There are still many beginners in building a business who are confused about starting a business. It is excellent when great intentions exist in an individual, but purpose alone is not enough. It takes a little insight or theory to start or do it in doing business. Besides preparing capital and knowing what business to do, other things need to be prepared to start a business. Especially if you start from scratch or have no previous experience. You need to see the explanation on how to start a business step by step.
The following is a procedure for starting a business that you can follow. Not just a way for your business to stand alone, but the stages that can make your business potentially successful. Check out the following method.
1. Ensure Established Business
The first and most basic question is, what kind of business will you start? If it is clear what business it is, the following point will be more accessible. You must determine what type of business you will run, whether it’s a culinary business, a clothing business, a tutoring business, or any other business. The company you are going to start does not only have to be in the field of knowledge you are engaged in. It would be great if it matches the experience in your life. Because that way, you know better what you have to do and are also better able to find solutions if there are obstacles.
You can determine what business you are running according to your existing budget. If a franchise business is what you want, you have to adjust your capital to the franchise price. An enormous business requires a location; the business space must be ample, and there must be many workers, meaning the money must be significant—Vice versa.
2. Define Your Business Vision or Mission
The following way to start a business is to determine what vision and mission you offer or will apply to your business. This is important to do so that you understand very well what are the advantages of your business compared to other people’s businesses. This way, you’ll also better understand what to say if someone asks you what your business is all about. Having a vision and mission also makes it easier for you to do marketing or promotion later.
3. Write Your Business Plan
Remember, planning is everything. Many entrepreneurs recognize the value in thinking about and researching your idea; Writing a business plan is the perfect canvas for this exercise. At the very least, you’ll soon find out what questions you don’t have answers to.
Having a solid understanding of your “unknowns” is important because they mean that you are actively not prioritizing finding solutions now; that’s much better than being unprepared or careless, especially if you’re having a hard time answering these questions while seeking funding. Your day-to-day activities of running a business will no doubt run on a much shorter timeline than the average business plan. And that’s a good thing; You need to know what you think, not what you think. But the initial draft of your project is like charting a path to the desired destination. Over time, things will change, and the minute details in the original plan will become obsolete. But if you don’t know where you’re going, how will you know when you’ve arrived?
4. Conduct a Survey
Before realizing the business you want, don’t forget to do a survey. There are several survey indicators that you should do. There are location surveys, consumer surveys, price surveys, and others. By conducting a price survey, you can determine what prices your competitors offer for the same product or service. Then consider whether you will provide your product at the same price, cheaper, or more expensive. Consumer surveys are conducted to understand better who your customers are and what they want. It will also tell you whether your market is lower middle class or upper-middle class. Survey your location to determine where you run your business. It can be a business room, showroom, factory, etc.
5. Prepare Capital
Maybe you have previously cross-checked the capital you have with the business you will run. Why is it discussed again at this point? You have to prepare worth perfectly, procure physical money, prepare money ready for transactions, and so on. This is even more true if, in the first point, you only estimate how much you can muster.
6. Starting a Business
After you have done the previous points, starting the business itself is the following way. Starting this business can be done by contacting the owner or seller of the location based on the location survey that you have done. Then you can buy whatever items are used to make your business product. You can also prepare other equipment to support business activities.