Are you planning on how to start a business? Now, whether you have an idea or you have no idea or you already have an established business, the things we’re going to discuss here are going to be equally applicable because they are going to help you to build a brand new offer, service or product based business or any other business you are interested in starting.
Using proper fundamentals and proper foundational concept, which when properly applied are going to give you the most opportunity for success and you will also have the most fun doing it.
Note: learning how to start an internet business, or any form of business will require you to have at least a bit of knowledge about what you are trying to sell, this is because starting a business you have no idea about what it entails will only lead to failure.
Starting from the top and working all the way through the process – here are the steps for starting your own business.
1. Choose a business
When you are about to choose a business or a new service and offering, there are 3 crucial ingredients that are going to ensure that you have the greatest likelihood of success, and all 3 are equally important if you want to give yourself and your business the highest chance of success.
1. You Need to Find Something that You Like Doing
This is because if you decide to go for a business that is trendy and you don’t have the right interest in doing it, you will find it difficult to maintain and you will not want to dedicate the amount of time necessary to build a thriving business.
2. It should be Something That You are Good at or Capable of Hiring Someone That is Good at it
A business that can’t get a job done with mediocre services has set the tune-up for failure. When starting a business it is only appropriate to go for something you can do or have the means of getting someone to do a part of the job.
3. There should be a Need for Market Demand on What you are Seeking to Do
This may be the most important aspect of choosing a business type and just because you like doing something and very good at it does not mean that the market will want it. This is the reality and a tough pill to swallow, but a very important aspect of starting a business you need to understand.
Whenever you want to pick a business idea, choose something that you have an interest in doing, something that you are good at, and choose something that people are really willing to pay you for.
Read also: Top 10 websites to make money online
2. Choose a Niche
When trying to choose a niche and you start to contemplate on the various options available in deciding what kind of market you are going to serve, there’s a couple of factors that come into play:-
Specify your market audience – The larger your audience is will determine the more specialized you need to be. But when you have got a really small market area or a small local area, you can afford to go a little bit broader on your service and offering.
A rough guideline is that the more specialize you are the higher you can charge and the more in demand you are going to be. If you have no idea of where to start, the right move is to start small – start really niche down and you can always broaden up once you have capitalized and maximize that part of the population.
You have your business and a niche, it is time to pick the ideal target market for your business.
3. Identify Your Target Market
you really need to know who exactly you are trying to serve by uncovering their demographic, geographic, and psychographic variables. Now the demographic details are going to be the obvious things like understanding the age, gender, or occupation of your potential clients.
Geographic, on the other hand, is what location you may want to target like small local area, a neighborhood, city or province, state, country, or going international. Again it is important to start small and grow big later and lastly, you have got those psychographic variables which are really important to hold on and what will enable you to create a marketing that matters and messages that will resonate with your ideal target market.
Psychographic variables are like what are your audience attitudes, interests, behaviors and when you really get a clearer picture about who is it you are going to serve and understanding their priorities, their problems, and all that you are going to help them solve will provide you with a better way to target them using some of the advanced targeting options and tools we now have available through all sorts of social media advertising.
4. Pick a Name for Your Business
When it comes to naming your business the reality is that it doesn’t matter what kind of name you choose to use. I know because when I first started my business I went over this issue again and again with sleepless nights trying to decide what business name should I use and I was thinking of whether to use my name or not, should I come up with a catchy name, or should I be literary direct on naming the business.
I was all over the place and read everything I can get my hands on concerning which way to go by and like most advice, every time that I was swayed to one particular direction I would come across another interesting piece of content that will equally grab my attention.
The reality is that it doesn’t matter as much as you would think, sure there’s the benefit to go after your own name or a corporate identity, but at the end of the day it will come down to you and your own personal preferences. Using your personal name will make it easier for you to market your business and get your name out there initially and that is because people like doing business with people more than businesses.
But if your ambition is on global domination with a plan to expand and grow the business, you may want to go with a corporate name rather than your personal name because it is going to allow for greater scalability and growth.
5. Design 1 – 3 Service or Product Based packages
The reason why you will want to design one to three packages on your business is that you are going to make things clear on what your business does and for what price point which is going to make the decision process a lot more easier for your audience and also easier for you to communicate it to them.
Without knowing what market or industry you’re in to, it going to be hard to suggest a perfect number, but most definitely, you will want to have that low, medium, and high price point. The high price point is effective because you will get about 20% of the market that wants it and also price anchor the lower price products making them look like a better deal.
Typically what you will want to do is to make your best value or the one that you want people to go to the most right in the middle and then, you can always offer that budget option and the premium options. But if you’re just starting 3 service or product based packages tends to be the magic number to go for.
6. Get the Business Online by Building a Basic Website
At this stage, your website design does not have to be fancy and you don’t need to spend an astronomical amount of money having to build a custom site right from the ground up. Instead, you can get it done with a few hundreds of dollars depending on how customized you want it to be.
The point is to keep it simple, professional, and mobile responsive – which means that it will look good across all different devices and screen size. When it comes to building a website it is most suitable to use WordPress as you can easily get it professionally hosted and either have it built by yourself or have a web designer to do the basic setup for you. If that is not your preference or choice, there are a number of easy to use and commercial options available to you.
Now that you have a central hub – the main area you can send people to, it is time to build a social media marketing plan around it.
7. Get 1 – 2 Social Media Channels for your Business
When it comes to social media marketing for most people, they tend to get overwhelmed and start doing way too much when they actually don’t have to. The right thing to do when starting a business with social media marketing is to have 1 – 2 social channels that best resonates with your audience.
The key thing here is to clearly identify the demographic that you are going after and then identify the channels that best associates with them.
Typically you can hardly go wrong with using Facebook, but after that, you may want to look at Instagram, YouTube, Twitter or even LinkedIn if you’re in a more professional market.
8. Showcase Some Work that you Have Done
If you have never worked in your business of choice before, if you have no clients, no customers, no case studies, no testimonials or anything related, don’t be afraid to work for free or alternatively sign up as a freelance on Upwork.
Because at this point of the business your goal is to amass massive success and massive results for your clients, and this means you have to get some results under your belt.
So don’t be afraid to work for free or work for cheap to get those few initial case studies and testimonials which are going to provide the social proof necessary to attract more clients and grow your business.
When going for outreach the best way to start is not to sink a lot of money on paid ads but rather to leverage the free and organic options available to you. Primarily through your personal social media pages, yes I said personal and not a business page.
The reason why you would want to do this is multifold but again we like doing business with people more than businesses and you are going to have no greater opportunity for referrals and that initial business than through your friends and family and their network as well.
Be confident and get out there and make a post about what you do, about your new business, and who you may be well positioned to help. Your goal here isn’t sleazy sales tactics, but rather serving and offering valuable products.
Again, remember that you are in the early stages in business, your prices might be a bit low to increase greater opportunity for more people to work with you.
After getting to do outreach it is time to go a little bit further with your marketing, and talking about marketing I really can’t stress how important and just how crucial marketing is for the success of your business.
Have you ever seen a business that is absolutely terrible and yet they are booked out for months in advance? or seen a great business or heard of the story of someone who is really good at what they do but they just can’t seems to get enough clients, leads, and sales?
The reason why that happens is all because of marketing, and this shows the true power of marketing and what it can do for your business.
At this stage you have the right elements on how to start a business by choosing a brand name and niche, starting a website, and you have done some marketing and all things are beginning to come together. Now, we’re going to cover some advanced tips on how to start a business and especially if you want to expedite Your results.
Advance Tips On How To Start A Business
1. Consider Starting a Podcast Or YouTube Channel – You may want to consider starting a podcast or a YouTube channel by inviting some of your clients as guests on the show. The benefits of this will be creating valuable content in both audio or visual media to your audience.
Also, by inviting potential clients as guests it will allow you to learn their story to provide them value and to leverage that as a valuable marketing asset.
2. Concentrate on content marketing – You may want to double down on content marketing and this means creating as much valuable content as you possibly can. Showcase your expertise and provide valuable contributions to the market.
This is going to position you as the expert and that you actually know what you’re saying or doing and as well as bringing new leads and sales almost on autopilot.
You may also want to commit to learning about the paid traffic options available, like Facebook ads. Facebook ads are fantastic in promoting a business but before you start throwing money on ads, make sure that your offer and sales are all in place.
3. Don’t be Afraid of Putting on a Live Event – If it happens that you’re working in a local area, don’t be afraid of putting on a live event doing a Q & A session or doing tutorials and how to’s. Getting face to face with people is incredibly powerful and will allow you to overcome some obstacles in starting a business much quicker.
4. Look for others with a Similar Target Audience – It is a good move to look for others in a non-competitive market who have a similar target audience to yours. There may be collaborative opportunities you can both work together and you may be able to help each other to grow each other businesses.
5. Keep Improving Every Day – Lastly and maybe the most important aspect of starting a business is to keep improving and getting better every single day and especially learning from your mistakes.
Starting a business from scratch is no easy task but the rewards are well worth the effort when done the right way.