There are 582 million entrepreneurs in the world, who once dreamt to start a business and made it successful. It must be their dedication, hard work, and anticipation for good results that have worked for them to start something of their own and claim the marketplace like a boss.
Entrepreneurship is really rewarding as well as daunting at the same time (only if you are underprepared). But with proper planning, confidence, money, and quality product at disposal, it’s quite easy to start your entrepreneurial journey, provided you know how to start a business with a step-by-step process.
Do you see businesses like Salesforce.com, which started its office in an apartment and now has the tallest building in San Francisco? The brand succeeded because their can-do spirit was intact and their product had the wow factor.
If you too have the courage, great product, and don’t worry about little money you have to put...seriously don’t worry, you can still start a business, and grow it over time with amazing digital campaigns and outreach, and meet your bottom lines. You just need thick patience and dedication to put your efforts in the right direction.
Since there is no cookbook for starting a business, here we are bringing you some quick, doable, and easy steps that anyone can perform to start a business, all gathered from real entrepreneurs' journeys, their missteps, and their findings.
Let’s unfold your query “how do I start a business from scratch”...
Are you geared up for entering the road of entrepreneurship? Looking for how to start your own business? Well, let’s get started and decode the time-proven steps on how to start your own business from scratch. And at the bottom, let’s also uncover some ideas to start a business, along with some tips for starting a business.
“The secret of getting ahead is to get started.” In business, get started with self-introspection first. To start a business in reality you need to deeply realize whether running a business is your cup of tea or not. Because running a business is an intense job, it requires:
If you think you have all these qualities, congrats, it seems you are ready for claiming the world of entrepreneurship and have everything it takes to start your own brand label.
Now you are ready, you need to identify the kind of business you want to run. You need to look through certain factors to identify what kind of business niche or type would suit you best. And for that:
If you are thinking of selling products, you have two types of products to choose between:
You can choose either of two to start your venture. Best is if you combine selling both two types, this way you can target a wide range of audience.
A business strategy is a documented plan stating how and what goals a business should achieve. The goal is your ultimate bottom line, which can be about reaching 1 million users of your products, fulfilling customers' needs & expectations, creating a distinct niche for yourself, being better than your competitors, or more.
This is an important and frontline thing before you go about starting a business, as not only it gives you a concrete path to walk on, but also helps you trace your actions, success, performance, or areas of improvement against the target you’ve set in your business strategy. It can have a detailed description around the areas such as:
Did you know David Darmanin aka CEO & founder of Hotjar (biggest analytics tool) had started two startups units before establishing Hotjar? Across both the units, he employed teams who had created amazing products & services (without clearly understanding what the market wanted), and as a result, both the ideas tanked as they lacked the market’s needs.
As a lesson from the last two tanked ideas, Hotjar came out differently and was backed by thorough sheer market research, which led it to now a worth of $25.0M.
Before launching a product line or delivering any service, it is important to have some ground-level research of the target market. As in what they like, what they want, what particular product or its features can curb their problem statement. With well documented and calculated target market research, businesses can gather information on buyers’ which will help in:
Here are the 3 ways through which you can research your target market and understand its intention as a buyer:
They are one of the straightforward and inexpensive ways to gather qualitative buyers’ information and insights. Which will help you create user-centric products and experiences. You can easily create such custom surveys through Google Forms and send these to prospects via emails and other digital mediums.
2. Conduct Interviews/discussions
You can conduct face-to-face or digital interviews or discussions with prospects through social media or any digital platform to understand your target market, where they are, how they look, what they feel and want, their problem areas, and everything else you wish you should know to make better products and experiences in their buyers’ journey.
3. Create Focus Groups
If you have a budget, this process involves bringing the real target buyers from the market. Focus groups help to evaluate your business idea or product before it’s launched in the actual market). They share their opinion, experience, and problems with you and tell whether your business idea or product helps to curb that or not.
For beginners with a lesser budget, you can create your very own focus group about your business idea or product with peers, friends, family, colleagues, or others.
Setting a name for your corporation is an important aspect. You can’t go wrong with it. This is the name with which you will be called for the rest of your life (Nah! not the rest of your life, of course, you can change it at any interval while rebranding).
Still, you should press upon thinking of a business name that can turn out to be an ultimate brand. Make sure whatever name you choose for any venture:
You can search for the popular keywords around your niche and set up a name by connecting dots from there. Google AdWords keywords tool is the best place to search those keywords. Apart from that, you would find a variety of tools for naming a startup, they can really help you give good clues.
Once you have pondered over the name of your business, it’s time to legitimize your business. Meaning, you must consider registering your business to:
You have 5 types of business options to choose from:
Study all these business models carefully and decide which one you would want to register and pursue.
Get in touch with legal attorneys and research if there is any regulation or license you need to obtain to establish your business. Knowing them will keep you away from legal impediments in the near future.
And would keep you entirely legal in the eyes of the law and keep your business interests, trademarks, patents, operational & marketing aspects protected from all costs.
Go and check the Licenses and regulations you need to adhere to based on your industry, economy, and business type.
Create a detailed financial plan to determine what capital you need to oil your business machinery. Firstly, evaluate your monetary resources.
Then, identify how much money your business type will need to get started. If it’s going to be solely offline one, identify what all resources you will need to run your business, such as:
If it’s going to be an online business solely or a mix of both digital and physical one, identify the cost of it around factors like:
Once you have all the cost-related factors known, figure out other aspects through which you can reap some capital to venture. Some of the ways you can have money are:
Put your money- You can invest your personal income or savings to start a business and once the business earns profit, you can put back the amount to where it belongs.
Borrow from friends and family - You can borrow capital from people you know, provided you ensure you do it with a proper written agreement and amount repayment plan.
Business loans - You can take loans from banking institutions based on the interest model that is suitable for you.
Government grants - You can search for government grants for small businesses that do not require repayment of money.
“Nothing you do is more important than hiring the right resource. In the end, we make bets on people, not strategies.” - Lawrence Bossidy, COO, General Electric.
If you are not planning to build an empire all by yourself, plan some division of staff, or human resources around to manage your business.
Initially, you should keep your investment low while finding the manpower, and hire only the ones who are much needed. Once your business grows at a mushroom rate, you use the profit to expand the divisions and staff to fulfill more requirements.
So now you know your product, service, finance outlets and have registered your business, it’s time to start carving your product or service into reality. If interested in a product-based business, you have 3 options to about it:
If you wish to deliver any services, arrange how you would do it, collect the right people, build a unique, compelling website design to broadcast your business.
Branding can help add credibility to your business. You must have branding essentials ready to make your business more stronger and memorable. While creating your brand presence, you should find answers to:
Think over certain brand credentials that will help recall your business out in the crowd, like:
Think of other things that can make your business unique, creative, and reliable for your customers. Experiment with your style and build an overall business presence that looks put together professional, and something that users can’t get away from.
With 68% of searches starting with search engines, it’s difficult to stay just offline. You need to maintain a strong digital presence to connect with digital buyers or audiences as well.
Here are a few ways to digitize your business:
Check out this cool guide on how to create a basic business website with WordPress (even when you don’t have enough budget)
Well, Ewing Marion Kauffman Foundation said in 2009 that the average cost to start any business from scratch would be $30,000.
This can’t be the full truth, as every business is different, has different structures, cost allocations, resource requirements, so this numeric can’t be applicable to all. The cost to start a business can be much cheaper for franchise businesses, small-sized, or any home-based businesses.
In fact, according to the Small Business Administration in the US, many microbusinesses can be started at as cheap as $3000 and home-based franchise businesses can range between $3000 to $5000. It all depends on the business model and the financing requirements.
Marketing is a really helpful step for your newly-minted business to build and maintain that long-lasting and forever-kind of relationship with your would-be buyers, online. It can also help attract your potential customers, create impactful brand awareness, and add big bucks to your bottom lines.
Here are some effective ways to market your business…
Wondering what good ideas to start a business are, here are some cool options with rich dividends and less cost for you to start:
You can choose any business idea that seems feasible to start in terms of money, time, effort, and response.
Some Tips for Starting Business from Ground Up!
Starting a business can seem to be massive at glance, but trust us, it’s also a rewarding thing you can ever achieve. Here are just 5 tips for starting business of any scale, niche, or industry that can really help you take this important undertaking so well.
Starting a business is something that anyone can dream about and make happen, especially in this digital age. If you have a great product, service, and confidence (don’t worry about little money) to put yourself out there, you can slowly but surely start a business and make good bucks.
Many leading brands were once small and made an itch to a scratch by keeping their beliefs high, following these steps to starting a business, and making ends meet by tapping every opportunity they got.
These steps on how to start a business are all that you need to get started, make dreams turn from documentation to reality, and create your name into the marketplace.
Now you have everything needed on “how to start your own business”, how about we assist you in creating your digital identity that’s compelling, converting, and powerful enough to make money.
Here are a few questions about “how do you start a business”, check them out!
If you have a certain skill, talent, or product, you can still start a business for really cheap. You do not need an overarching business structure or money to get started. If you have any skill, passion, or own crafted product that you can exchange for a sum, you can do it with a basic website portfolio that isn’t very costly and very effective at gaining traffic and buying customers online.
You can start your own clothing eCommerce store or sell your handicraft with a simple website online. Check out our small business website designing plans that are really affordable to your pocket!
2. How do I start a business?
For starting a business, just be assertive, have a business plan in check, identify your product, evaluate your budget, have a website or online store in place, and voila start selling your products.
3. What is the easiest business to start for a beginner?
The easiest business to start for a beginner would be where you sell your expertise, wisdom, skill as a service, instead of goods or services (as they may require heavy investment). You just have to set up a stunning, user-centric website, and you are ready to start making money.
Consult what business ideas you can turn to reality, with us!
4. What is the best time to start a business?
To start a business, you don’t need any perfect time, you can get started anytime. Just don’t wait until the perfect time. If you have an idea, product, service that can be sold online, make it possible. The key to get started is just to keep going and making small progressions with the above steps to start a business.
What’s your take on “how do you start a business”, do you have any special recipe for the sauce, come share with us in the comments below.
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