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Step by step on how to start your business
An Idea, it always starts with an idea, be it your passion or you just looking for a way to make money, or even a side hustle. It always starts with an idea. There are different types of business you can venture into but this is a guide you can use to start any type of business:
Step 1: Choose your product or service
Come up with an idea of a product or service you can sell that is in demand. Try not to limit yourself to ideas that you believe will make you a lot of money just because other people have been successful with them. The more unique your business is, the less competition you'll have.Be sure to choose something to specialize in that will allow you to receive a suitable profit after various expenses are paid.
Step 2: Research how much money it will take to start and run the business
If its a new product or service you are bringing to the market, you'll take more time researching but ultimately the decision is yours at the end, because it's your idea, but for existing products or services you'll find different business plan templates that will help you figure out how much money it'll take to run the business.
Step 3: Finding a suitable name for your business
Will you call your business after yourself, a family name or something fun? But remember your business name is a major part of your brand, so you want it to look and sound professional, and also portray a little about what your business is about. Google your proposed business name and make sure that it doesn’t already exist!
Step 4: Write a Business Plan
This will help you keep on track and super organized. Who’s your target audience? What services will you provide? What are your goals? Profit and loss expectations? Knowing what direction you want to take your business in will help you be successful. If you plan on getting a business loan, you’re going to need to present this document.
Step 5: Financing
Depending on your needs and expenses, you’re going to need some money. Some options are to get a bank loan, borrow from family or friend and apply for aid (grants). Or maybe you have no expenses and are working out of your home. Fantastic! The fewer expenses the better!
Step 6: Setting up Social Media Accounts and a website (optional)
This step is optional cause most of your target market can be found in your geographical location, But the world is becoming digital as each day passes