Is there a dream passion for you to start your own company, expand your inherited company and become an entrepreneur? You have land up in correct place.
Setting up own your own business helps to work in your own and flexible hours. You can define your own set of rules and choose your area of interest to widen your skills.
Most of us get bored in being a full-time employee and manage pressurized boss with strict deadlines and unable to take up negative challenges in the job. Then, these are solid reasons to involve your skills in your own business.
Every established business had a drive and passion towards their dream. Even notable tycoons like Bill gates, Carlos Slim Helu, Warren Buffett, Mukesh Dhirubhai Ambani, Azim Hashim Premji started their business from scratch with no profit. But today they are the people who people aspire to become like.
There are also inspiring entrepreneurs who have restarted their career despite their failures in life. Most entrepreneurs have mixture of emotions such as great beginning, emotional setbacks, share profit down, challenges, competitor critics, and much more.
The start-up business owners need to define the reason for running the business. They need to have a focus for a long-term business and set their goals accordingly.
There are three main strong objectives to operate a business:
- Make money.
- Gain satisfaction.
- Provide opportunity for others.
The business entrepreneurs need to identify where their passion and skills get intersect. The emerging business tycoons should be able to understand the strength and weakness of market and consumer choice to establish them in the market.
Once you have set your focus on what you need to do, here are the key points to have in mind when starting your business from scratch.
- Explore the market
The Market analysis and research is a must and the concerned person need to pull out all the data and information needed from the internet. Internet is full of fact and information.
If you want to set up your own business, you need to know your area of interest. Dive in to the market and find out the scope of improvement with the help of analytical knowledge and statistics.
You need to become a research analyst and know about the competitors in the industry. You need to learn about the marketing strategies adopted by other competitors.
Review and learn the success stories of entrepreneurs to expand your knowledge.
You need to search the google with relevant keywords related to your field. Do not lose confidence when you see the market has bunch of competitors.
When you see lot of competitors available in this field, you need to have confidence and make it for you similarly like others.
The growth in a industry indicates their reputation and popularity among the consumers.
Consider to put in your effort to research, assess and think before stepping into the next step.
Read as many articles, blogs and necessary data finding to know everything your field of business and collect the audience opinion.
- Frame your business plan
A business plan is an officially written document containing business goals and objectives.
The business strategies and methods on how to attain the goals, the timeline within which period the goals need to be achieved. The business plan also contains the business nature, organization background, financial source and projections, products or services offered, consumer group, problem solving techniques, risk management and methods to implement to achieve the set targets.
Goal setting involves expansion of business plan catered to drive a person or group toward a goal. Goal criteria should be smart. The Goal setting is a major contribution in the organization development.
The Business entrepreneurs can reiterate the set goal and involve the core team members in future.
Investors are very sure about the money-making part in your business. To meet their expectation, investors need to know entire knowledge about your business. Make sure you have documented the expenses, money flow, employee count and the market projections.
The mandate agreement copies are required to be documented.
- Finance Setup
Finance plays a major role in setting up a business. The financing provides funds for business investment activities, purchase or investment.
The Financial providers such as banks, private institution are involved in the business of supplying capital amount to businesses, customers and investors.
Mostly the business entrepreneurs utilise the finance option without disturbing the capital assets and properties. It is important to secure the capital assets for futuristic purpose.
The finance is the base foundation of an organization for procedural planning, budget management and keep control of the daily operations.
Finance is defined as money management and includes budgeting, saving and forecasting the rainy days.
It is important to have an authentic and senior financial advisor to guide the business entrepreneur.
- Set up legal business structure
The Legal structure of the business dictates how the organization is operated, and tax is payed.
Based on the business line, choose the business entity type. The business form decided which income tax return form to be filed.
There are many forms of legal business structure such as proprietorship, partnership, corporation, LLC.
Legal and tax options are important in choosing a business structure.
- Obtain Business Tax ID number
Most of the start-up business need to obtain the tax identification number.
The formal name of business tax identification number is the Employee Identification number (EIN). The EIN is a nine-digit number allotted to a business for income tax filing and auditing purposes. For Instance, the EIN no looks like this 12-3456789. You need to get the EIN from the IRS. The EIN is a mandate requirement to be listed on every payment, form filling or other documentation work related to your business with the IRS.
EIN important mode of communication is the tax ID number through which you can link your business with IRS.
In result, the EIN is the social security number for your business setup.
EIN is required whenever a business setup is forming a LLC, Corporation or partnership which consists more than one owner. If you are very much sure to set up such a business, then obtain the business tax identification number after completing the formation procedure.
Whereas, the rules are different for sole proprietor. This is a business run by single owner and does not form a group. The self-employed people fall under this category.
The sole proprietor secures an EIN for the below listed options:
- Hire staffs
- Expand your business from single ownership and involving other partners.
- Purchase and Establish the conquered business.
- Bankruptcy filing
The single-member LLC (SMLLC) secure an EIN for the below listed options
- Hire staffs.
- To extend the partnership.
However, the Social Security number recognizes your businesses and provides authenticity.
- Establish a website
The website gives first impression to the customers about your business. The website creation is as important as holding an office setup. The website helps to reach out the customers around the globe.
You need to register the domain name. The domain name is your website name and the address where target audience can visit your website.
Make sure the domain name highlights your products, service and voice search so that the consumers can find the website at ease through the search engine.
Share your company logo, brand, SEO optimized content with an authenticated web hosting agency company or hire a freelancer to build your website.
The voice search is emerging among the users around the globe and the usage is increasing because of the smart phones and devices.
The business entrepreneurs need to update their website content and keywords to reach the customers and increase traffic in search engine.
Optimize your website to promote your business and for quick search results.
- Develop Business Marketing Collateral
Marketing collateral refers to the marketing material that are used in terms of advertising a product or company or service provided. The marketing collateral is mostly used to promote the sales of a product and support the company’s growth.
The marketing people create pamplets, brochures, campaign sheets and circulate among local community and online for a fast reach.
- Launch product or services offered
To launch a new product in the market, you need to follow few marketing strategies listed below:
- Create a Blog for business or product promotion.
- Promote your product as giveaways for funding.
- Analyse the competition in market.
- Target the intended customers and value their feedback.
- Get connected with social media platforms and groups for an outreach.
- Be aware about the product development cycle.
- Post advertisement with optimized content.
- Online Marketing and strategies
The digital market is on the rise and there are so many promotions going through internet in a weekly, daily and hourly routine.
The product promotions are tough to track and keep a record of the competitors.
It is recommended to create online voice search support for quicker response.
Be keen about the analytics. The Google Analytics fetches data about the website visitors and customer interaction in website. The data count will give an insight about the website and helps you to improve for better growth.
Pitch sales through Email promotions. Coordinate with most reputable clients for more amazing offers.
Focus on interesting leads and offers.
- Maintain your reputation
Keep up your good work and stay updated with the product life cycle to expand your company.
Maintain a good rapport with your clients and respect the feedback of customers.
Hope this article has helped you to launch up with a start-up company.
Begin your journey as an ENTRPRENEUR.