Small Business

A Simple 6 Step Guide to a Small Business Startup

Small Business Startup
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A Simple 6 Step Guide to a Small Business Startup

I have discovered that one major secret to successful small business startup is “strong leadership”. When the leadership is rock solid, investors queue up. Starting a business involves thinking of a business concept, writing a winning business plan, understanding the financial aspect of the business, and marketing and launching the business.

If you’re ready to take the bold step to become a start up entrepreneur, then this post is just what you need. If you have any doubt or more clarification, feel free to contact us, we are available to attend to you personally. These steps will help you to plan, manage, and prepare your small business startup:

Related: Small Business: 5 Signs You’re Ready for the Start up

Business idea

To successfully start a small business, you must have a good business concept. Take your time to determine what you really want, and if you’d be able to put in the work to achieve it. A good business idea should be one that is focused on solving problems or meeting daily needs of people. It doesn’t have to be something new; you can even decide to buy a franchise if you have enough funds for it.

According to My Top Business Ideas, Ajaero Tony Martins, wrote: “A business idea is just another idea. But an idea backed by a strong feasibility, a thorough business plan and a smart business team is no longer an idea. It’s now a solid business opportunity worth pursuing.”

Business Plan

The key to a successful small business startup, is to keep things simple. Your business plan will help you determine what key problem your business is going to solve, how it adds value to your target customer, the lifespan of the business, revenue generation both in the short term and long term basis, market penetration, and growth in a competitive environment. A concise-straight-to-the point business plan will keep you focused on the goal and guide you towards achieving what your business has set out to become.

Related: Top 10 Business Advice for Every Young Entrepreneur

Business budget

Many start ups are self funded. Therefore, if you fall in this category, be realistic about how your budget should be. Every business goal is to make profit. And with profitability in mind the first 30 to 90 days, which there’s no guarantee, it is necessary for you to have a budget reserve so you can survive if things didn’t go as expected.

Business website/social media

Regardless of whether your business will be online or on the streets, you need a website. Also, you may decide to partner with a website owner. The objective of a website is to allow you to promote your business with the world. Technology is advancing and with a click, your business is seen by the whole world.

Facebook, Twitter, LinkedIn, and many other social platform allows you to advertise your business to reach your target market and potential customers faster. It is now one of the surest way to promote your business.

Business team

Are you going to do the business alone, or are you bringing in one or two trusted friends on board? It has been noted that partnership often create something that is greater than when you do solo business. Think of some of the biggest success stories in recent times, such as John Lennon and Paul McCartney; Bill Gates and Paul Allen; Steve Jobs and Steve Wozniak; and Larry Page and Sergey Brin; etc.

Think about the areas that you are either weak in, or have little knowledge of. Finding partners compatible with your personality who can fill in your knowledge or skill gaps is an excellent way to ensure your business has the resources you need to succeed.

Related: Surviving in Business: Startup Advice from Global Business Experts

Business phase one

Since you now have enough foundation you can start off to see how it goes. Try to spread the word in inexpensive and creative ways. Tell people — friends, family, associates, etc; about your business. Promote it the best way you can. Set up simple Facebook Ads to advertise you products and/or services.

You can follow these six steps to test the viability of your small business before throwing all your resources — money and time into your business idea.

 

Related:  Small Business: 5 Signs You’re Ready for the Start up

NB: We are available to guide you through your start up and for promotion of your business, send us your advertisement notice on the address on our contact us page. You can always share your start up experience in the comment section. Thank you!

 

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