How to start a new business

To start a new business is within the power of anyone who wishes it. A business can be “untwisted” and made profitable from scratch if you plan all the steps correctly, analyze the market situation and find good employees.

Instruction manual

1

Develop an interesting and realistic business idea. Think about what will be the product of your business, what product you will sell, or what service you will provide.

2

Analyze who will be your customers, how much money they spend on services (products, goods) like yours. Think about whether your potential customers have unmet needs today and whether you will be able to meet them. Analyze what you can counter your competitors (better quality, lower prices, etc.).

3

Consider how you will sell your products or services. and work through potential sales channels. Pre-arrange a rental or purchase, if necessary, of shops, office, warehouses, etc. Start negotiations with potential customers and suppliers at the same time.

4

Describe in steps how the main process will be performed. For example, from the moment of purchasing a product from a supplier to its sale. Solve transport issues, delivery issues. Distribute who will do what. Calculate the minimum number of employees.

5

Make a financial plan for your business. Here, count several key points: starting capital (how much money will be needed to “promote”), fixed costs (costs that exist even when the company operates at a loss - rent, salaries, etc.), variable costs (costs for release of a unit of production, fulfillment of one order), taxes. Decide how pricing will take place in your company (extra charges and discounts).

6

If you are not able to start a business with your own money, identify sources of financing. Consider how you will give money in case of luck and failure.

7

Plan your business startup. Link timelines, goals, and resources. After that, you can begin the registration process as an individual entrepreneur or as a legal entity. Get the necessary permissions and licenses.

Related article

3 mistakes that will destroy your online store