Apart from a nine-to-five job, it is most likely that you have dreamed of starting a business of your own. However, the big question still remains, “Can you do it?” During this time of pandemic it is quite interesting to note how many people have jumped into the business bandwagon.
The uncertainty of employment may be one reason or because people are now open to new entrepreneurs who are bringing something new to the table, be it their products or their services. Bottomline is, this may be the best time for you to start a business of your own. So, here are 5 easy steps that you should know in starting your business.
Picking a Business
It all starts with a great business idea. There should be a good reason why you chose that idea. Do you think people will like your business idea? Are you confident about it? Do you have a market? You can start checking if others approve. Start with your family and friends because they will be the ones who will give the honest answers and opinions, and they will be your primary support group once you are truly decided.
Draw a Business Plan
When it comes down to starting a business it really should start with a good business plan. Though money is a big factor, without a good plan everything may spiral downward. Though education is important in a business, a fancy bachelor’s degree, cannot promise you success either.
We can say that it really is based on a combination of determination, loads of business-savvy and a well-thought out business plan. This time around you should hear it from the experts. Businessmen, consultants, accountants and the like will know the ropes when it comes to starting and running a business.
However, the final decision must still come from you because only you will know your capacity and what suits best for your chosen business. Draw out your vision, mission statement and goals for your business plan. List down strategies and your action plan. Make it direct and simple. It is also smarter to start small and not grandiose. You can always work your way to a bigger business after your take-off.
Money Matters
You must know by now that money plays a major part in putting-up and running a business. At the start of your venture you will need to set aside payments not only for rent, your office and equipment, furniture and supplies but also for the service men like electricians, engineers, plumbers and construction workers to set up your business area.
You must also be prepared to cash out on registering your business. Of course you will need capital to achieve your start-up.Remember that for any business clerical jobs on a daily basis, like handling the documents on your electricity and water bills, your rental fees, staff wages and supplies, will be loads of work all by itself. A small business phone system would also be good to include in your plans.
So you better ease your work by getting a work program that could keep track of your business without manually writing down on paper your documents. This will be faster, more convenient and easier for all of you.
Your Business Operating Plan
Running a business can be quite challenging, accordingly, it is the start of the real work. Though you will remain the leader of your business team, you need to hire honest and dependable staff for they are the face and body of your business. They will be the ones who will act and deliver the job for you.
Therefore, make sure that they have undergone the correct training and that they know their specific jobs. To lessen chaos on the onset, discuss what is expected of them and the office/business policies and procedures that you want to implement in the workplace. In return, it is just fair that they know their benefits and wages and you must also discuss insurance and overtime pay. This way you can develop loyalty and trust from your employees.
Keep Track Of Your Business
Although we all know the usual grind in business – give your product or service and receive payment. But the truth is that it is not that simple. Even the best accountant cannot keep track of all money that is coming and out of your business. It is best that you start right with your business.
Use a financial tracking program that can help you monitor your expenditure and revenues. You can also monitor and transact business even if you are not physically in your office or business location of business by having business phone software that you could use whenever and wherever you need it. This way you can have flexibility and mobility and maximize your productivity.
Conclusion
Whether you are starting a small or a big business, the aim is to succeed. That is why it is very important to know the basics. If you already know your ideas, plans, finances, then all you need to do is to stay positive, this way you will have a clearer mind if the business is really working or not.
Start-ups almost always experience the toughest as they are just beginning. You must, however, remain patient and strong. Be bold and do not be afraid to fail. You will never know if you will not try and persevere. But if you are able to surpass all the hardships, there is something to look forward to, and that is your future success. So keep the faith, entrepreneurs, and good luck?
