You’ve finally convinced of the advantages of having a business compared to a job, or have a revolutionary concept that could change the world. Whatever the reason you have to start your own business, the following guide will show you step by step how to do.
You can use this guide; however, to get more out of it, we recommend that you first read it all the way through, from step # 1 to # 20, and then you go reading more carefully each step as you go applying.
As for the order of steps, it is set such that the steps are easy to follow, however, it is only referential, may be the case that you have to change it (make the step # 10 before eg No. 9), depending on your circumstances, but also on your preferences.
Also, each step is summarized so that the guide can be easily read.
1. Find a business idea
Here are some ways to find a business idea that you can use are:
- Think of something that consumer want to have, and then think of a product or service that could satisfy them.
- Think of a product or service that others do not offer, and that because of its novelty and innovation, you could create a new need for consumers.
- Identify a product or service that others offer, but you could add something that differentiates from them or do it better.
- Come to business directories or sites dedicated to Internet entrepreneurs where can you get ideas that serve as inspiration.
Whatever the case, it is advisable to choose a related to what you consider is your business passion in life, because only so you’ll have enough motivation to pull it off despite all the difficulties that can be found in the way.
2. Assess whether the idea could succeed
To do this, you could visit the places where similar products or services you plan to offer are offered, and analyze if there is sufficient demand for them, or see how many similar businesses to create there you think, and analyze how competitive they are.
You could also opt to ask your family and friends of their opinion about your idea, or a rapid assessment of the resources and expertise would need to implement, and analyze whether you have them or are in a position to acquire.
3. Choose the business name
To find names for your business you could look out the names of the competition and pay attention to the ones you like, or go to business directories on the Internet that are the same type as yours, where you can find names that serve you from inspiration.
And then, to choose the right name, you must take particular account your personal tastes and marketing implications that may have (to generate a positive image, to communicate what is your business, it is easy to pronounce, etc. ).
4. Choose the location of the business
To find locations for your business you could go to the classifieds in the newspaper or Internet ads, or tour the areas where you wish your business were located (for example, areas where there are similar businesses or less competition) to see if you can find local and offices for sale or rent.
And then, to choose the right location, you must take into account various factors such as the number of people in the area, local visibility, access routes, competition, costs, etc.
5. Determine the target audience
To determine your target audience, first you must segment the market all that exists for your product or service in different homogeneous markets consist of consumers with similar characteristics, taking into account different variables such as location, age group, socioeconomic status, etc. .
Then, choose one of the resulting markets more attractive to venture considering your ability, knowledge and experience, but also making sure not so small to the point of not being profitable, nor so wide to the point of not being able to specialize at.
6. Analysis of the target audience
To analyze your target audience you must first determine the information that you would like to discuss, which might include, for example, tastes, preferences, habits, shopping behaviors, attitudes, etc.
And then collect this information, for example, through surveys where you will not ask questions that allow you to obtain the required information, or visit the places where to shop accustomed to observe their behavior.
7. Competitive Analysis
As in the previous case, to analyze your competition first you must determine the information that you would like to discuss, which might include, for example, its location, its resources, its price, its main strategies, their strengths, weaknesses, etc.
And then collect this information, for example, visiting their premises to observe or care processes that give the customer, buying their products or services trying to analyze them better, or making small interviews with former employees.
8. Development of business plan
In short, the sections should have your business plan are:
- Business definition : the basic data of your business, describing it as the product or service you will offer.
- Marketing plan : marketing strategies that you will apply once launched your business.
- Operations Plan : the physical requirements necessary for the operation of your business, and the description of his process.
- Human resources plan : description of your management team and personnel requirements that will take your business.
- Financial plan : the investment calculation, projected revenues and expenses, and financial evaluation.
As a tip at this point, you do not need you to work out a complex business plan over 200 pages that nobody will probably read, but a simple business plan that simply allows you to meet the objectives.
9. Search for funding
Some of the main sources of funding that can go to are:
- family and friends : which could lend money without charging interest and without putting so much pressure to have to pay them back so quickly.
- banks : the most used when applying for a loan source, but the most difficult to access in the case of new business, especially if you do not have a good credit history.
- financial institutions oriented SMEs : which are more accessible than banks, but with the disadvantage of charging more interest.
- investors : people who could finance your all or a part of your business, but with the disadvantage of having to pay for always a part of the profits.
Taking on debt is a big responsibility, so as counsel at this point, you should take your time in finding the best financing alternative, and before applying for a loan make sure you will be able to pay promptly.
10. Legal constitution
In short, the general steps you should take to legally incorporate your business are:
- whether you’ll be a natural person or legal entity.
- choose the type of company or partnership (for example, EIRL, SRL, SA, etc.).
- search for and reserve the name you want for your business on the public record.
- develop and raise public write the minutes of incorporation.
- register the deed in the public records.
- choose the tax system to which you are going to receive for paying taxes, obtaining and processing your taxpayer code.
Legally constitute a business can be a tedious task, so at this point it may be advisable to turn to centers or institutions that help you perform this process at minimal cost, and you will surely find your location.
11. Obtaining the operating license
In short, the general steps you should take to obtain an operating license are:
- go to the district municipality where it will be physically located your business.
- submit the required documentation (which surely will find on the website of the municipality in question).
- complete the application for obtaining the license.
- make payment.
As a tip at this point, before acquiring your local business, you must ensure that grant an operating license, and not assume that you will give it, for example, to see that there are already other similar businesses in the area.
12. Registration mark
In short, the general steps you should take to register a trademark are:
- go to the Patent and Trademark office (could be another name on your location).
- ensure that others have not registered a mark identical or similar to the record you want.
- complete the application for trademark registration.
- make payment.
At this point it might be recommended that you hire a lawyer of trademarks and patents to help you perform these procedures, and above all, you avoid having to making sure that there are no registered trademarks equal or similar to the one you want to record.
13. Purchase or rent of the premises
If you have not already done, the next step involves the purchase or rental of premises where work your business.
If rent space in addition to the duration and the rental price, some aspects you should look in the contract are the ability to transfer ownership of the contract if you decide to sell your business, and the possibility of making improvements the store.
Whatever the case, at this point it is recommended that you hire a lawyer with expertise in the subject, which will advise on the purchase or lease of the premises of your business and, above all, you avoid making mistakes when signing the contract.
14. Remodeling and decoration of the premises
Once you have purchased or rented a room for your business, you should remodel it so that it fits your type of business, and decorate according to the concept or style you want to give.
For remodeling, addition of personnel involved in the planning and execution of this, it is recommended that you hire a designer also facilities that have experience in the type of business you are going to get.
As for thedecor , which includes the placement of billboards and posters, use of plants, and installation of paintings, ornaments and other decorative objects, it could also be recommended that you hire an interior designer to advise you with it.
15. Purchase and installation of machinery, equipment and furniture
Once accounts with a local remodeled and decorated, you can proceed with the purchase and installation of machinery, equipment and furniture you will use to operate your business.
As a tip at this point, you should buy only what is strictly necessary, avoiding getting caught up in the natural emotion involved starting a new business, which makes us want to buy everything in our power.
You also need to search and compare good prices, in some cases rent rather than buy (for example, in the case of some equipment), and if possible make agreements with suppliers (for example, you provide furniture in exchange for advertising or exclusive sale of their brand).
16. Search and selection of suppliers
To search providers could ask you recommending you know yours, go to the Internet and search classified sites, directories and yellow pages, or attend specialized fairs and exhibitions announcements.
And then, to select the right suppliers, you must take into account various factors such as prices, quality of inputs, products or services, the payment facilities offered, experience, reputation, etc.
17. Search, selection and training of staff
First, you must define the profile that a person must meet so you can apply for the positions you have available, and find or recruit applicants who fit that profile, by publishing ads in the newspaper or online, or asking for recommendations .
Then, you must evaluate applicants through tests and interviews to select the best performance take them, hire them and train them to perform well in their new positions.
18. Organization of accounting
The organization of accounting includes the development of the accounting books and financial statements (the profit and loss, balance sheet and cash flow), but also the preparation of projected financial statements.
At this point it is recommended that you hire an accountant who visit you regularly without having to be permanently in your business, and also to help you keep accounts and declare your taxes, help you with your financial planning business.
19. Marketing Organization
As for the marketing of opening, this could include placing banners and posters on the facade of your business premises or the distribution of flyers announcing the early opening of your business, and sending invitations for the inauguration.
While in terms of marketing necessaries to get your first customers, this could include poster printing, posters, brochures, flyers and business cards, creating the website of your business, and publishing your ad on pages Yellow.
20. Opening or opening
On this day you must coordinate well with your staff functions or tasks to be performed, ensure the good performance of it, and correct all errors that both your workers like you surely will commit on this first day of operations.
And then, strive every day to grow your business, ensure you maintain the quality of your product or service, and always strive to provide excellent customer service that not only make your customers come back and visit you to buyyour product.