7 Steps to Starting Your Own Business

When starting a business, your mission is to build something that people want, minimize the risk and maximize your chances of survival.
Do not do it alone. Starting a business alone is very hard. Even harder when you don’t have the money. Find a partner who can share your passion for your product – but don’t look for someone like you. However, there are some economists who like to discover new things and take risks, so they will do so. What are the opportunities and what are the risks?

Either way, you will start your business at the earliest opportunity. Although this is not an easy task. But if you follow these principles, you can minimize risks and maximize your chances of survival.

1. Evaluate your ideas

Is your business idea a great idea? How do you know that? Don’t just ask your friends and family what they think. You will not get straightforward answers. Ask those who are not affected in your potential success (or failure). Then listen to what they have to say. The best way to evaluate an idea is to ask potential customers, but if you can’t do that, try to ask those who go ahead.

2. Find a knowledgeable person

Tell you any problems. Do not look for someone who will assert your opinions; Find a guy (or a girl) who will challenge you for your reason and decision. Even if that person is in the field related to your business, the better. This is not a formal settlement, you only need a small response. You may not like what you hear, but try to listen to their opinions.

3. Bringing customers is the key factor.

Who are they? Where are they? How do you earn customers? Those are the first questions you need to answer. This task should take up half of your time. What about the other half of the time? Take that time to make sure your product or service exceeds customer expectations. If you do well, those first customers will be your sources of reference and research later, and especially they will bring you more business opportunities.

4. Reinvest everything in business.

When starting a company, you often spend more than your customers pay to create a product that is better than they expected. Once you continue doing so, you will not get back anything for yourself. However, if you focus on profitability at an early stage, you will end up with a mediocre product or service. Such mediocrity will not get you more in business. And then after that, you will have to spend all the profits you earn in every way to find a new business. So reinvest in to open up new profits for your company.

5. Saving but being smart.

Do you need new customers? Find a low-cost way to find the most potential customers. You will have to spend more time evaluating customers in order to find the best people. But it’s better than trying to use a risky and costly marketing method that won’t get you anywhere. Craigslist.org is a good example *. It is a website where there are “less money” customers but you will certainly find some good customers there. Savings method also applies to recruitment. Do not rush to hire employees who work all day. Try to find outside resources or contract employees and pay them the same payment method that customers do with you. This way, you will take time to find the right people and certainly will take more time to collaborate with them to produce the product you like. However, if you are smart and energetic, this approach will help you save significantly on employee salaries.

6. Start marketing before you think you are ready.

Too many people start a business all the time and any small amount of money they have to build a product with so many characteristics, including good and bad. However, none of the features of the product were removed at the time the product was introduced to the customer. Look for good, low-cost and effective ways to reach potential customers in the early stages of starting a business. Try to automate your marketing if possible. And whatever profit you make, spend that money on marketing as much as possible. You can start marketing before you have the product and that’s the best you’ve ever done.

7. Don’t do it yourself.

Starting a business alone is hard. Even harder when you don’t have the money. Find a partner who can share your passion for your product – but don’t look for someone who is just like you, because they will give you the same opinion. You don’t want someone who always says “yes” to everything you raise!

Source: https://articles.bplans.com/business-ideas/7-steps-to-starting-your-own-business/