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An 8-Point Guide to Starting Your Own Business

Building a business is a lot of work, but these steps will help you along the way.
Peter King is freelance writer who has a passion for saving money. Helping readers save money with sensible tips and ideas.
Peter King is freelance writer who has a passion for saving money. Helping readers save money with sensible tips and ideas.

Heather Clemons via Flickr

Working for someone is exhausting, especially when you constantly have to follow orders all day. If you find yourself sick of working under strict rules and pressure, perhaps it’s high time you start your own business. Starting a new business requires dedication, planning, and complying with the law… in short, it takes a lot of work! So, here are eight points to help you get started:

• Write a Business Plan

A successful business needs a clearly outlined business plan of the mission and vision of your business. It also needs clear objectives, or the goals you are aiming to meet and the strategies of attaining those goals. Business plans help you stay focused and not lose your way. When choosing a business idea, venture into a business you have passion for.

• Market Research

Before starting your business, do some market research in the field you plan on venturing into. Determine how large and competitive the industry is likely to be, and also check what your competitors are doing and for how much they sell their services or products. This is to make sure that you are aware of what you will be investing in, and you will not be discouraged along the way.

• Budget

Decide how much you are willing to invest in the business, and where you will get your capital from. Be realistic about the amount you want to invest. Do not invest all your money in the business at once. Remember, the first stages of a business are slow to build; you may need some extra cash to help you run things around.

• Legal Entity

Before starting any business, one is required to comply with business permits. Business permits are issued by the local government. Determine the requirement and what licenses are needed in your state. If you are starting your business as a company, you will need to first register the company. Starting as a sole proprietor is easier because it requires less paperwork.

• Select Your Marketing Strategy

Plan on the best marketing strategy and how to sell your products. You can decide to use social media because it targets a huge population at the same time. Create a Facebook, LinkedIn (LNKD) or Twitter (TWTR) page for your business. Come up with a unique logo to brand your business to your customers.

• Product and Workplace Development

Build your product or service you intend on introducing to the market. Start by ensuring the product is of high quality and its pricing is not exaggerated. Start by selling your product at a lower price than the competitors to attract more customers before your business picks up. An organized office attracts maximum productivity. You can look for shops that can help your business become more productive in various ways, from arranging your desk to paperless office solutions. Many stores, The White Company and Currys for instance, set their prizes with interesting incentives and promo codes.

• Build Your Team

Unless you are planning on being a sole proprietor, you will need to have a great team to work at your company. Get an energetic team that is full of passion for helping your business off the ground. Motivate your employees and define their roles and responsibilities to avoid conflicts.

• Grow Your Business

The start of a business is challenging and risky, and you are prone to making many mistakes along the way. Learn from your mistakes and listen to your customer’s complaints about continuous improvement. This will help you grow your business.

A new business requires a lot of patience to kick off. Do not come with unrealistic expectations and goals. Make achievable goals for your team, and embrace good communication. Misunderstandings can be the downfall of business because the team is not on the same page. Lastly, train your team on how to handle the issues and customers the ethical way.

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