You know the basics of profit and loss. You are business-savvy. Every time you see a new business venture come on stream, you wonder why it wasn’t you. You’ve now decided, “I am starting my own business!” If you are thinking how to get it off the ground, this article may just be the final push to get your business-a-buzzing! This article serves as a guide to help you start a business of your own – your piece of the pie! Here’s how:
Do background checks
Conducting market research is essential. You need to have a handle on what is happening in the field of which you choose to be a part. This can be as simple as asking friends what they like and dislike about similar already established businesses. If you are still unsure on what business to go into, this is equally useful in your decision. In conducting this research, you must familiarise yourself with your competition. Take note of both the positive and negative aspects. Their downfalls will tell you what not to do and their strengths will tell you what to do, only better. You will then be able to analyse your strengths and weaknesses and apply in a similar fashion. This information is what you need to create a business plan.
Before you do anything else, write a business plan
Thorough planning is key to successfully launching a new business. You may be wondering, “What is there to plan? I want to go for it!” To that end, keep your enthusiasm, but know that there is a lot to plan. Be patient when writing a plan and remember that the time you spend planning during the start-up phase will pay off later. Once you have written up your business plan, while modifications may be made afterward, your business plan is the map to your business destination.
What to include
The business plan outlines your vision and how you intend to achieve your goals. Your business plan should include the business name, revenue targets and their time period required to stay in business. It should also include your overheads, or what it costs to run the business. These costs or liabilities include all the expenses associated with your business. These are operational costs, like paying staff, rent, utilities, cost of equipment and supplies and advertising. Depending on the nature of your business, the list of liabilities will vary. For instance, a web developing business can operate from home or an Internet café, and the owner would not need to rent a commercial space. Figuring out what it costs to run your business will help in the next step of finding the finances.
Finding the funds
Once you have done a business plan, you need to work out financial support or capital and there are options. The main thing is to find the option that best suits your needs, particularly with regard to paying it back while making some money too (profit). After all, you are in business to make money!
You may choose to apply for a small business loan. Use the information that you have gathered from writing the business plan to apply for enough money. Go to a bank with which you have an account. Fill out all the paperwork and include all the information requested. Another option is to find government-backed loans or grants to help you get started.
Through friends and family is yet another approach for funding. Find out who might be interested in helping you and present them with your business plan. Be open to the idea of people investing in your business. You can propose an agreement like; when the business gets off the ground you pay an amount in order for them to become a partner in the business.
On the record
Once you have established the source of funding, you need to register your company for it to become legal. Saint Lucia is ranked 36 out of 186 countries for how easy it is to start a business, a ranking by the World Bank. A lawyer conducts the registration process and prepares all the required documentation for the commercial registry. As of June 2010 the entire registration process, which you pay for can take only one day.
Advertise cheaply, at least for the start-up phase
Now that you are registered, you must let potential customers or clients know that you are about to become the expert in the field. The cheapest way to advertise is online. Above the line advertising, like print ads and TV commercials can come later when you are established. For now, keep it low cost or free. Use social media like Facebook and Twitter to advertise your business. Send periodic eblasts about promotions that you offer or build a buzz around your launch. Once you have launched, it is time to serve your customers or clients and serve them well! You are in business!
So there you have it. These are the steps to starting up a business of your own. What are you waiting for? Start your research and get ready to type your business plan! Good luck!
