How to start a business: 10 tips for your project
1 – Are you sure you want to start a business?
The first step is to be aware of what necessitates, in terms of commitment, dedication, impact on personal finance and more. I think if you want to succeed you have to get serious, it’s not a hobby.
2 – Are you passionate about what you do?
Passion is the best form of motivation. If you like what you do, you’ll endure much more in difficult times.
3 – What problem do you solve for your customers?
It is the foundation of any business idea. You have to add real value to your potential customers. In other words, they should be willing to pay in exchange for the solution you offer them. Beware of false problems or solutions for which customers are willing to pay.
4 – What is your business model?
How will you become the solution to your customer’s money? What service do you contribute and how? At what price?
5 – How can you elaborate a product or service?
Which suppliers will you go to work with? What facilities are you going to use? How will you organise the staff? All this will impact your costs and expenses.
6 -Do you have any specific legal obligations?
Some businesses require specific administrative licenses or health checks, or any particular type of compliance. It is important to get information, because obviously they will impact the organisation of your business and cost.
7 – Financial Projections
How much will it cost to start? How long will you need funding to offset the initial losses? How much funding do you need? What can you expect in terms of profitability in the medium and long term? How can you re-finance?
Now that you have these questions clear, you can take the first steps in the business world.
8 – Close your first sales
In today’s world, the best advice you can give to a new business is that before actually implementing a heavy and costly structure, test your concept and look for customers and close sales. This step is crucial because it allows you to test your model and adapt at minimal cost. If your idea has weaknesses, you can rectify them very quickly and for little money.
9 – Keep turning the company name
In most businesses the company name (or main product sold) is essential. Do not take it lightly. Because finding a good name will help.
10 – Sign up for investment
Of course there are decisions to make when starting a business, such as the legal format, which has a significant impact on the future of your company, but should not be something that should worry you.
Consider seeking more effective investment. In other words, spend as little as possible to reserve your money and adapt your business to what customers really want and learn slowly.