Connect with us

Startups

5 Ways To Simplify Starting Your Own Business

Published

on

5 Ways To Simplify Starting Your Own Business

Many individuals that have always wanted to start a business never do it. This is because the whole business startup process normally overwhelms them. Additionally, they are unsure of the basics and specifics involved.

Granted, everything from putting down a business plan to hiring employees, to coming up with a business name, startups can surely turn out to be daunting. Nonetheless, you should not worry. You don’t have to face all the difficulties involved in starting a business.

The following secrets will simplify your startup process:

 

1. Write a solid business plan

Coming up with a business plan should be the number one step you take before launching your business. The last thing you want is to write up a business plan only when you are in a jam. You don’t have to wait until you need a strategic partner or money.

Business plans serve as a guide to help you in decision-making. With this plan, you can know whether your prospective business is viable or not. The second use of this plan is to satisfy investors and lenders. All these parties need to see your solid written business plan prior to making equity investment or approving a loan. With a business plan, you always have an easy time communicating with potential customers, employees, vendors, allies and partners.

“Chase the vision, not the money; the money will end up following you.” – Tony Hsieh

2. The name game – find the right business name

Every business needs a great business name. Picking a memorable moniker and cool name is the prudent thing to do. If you have the resources, you can hire an advertising agency or naming company to do the trick for you. However, if you do not have the funds financially, you can do it yourself.

Start with a pen, paper, and perceptive ear tuned to everything taking place around you. Ensure you have a checklist. Think marketing! Decide on the ads that shall drive 90% of your business. Primarily, will you rely on print ads, Yellow Pages, the internet, signage at your location, T.V, radio or a combination thereof? Depending on the answers to these questions, certain criteria becomes extremely important.

Domain names and foreign words with hyphens, as well as overdone alterations, are a kiss of death for radio ads and websites. This is because easy pronunciation and spelling are critical. If you intend to drive your business with Yellow pages, then consider picking a business name that begins with A, B or C so that your ad can appear towards the front section.

When coming up with a business name, it is important to differentiate yourself from the rest. Compile the names of your competitors. Do their names really fit the target market? Are their names too conventional while today’s customers are hip and cool, or vice versa? Having answers to these questions lets you know what works and what doesn’t. It helps you narrow your possibilities.

Drew Houston

3. To or not to Inc.? Select the correct legal structure for your business operations

Which legal jurisdiction do you want to set your business? This will help you select the legal structure to set up your business startup. An effective strategy of starting a business is remaining at home. Setting up your startup where you are located gives you more convenience and control.

You should consider your appetite for any liabilities. Various legal entities exist to offer entrepreneurs several protections against liability. An LLC or corporation cushions you the best against being personally liable for employee actions. Nonetheless, no form of organization structure totally shields you from personal liability.

In sole proprietorship, you have no liability shield. In a partnership, you are liable not only for personal wrongful acts, but for those of your partner (s) too. An LLC or corporation does not offer much liability benefits if you do not have partners, contractors, or employees.

 

4. Advisors and funding – get the best

Always team up with advisors that are able and willing to help. For instance, particular aspects of your business shall require the help of professionals such as an accountant or attorney. However, how will you find the right individual or company for your new business?

You need to have a vision – think ahead. What will your company look like in the coming ten years? The lawyer you choose is extremely important. This is especially true if you have plans of going public or seeking venture capital. Most venture capitalists usually judge a company by the attorney the company picks. Pick an attorney that is highly experienced in dealing with venture capitalists.

After working with a banker, accountant, or attorney, do not fall off the radar. Arrange a meeting with these professionals as often as possible in order to learn new offers. Regular meetings will also give you an opportunity to share with them how your business is fairing on. Simply put, have meetings with these professionals after every six months. If any of the professionals are not willing to have a meeting with you or bills you for the time, then or she might not be the right person to work with.

When choosing advisors, be it an attorney, banker, or accountant, make sure you choose nothing short of the best. This ensures you get the best advice. That is for sure.

“Ideas are easy. Implementation is hard.” – Guy Kawasaki

5. Target the right customers – aim towards the right direction

Many business startups tend to be so desperate, that they don’t question who they ought to be in business with. The difference between failure and success revolves around targeting the right prospects.

Before assuming what your potential customers will need, do your homework right. For instance, if your prospective business is a catering company, don’t assume that all customers will only be interested in your sumptuous food. Others will need all the trappings that come along with serving them such as table décor, dishes, delivery, and customer service. You will definitely lose business even before you start, if you are inadequately prepared. Adequate preparation is more than vital.

 

I hope these tips help you in starting your own business. I would love to hear your input in the comment section below!
Advertisement
6 Comments

6 Comments

  1. Sujain Thomas

    Jul 7, 2015 at 8:02 am

    Is that possible to start up an own business with only five ways?? This thought came into my mind when I read the topic of this article. But after reading this complete article I came to know that it is definitely possible. Sometimes it is difficult for me to gain knowledge and how to consolidate your reviews from the articles because they are not written in an understandable language. But your article is written in very simple language and I like your article. I will share this with my friends. I am thankful to you for this article. Good work!!

  2. Andy Brown

    Jul 6, 2015 at 8:40 am

    Excellent post!!! After very long search I found such extra ordinary article to start up our own business. Starting our own business is not an easy thing because there are several situations come into the picture and to deal with such situations one must and should have the knowledge to solve issues. This article is an excellent piece of information which will give the details of how to start our own business. If you do not know how to consolidate your reviews then read this article once and you will get the answers for sure. Thank you for this post.

  3. Ads

    Jun 24, 2015 at 11:03 am

    Really helpful points to start own business.
    Thanks again

  4. Ernie

    Jun 18, 2015 at 8:58 pm

    Yellow pages? Radio Ads? We must be referring to a Small/Medium sized enterprise. These days, advertising is all about social media (free) and maybe key words on search engines. It should be heavily weighted towards user testing. I say step one is test your business idea first then worry about business models and plans later. Even the name can wait. Just my humble opinion and personal experience getting several businesses started.

    Good starting point is the Lean Start Up and Disciplined Entrepreneur. Fantastic books for any start up.

  5. Jideobi Onyikigbo

    Jun 16, 2015 at 11:50 am

    This just what I needed, talking about ideas, I think you are on point.

  6. George

    Jun 15, 2015 at 4:13 am

    Great baseline for newbies to start from … thanks for such a great post!

Leave a Reply

Your email address will not be published. Required fields are marked *

Startups

12 Things That Will Help Build Your Brand Reputation for Your Startup

Published

on

how to build brand reputation
Image Credit: Unsplash

Brand reputation drives the success of businesses, irrespective of what industry you are in. Currently, there are approximately 543,000 startups every month. 70% of these do not survive beyond two years, 50% do not exceed five years, and a third fail to cross the ten-year mark. Only a quarter of these businesses can survive beyond 15 years. (more…)

Continue Reading

Startups

How Your Business Can Take Advantage of Instagram to Boost Brand Awareness

Published

on

instagram for business
Image Credit: Unsplash

To step up an effective social media marketing strategy, you have to consider the various opportunities on how you can connect with your target market on different platforms. Although Twitter and Facebook can be great when publishing company updates, Instagram is an excellent visual solution to inspire and captivate your audience. (more…)

Continue Reading

Startups

New to Business? Outshine Your Competitors With These 4 Tips

Published

on

how to beat your competitors
Image Credit: Unsplash

Competition in business is natural. There is always another business that offers products similar to what you have, and you can’t avoid it. The wisest step to take is to become the best company among the swarm of like-minded business proprietors. It’s a competition that seeks to prove, once and for all, which company will stand out among the rest. It’s not just a matter of offering the best products, but also winning the hearts and minds of the people you want to be your customers. (more…)

Continue Reading

Startups

How to Create a Winning Startup Culture

Published

on

startup culture
Image Credit: Pixabay

Some time back, in my infographic on 51 Business Mistakes that most Entrepreneurs Make, I had outlined that one of the biggest mistakes is that you do not give any thought as to what you consider would be a great startup culture. And, without good policies or HR to keep things in check, the startup begins to develop a toxic business culture. (more…)

Continue Reading

Trending