How to Start Your Own Business

Despite the pressure, self-employment is still a good career and lifestyle choice. It requires your time and concentration. Start by anticipating that you will have to put in time and effort until the business is stable and initially successful. There are different views on how to start a business. Here are a few basic ideas and guidelines for you.

Table of Contents

Find ideas

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Find ideas. You need ideas for your business before you do anything else. You can conduct market research to get a clearer picture. It must be something you are really passionate about, because this new business will cost you a lot of time and money.

Find business ideas by identifying things that people need and are willing to pay for, things that are not offered in your area, or things that you can do better than anyone else.

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Consider feasibility. Before going too far, consider the plausibility of the idea. Is that something people would really pay for? Is the profit it brings worth the time you spend? You’ll also need to make sure it’s a workable idea. While it’s great to own a computer that can magically summon food out of thin air, it’s simply not possible (unless you’re movie star Patrick Stewart).

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Make sure it’s unique. Whatever the idea, make sure it’s as unique as possible. As a result, you will eliminate or be able to overwhelm your competitors and the business will be more successful. Re-cooking existing products (producing Blue Red Wine or the like) is often not enough, so go ahead!

Make a business plan

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Determine operating costs. You need a solid business plan to present to investors, and the best place to start is to determine basic operating costs. It will map out and help you determine the amount of money needed to produce the product or provide the expected service. It includes costs of production, transportation, taxes, wages, rent, etc. ^{[1] X Trusted Source US Small Business Administration Go to source}

Know that operating costs are key to a business’s profitability, because to stay in business you’ll need to earn more than this benchmark.

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Identify potential markets. Be realistic. How many people will actually use your product or service? How much will they pay for them? If either figure is too small for the cost of maintaining the business, you should reconsider or change your plan.

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Identify obstacles. You need to anticipate any problems that might hinder your business.

Evaluate competitors: if their market share or products are too strong and stable, it will be difficult for you to penetrate the market. No one wants to buy a more expensive or comparable version of a perfectly available product or service in the market.
You also need to learn the relevant laws and regulations, especially about taxes. You should consult your local authorities as well as obtain information from the tax office. ^{[2] X Research Source}
Make sure there are no out-of-pocket expenses, such as equipment that is too expensive for the business to be profitable. Cars didn’t take off until Ford figured out how to make them cheaper by developing more efficient production devices.

Make a marketing plan

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Set a budget. Once you have a rough idea of how much money you have available, create a marketing budget, specifying what to spend on advertising.

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Find ideas that fit your budget. Once you know what your budget is, learn about the costs of different types of marketing, find ideas that work with those methods and are worth the cost. For example, if your marketing budget is generous, you might consider shooting an ad. If there is almost nothing, you need to research the best ways to use social networks: they are very effective and low cost.

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Plan when and where to market. Once you have determined the type of marketing you intend to apply, consider which advertising locations are most effective and what time of day, or month, or year will help you reach your target market. best way.

Make sure you use the right type of marketing for the audience you expect to be interested in your product or service. For example, using social networks to advertise yacht services only for people 55 and older will get nowhere. On the other hand, if the dance club is the new target for advertising, the print press probably won’t be the best choice for you. It also doesn’t do any good to advertise a business that only operates in Ho Chi Minh to people living in Hanoi. So, don’t forget to consider geographic location in marketing as well.
If the service is seasonal, you should consider what is the best time of year to advertise. At the same time, TV ads need to be timed to reach the right audience when on air.

Find financial resources

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Talk to your bank. Talk to a bank that used to have a good relationship with you. Ask about the type of startup loans they offer and how they can help your business. By asking a bank they have worked with, they will have easier access to financial records and more confidence in investing.

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Reach local investors. If a bank loan alone isn’t enough, consider raising funds from local investors. Maybe the local business tycoon or someone equally wealthy has a particular interest in seeing your success. Find out who’s in your area who might have the budget and drive to support you.

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Find venture capitalists or sponsors. Sponsors are wealthy individuals and venture capitalists are companies. Both invest in high-risk deals to enter (as a partnership) business and often provide the business with experience, management skills, and relationships. They usually operate through a network or association. ^{[3] X Research Sources} .

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Find friends and family. Often people who have known you for a long time will have faith in your abilities and direction. They are also the ones most likely to stand shoulder to shoulder during tough times in the early stages of a startup or when more capital is needed. However, make it clear that the money here is used as a source of risk capital, which may be lost or cannot be paid back in the short term.

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Use crowdfunding. If you still can’t raise enough capital, use your website to raise the capital you need to start your business. These sources of capital offer certain benefits. First, you pay no interest (because this money is used to provide the actual product or service). Second, not only does it help you gauge interest in your product/service, it also aids you in building a customer base. You will start a business with hundreds or thousands of existing customers who are ready to tell everyone about what you have to offer.

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Report. Regardless of the source of your funding, don’t forget to periodically provide key accounting, strategic and operational information to investors, usually twice a year. Holding a board meeting is a good idea so that everyone can meet face-to-face. If not, you can organize a teleconference.

Build the infrastructure

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Find the office. You will need space to operate. It can be a home office if it does not require a large space and does not have employees, or it can also be a workshop or warehouse. Find low-priced neighborhood rentals or business incubators instead of the “big” ones. Some universities offer low-cost premises for businesses founded on new scientific initiatives. It depends on what you are going to do and the expected size of the business. Make sure it’s a place that meets the standards and legal requirements for your intended use and is within your budget.

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Buy equipment. Buy everything you need to start your business. It can be mechanical equipment, computers, phones or supplies for crafts. It all depends on what you do. Try to buy from wholesalers because they will have significant discounts. If you are short on budget, renting is also an attractive option because it will not cause you to die.

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Create a document storage system. From needs like tax returns, finding out why you mysteriously missed 40 million dong to rummaging through customer records and determining whether Mr. good storage system to support running the business efficiently and smoothly. Invest in filing cabinets, digital archiving software, and stickers to stay on top of things and keep them organized.

Establish a customer base

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Leverage marketing and public relations (PR). You need to reach potential customers in ways that make them want to use your service or product. This is especially important at the beginning, before a regular customer base is established.

Advertise in such a way that it can at least capture the attention of the customer and hopefully go further, capturing their imagination. Be creative and engaging with your target audience.
Give out free samples to the right audience so people can say well about the product you offer. Word of mouth (or good PR) is the best way to attract new customers. When you receive bad comments or negative feedback, react positively and fix the problem. People will be less judgmental when you’re willing to correct mistakes.

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Use the traditional connection method. Attend seminars, charity galas, meetups with complementary businesses, and anywhere your audience is likely to be. In other words: get out and interact with people. Use contacts from friends to meet people who may be able to help you. This type of interaction is crucial in starting a business. After all, you can’t survive in an isolated environment, can you? ^{[4] X Research Sources}

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Build good customer service skills. Be excellent at interacting with others. Learn to understand the hidden meanings of other people’s words. Learn to respond to requests that they are not even aware they have. Know how to make others happy. Be charming and charming. And most importantly, be humble. The customer may not always be right, but you need to make them feel that way.

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Open website. Working online is the trend of today’s world. Every business will need a website if it wants to survive in the next ten years. People use it to contact you, find your address and find out your hours, ask questions, make suggestions, or even buy products or services. By setting up a website and providing services online, you will expand the service area, take it beyond the regional scope and even, maybe expand to the world.

Get paid

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Payment request. Don’t let others take advantage of you. Request payment within a certain time frame (suitable for the product you offer). Send the invoice as soon as possible. When someone is late paying, tell them. If you ignore it and hope the problem will settle on its own, you will find yourself working for free and your business going down. ^{[5] X Research Sources}

Advice

Make sure that your product/service appeals to the community, the region and the public not just your way of seeing it. If not, you should think about how to make it more attractive. Be wise in this regard.
Ask someone who runs a home business you know. They can help you get started.
Make sure your business looks professional and attractive. Have a logo, consistent branding, and a professional website to back it up. Many groups will help you, such as startyourownbusiness.net.au and vistaprint.com.au.
Realize that the business takes time to take off. Most businesses aren’t immediately profitable, so plan them to suit your personal life. You will have to make sacrifices to be the master.
Use these free resources. Your local library has a wealth of useful resources related to business registration, business planning, marketing, and industry-specific information. The Small Business Association, Chamber of Commerce, AMEX Small Business website, industry associations, ethnic associations… all offer training, supplies, networking and sometimes finance. . Another good option is SCORE, a group of retired executives who will give you startup advice.
When hiring people, make sure you’ve reviewed and interviewed them thoroughly. Don’t forget to collect real information, passports, identity cards, work history, work permits and more to be sure they are genuine and trustworthy.
Make sure the payment is convenient and appropriate. Accept credit cards, monthly payment plans, promote products with buy one get one free or discount.
Ask for advice when naming, finding slogans or identifying service offerings, etc.
Ask your parents for help.
Consult friends, relatives, and colleagues and make plans with the help of your good supporters and advocates.

Warning

Don’t forget to take time for yourself. Make sure that your exercise plan or family time is upheld.

Steps