Starting your own company may seem a bit nerve-wracking; the simple thought of having your own company seems like something you would never imagine. While most people think that you need some form of a college degree to start your own company, the reality is that all you need is proper preparation and business savy. The truth is that you can start your own company today if you wanted to. Here are five things you’ll need to get started.
If you are looking to start your own business there are five things you can do today to get your business up and running, choosing a niche, choosing a cool business name, conducting market research, establishing a presence on social media, and writing out your business plan. These five things will set you on the path to creating a great business.
Choose Your Niche
The number one thing that you should do when starting your own business is to come up with a business idea. Use this time to figure out what you do best and what your talents are so that you can capitalize on those talents. Whether you are good with numbers or have excellent organization skills, you can use this time to figure out how you can market off the skills. A great example out for capitalizing off of those awesome organizational skills and number crunching is to start off a virtual assistant business. These days, virtual assistants are in high demand and your skills can be useful for this business.
Come Up With a Business Name
Although this may seem like an easy idea, the truth is that it can actually be quite difficult since the business name that you might have in mind could be already taken,. When choosing a name you make sure that it’s something catchy yet also professional. Additionally, you’ll want to create a business name that is in the same realm as your niche. A memorable yet catchy business name will lead to a steady stream of business in the future.
Do Some Market Research
How high in demand is your particular niche? Is this particular area oversaturated? These are the questions that you should ask yourself when you begin conducting your research. While doing this research, you should look at the prices of your competitors, the services that they offer, and what their customers are saying about them. It’s totally okay to do research on your competitors, in fact it is very much recommended. By doing this research, not only will you have an idea of what kind of services you should offer, but also by comparing prices you’ll have an idea as to how much you should charge for your services as well.
Make Yourself Visible Online
It’s time to get creative! With the newest craze with social media, your business’s presence online is more important than ever. This does not mean that you need to go ahead and create your social media pages today. All you really need to do is plan out your social media strategy and conduct research on the best social media strategy tips. You may want to consider creating a Facebook business page and an Instagram account. The most important thing to do is create a social media account where you reach the most possible customers.
Start Working on Your Business Plan
Now that all the steps have been done, it’s time to tie everything together. This is by far one of the most important steps in this whole process. The business plan is used for you to plan out your business objectives, short term, and long term goals, as well as marketing objectives. Here is what your business plan should consist of.
- Discuss your purpose. Why is this business so important, and how will your clients/customers benefit from your services.
- Take a moment to map out the strengths and weaknesses. As part of your business plan, you should take some time to discuss the strengths and weaknesses. This is where you’ll be able to take all that information you researched on your competitors and add it to your business plan.
- Consider your target market. Who are you looking to serve? What does the ideal client/customer look like to you? This is extremely important, because it will be applied to your marketing plan later on.
- Set yourself up for some funding. The great thing about a business plan is that you can take it to a bank and use it as a proposal to request business funding. Many banks want to view a business plan before releasing any funds to make sure that you are able to properly run a business, so you should make sure your business plan is solid before going to the bank.
- Select a business name and legal structure. As for your legal structure, you will need to decide whether you want your business to become incorporated or a Limited Liability Company (LLC). Make sure that you conduct proper research on these terms so that you do not run into any legal issues down the line.
Although this step may seem a bit redundant as though you have already done this already, it actually ties all the research you did before together. Everything that you did today to prepare for your business will be added to your business plan. Your document does not need to be too long. In fact you can keep it a few pages long if you’d like. The important thing is to have all the relevant information in the document so that no question is left unanswered.
As you can see you do not need a business degree from a fancy business school to start your own business. The internet and proper research will guide you on the right path towards starting your own business. Remember that the greatest entrepreneurs did not obtain a business degree, and have gone on to create multi-million dollar businesses. Best of luck on your next business venture!