A college degree, a batch of money or business experience- You do not necessarily need them to give a reality to your entrepreneurial dreams.
Indeed, no one can put fences on who can become an entrepreneur.
However, to deliver the next big success to the world, you need a well-build, capable plan, and the fire in the belly to make it come true.
Hesitant to put your first step forward? We are here to help you with our step-by-step guide to turn your entrepreneurial dream into a successful business.
Step 1. Self-Evaluation
Question yourself with the five Ws: Why do you want to start a business? What kind of business you want to start? Once you have an authentic reason to start your business, brainstorm yourself even more questions like:
What skills you have?
How much can you afford?
Is it your area of passion?
Are you even ready to take risks and start? and much more to help you with the basic ingredients required for the foundation of your dream startup.
Step 2. The idea
Skip the step if you already own a fine business idea.
If no, then knock at the doorstep of your brain! Keep an eye on the needs present in the world or you can work on something that bugs people, modify the current products/services available in the market with a better edge or try an off-beat road with a fresh set of eyes and a fresh new perspective.
Meet people, go for a research walk, view podcasts or make the most from methods which suits you the best.
Step3. Research Research Research
Keep a good eye on your potential rivals or partners within the market. Dig up your target market, completely.
Step 4. Welcome feedback
Follow and focus on ‘The Lean Startup’ approach- prototyping, experimenting, and pivoting.
- Push your product/services in the market
- Watchout for the response
- Adapt the improvements and push out the next product/service
Step 5. The Official launch
Pack your suitcase early with all the necessary aspects, from business structure to permits, license, trademarks, copyrights, trademarks, and bank accounts to wave off future worries.
Before the final take, make sure you’ve covered the whole nine yards you need.
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Step 6. Pen down your business plan
“”You can probably cover everything you need to convey in 20 to 30 pages of text plus another 10 pages of appendices for monthly projections, management resumes and other details.
If you’ve got a plan that’s more than 40 pages long, you’re probably not summarizing very well.” – Tim Berry
The contents must include: Summary, Business description, Marketing strategies, Analysis, development plans, Finance plans.
Step 7. Financial plans
Check your financial needs and act accordingly. You can either fund your startup by yourself or seek help from friends and family, or can take business loans and might try other ways like:
- A crowdfunding campaign
- Apply to angel investor groups
- Solicit venture capital investors
- Join a startup incubator or accelerator
Step 8. Develop your product or service
Congrats! Your business idea has started breathing.
But its only half-covered.
Now comes the major part of developing your product and services.
Step 9. Build your team
Its time to hand of responsibilities to other people.
Get your hiring protocol on road and start building your dream team.
Step 10. Your physical presence
Search for a place or office space which qualifies your benchmarks of
- Rent, utilities and other operational costs
- Foot traffic
- Accessibility and parking
The final step: Start your sales, nurture your plan and grow your business.
You are on your way to build your entrepreneurial empire.