previously, without this contract the business could not receive payments from any major credit card institution. However, the Square app has changed that, so don’t be constrained by this traditional option. Learn more and familiarize yourself with new technology.
- Square is a card swiping device that connects to a smartphone or tablet and turns it into a payment machine. You may come across these devices in your regular business as they are increasingly common in cafes, restaurants, street food stalls and other types of businesses (look out for a card). postage stamp-sized plastic that plugs into a smart phone or tablet).
- Please note that all forms of payment such as Paypal, Intuit, and Amazon offer the same solution. Be sure to consider all options before deciding.
- If you have an online business, Paypal is a great payment service for receiving and transferring money.
Legal Aspects Review
- Make “choice” of the right people and they must know your business. You’ll want someone with experience in this area because a less-experienced lawyer can land you in legal trouble, pay fines or even go to jail.
- Sole proprietorship, if you will do this business by yourself or with your spouse (no employees).
- A partnership if you will be doing business with a partner.
- A limited partnership (LP), created between a few general partners who have (unlimited) liability for matters related to the company, and a few limited partners who will only be liable ( limited) in the amount of capital they invest in the company. All share the company’s profit and loss.
- A limited liability partnership (LLP), in which no member is liable for another member’s mistakes (protects innocent members from the negligence of another).
Promote the Company
- Similarly, if your company is focused on a “person-to-person” interactive experience, traditional marketing will be important. For example, if you are starting a real estate business, focus on word-of-mouth marketing to your neighbors before opening a website.
- When creating a website, keep in mind that simplicity and clarity are essential. A simple design that clearly articulates what you do, how you do it, and the cost of the product works best. For your website, remember to emphasize why your business is the best solution to your customer’s problem.
- Depending on your business, you may need attractive, eye-catching business cards.
- If you plan to advertise periodically, they will need copy or images at least two months before publication.
- If you sell in stores, sell pre-orders and set up a booth. If you sell online, be prepared to have your website up and running.
- If you are a service provider, advertise in specialized magazines, newspapers and online as appropriate.
Company Launch
- If you don’t need an extra office outside of your home, but do need a place to meet your partners from time to time, there are often locations that can solve this problem. A quick Google search for “rent a meeting place in [province/city]” will give you plenty of options.
- Be sure to contact your local authority to find out about zoning laws. Some types of small businesses cannot be run in cramped quarters, and it’s important to make sure your business is operating in the right area.
- Host a party and invite people to promote your products. It doesn’t have to be expensive, you can buy food and drink from a discount store and ask friends or family to help you (in exchange, you can give them a product or service).
Advice
- Always provide value and service to potential customers even if they are not potential now. When they crave your product, how do you be the first person they think of.
- Thanks to the growth of the internet, an online business is the easiest way to start and less expensive than opening a regular store.
- Keep learning and adapting to change. Find friends, sponsors and related businesses, online forums and articles on wikis to learn how to run a small business. It’s a lot easier for people to do their core work and thrive because they don’t waste time and effort “reinventing the wheel” at home.
- Most direct selling companies have lower start-up capital costs than a brick-and-mortar store. You can also break even faster.
- You should also consider opening more deals on eBay or Overstock.
- It’s also good to start with just one or two products and then add more as you come up with it!
- Don’t be afraid to experiment with price. You need to determine the minimum price of the product or service at which you will break even, but experiment with varying high or low prices.
- Always believe in yourself even when you face a lot of financial difficulties.
Warning
- Be wary of people asking for money before doing business with you. Transactions are always win-win, [3] X Source of research so a partner is willing to pay you to work. (A franchise or a home business can have large legal initial costs, but they should reflect the reasonable costs of getting you started, so the franchise owner can monetize your success, instead of charging you franchise fees at the start of the business).
- Be wary of business offers that offer a “do not work and make a lot of money” business offers. They will usually take something from someone – and usually you. There are many different ways, some more polished than others and easier to deceive. A good example is the multi-level (pyramid) business model [4] X Research source and upfront fee scam. [5] X Research Sources
This article was co-written by Helena Ronis. Helena Ronis is the co-founder and CEO of VoxSnap, a platform for creating educational materials with audio and voice. She has worked in the product and technology industry for over 8 years and received her bachelor’s degree from Sapir University in Israel in 2010.
There are 7 references cited in this article that you can view at the bottom of the page.
This article has been viewed 213,386 times.
Do you dream of owning your own company? You will become the boss and the driver of the destiny of your own company, maybe even the captain of an entire industry. Is it difficult? Very difficult. Is it challenging? Of course. Do you need to be rich and well educated with a great profile? Absolutely not! Can you do it? The astrological globe said, “All is possible!”. So how can it be done? Plan, plan and plan! There are several tried and effective ways to focus on your successful entrepreneurial journey, and now is the time to get started.
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