If you ask me, I will give you advice to go all in but with caution. Let us look at the caution you must take:
1. Make a business plan: Having an idea is one thing but having a legitimate business plan is another story. Of people who start companies with a completed business plan:
a. 36% obtained a loan.
b. 36% received investment capital.
c. 64% grew their business.
Of the people without a business plan:
a. 18% obtained a loan.
b. 18% received investment capital.
c. 43% grew their business.
A proper business plan gives you a significant advantage. In simple terms, a business plan is the written description of your company’s future. You outline what you want to do and how you are planning to do it. Typically, these plans outline the first 3 to 5 years of your business strategy.
2. Secure appropriate funding: You will need adequate capital to get yourself off the ground. There is no magic number that applies to all businesses. The start-up costs will obviously vary from industry to industry, so your company may require funding depending on the situation. For a small, part-time start-up with no equipment, employee salaries, or overhead to worry about, it may only cost you less than $10,000. Other ventures may cost millions. What is the primary source of this funding? 22% of business loans go to small businesses. Most business loans are for large companies that are already established. So, if you cannot get money from a bank, or if you can only find a bank that is offering you an outrageous interest rate, what other options do you have? Find investors. Investors can be:
a. Friends
b. Family
c. Angel investors
d. Venture capitalists
Proceed carefully because you do not want to start giving away significant equity in your company before you even get started.
3. Surround yourself with the right people: You are going to need some help while launching your start-up company. Certain people often get overlooked when entrepreneurs are getting their business started. Sure, you may realize that you will need some staff and a manager to help run your company. Is that it? How many people do you need? It depends on the industry. Before you do anything, you need to register your business name. Once your business gets registered, you’ll need to get a federal tax ID number, as well, from the IRS. The IRS lets you submit your business information online to get your employer identification number (EIN).
You also need to consult with a:
a) Lawyer
b) Accountant
c) Financial advisor
Unless you are an expert in law, finances, and accounting, these three people can help save your business some money in the long run.
They can explain the legal requirements and tax obligations based on how you structure your business.
a. Sole proprietorship
b. Partnership
c. Corporation
d. Limited liability company
While your lawyer, accountant, and financial advisors are not necessarily employees on your payroll, they are still important people to surround yourself with. Do not forget about insurance. Shop around and find an insurance agent who can get you plenty of coverage at an affordable rate. Now you can start hiring people within your organization
4. Find a location and build a website: Your start-up company needs a physical address and a web address. Whether it is offices, retail space, or a manufacturing location, you need to buy or lease a property to operate your business. You should strategize for this in your business plan. Try to secure enough funding so that you can afford to buy property. It is worth the investment and will save you money in the long run. You also need to create a website. Do not wait until the day your business officially launches to get your website off the ground. It is never too early to start promoting your business. If customers are searching online for a service in your industry, you want them to know that you exist, even if you are not quite open for business yet. You can even start generating some income through your website. If it is applicable, start taking some pre-orders and scheduling appointments. Today, your company cannot survive without an online presence. It may sound like a tough task, but it is not that difficult. Once your website is up and running, you need to expand your digital presence. Utilize social media platforms like:
a) Facebook
b) Twitter
c) Instagram
d) Snapchat
Your prospective customers are using these platforms, so you need to be on them, as well.
5. Become a marketing expert: If you are not a marketing expert, you need to become one. You might have the best product or service in the world, but if nobody knows about it, then your start-up cannot succeed.
Learn how to use digital marketing techniques like:
a. Content marketing
b. Affiliate marketing
c. Email marketing
d. Search engine optimization (SEO)
e. Social media marketing (SMM)
f. Search engine marketing (SEM)
g. Pay-per-click advertising (PPC)
If you are starting a small business in a local community, you can take advantage of some older and conventional methods such as:
a. Print advertising
b. Radio advertisements
c. Television
d. Billboards
While these methods can be productive, outbound marketing efforts are not as effective as they used to be. Your marketing efforts will be one of the most important, if not the most important, components of launching your start-up business. Allocate a marketing budget. Determine how you are going to distribute this money across different channels. Have a plan and try to maximize your return on investment for each campaign.
6. Build a customer base: Starting a website, growing your digital presence, and becoming an effective marketer are all steps in the right direction. But now it is time to put these efforts to the test. Open your doors (or website) for business. Getting a customer to make a purchase is the first step. But this is not nearly enough. You need to keep your customers coming back. The customer needs to be your main priority. They are the lifelines of your business, and they need to be treated accordingly. Once you establish a steady customer base, you can use it to your advantage. You will get more money from your existing customers than from new ones.
7. Prepare for anything: Expect the unexpected. Launching your start-up company will not be easy, and you need to plan for some hurdles along the way. Do not let these speed bumps become roadblocks. You cannot get discouraged when something goes wrong. Preserve and push through it. The difficulties that you will face while launching your start-up company will help prepare you for the tough road ahead. Even after your business is up and running, it will not necessarily be smooth sailing for the entire lifecycle of your company. You will face peaks and valleys while your company operates. Mistakes and setbacks happen. Some of these things will be out of your control, like a natural disaster or a crisis with the nation’s economy. Employees will come and go. You will face tough decisions and crossroads. Sometimes, you will even make the wrong decision. That is OK. Part of being an entrepreneur is learning from your mistakes. It is important to recognize when you have done something wrong, move forward, and try your best to make sure it does not happen again.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath