Most businesses in the United States are on the small side. Many of them have something unique and specialized to offer, so any new ventures have to really step up their game.
Are you looking to launch a successful business of your own? Be warned; about 80% of businesses fail within the first year of starting out! Don’t let this discourage you, though. With the four easy steps below, you’ll have a much better chance of beating the odds
How to Start Your Own Business Successfully in 4 Easy Steps
Step 1: Conduct the Research
You probably already have a great business idea or several. It’s actually best to have a few schemes on hand, as this will reduce the chances of your idea already being taken.
Once you do have some inspiration, validate it with some thorough research. If your idea isn’t unique, it’s not going to have many chances of success. Ideally, a small business needs to identify a problem, solve it, or fulfill a gap in a certain market.
You can conduct research through simple Google searches, and preferably expand it by using focus groups, discussion forums, and even asking on social media.
Determine whether there’s a need for the products or services you want to sell, and see if enough people are in that market to make you a profit. You should also find out if there are any other businesses offering anything similar to what you have in mind. Is the competition tough? How will you carve out a niche in this market? All of these are pressing questions that you should answer before quitting your day job.
Step 2: Plan it Out
A business idea needs a business plan, which will bring your thoughts into the real world. This kind of plan is the guide for your business right from the very beginning. Every new business should consider the startup phase, the establishment, business growth, and how they’ll overcome certain unavoidable obstacles.
There can be several kinds of business plans, though, so make sure you have one that’s relevant to your business. For instance, a traditional plan is recommended if you want financial investment from investors or financial institutions. This will help investors understand where you’re coming from, as the sections will be familiar with them.
If you’re not angling for financial support, you should at least have a written plan of sorts. Even a one-page document will be enough, as long as you have your goals out there in black and white.
Step 3: Consider a Prototyping Service
A prototype is a working model of your product, which allows you to see whether an idea is even doable or not. While it won’t be as cheap as mass production, it’s a logical step to take before you start churning out your offerings in high volumes. Plus, you’ll get a feel of how the final product will cost if and when you do decide to launch it.
When you have a brilliant idea or concept in hand, you need to show it to your potential customers and investors. This will help you see whether the idea is even feasible or not. When your investors see that the prototype is providing results according to their requirements, they’ll be much more willing to finance your efforts.
The same goes for consumers; seeing is believing, and prototypes will help you develop a demand for your product. This way, you’ll be headed towards mass production with more confidence, more funds, and a larger audience than otherwise.
For the best prototyping services, low volume manufacturing services China by 3ERP is a viable option. The prototyping step will hopefully help you get what you need from the stakeholders and audience in your company, making a successful run more likely.
Step 4: Conduct Some Financial Planning
Whether you plan to go for outside investors or not, it’s always advisable to consider some initial funds before plunging into a new business. It’s not recommended that you cover all the initial expenses solely from your own pocket. Whether you can afford it or not is another matter, but that’s usually not good for covering business losses.
When you spread out the investment in a business, you also spread out the risk. Take advantage of this fact by creating a spreadsheet for estimating the startup costs. These include licenses, trademarking, logos, market research, branding, legal fees, and many more elements. You should also add your expected running costs for about a year, including salaries, travel expenses, supplies, advertising, production, etc.
Combine these factors, and then think about how you’ll come up with the money. There are several ways to go about this, including angel investors, grants, and crowdfunding. Of course, you can always stick with bootstrapping, which is like running your business on a hand-to-mouth basis.
When you’re launching your own business, you’re actually making a career that will mature or fall alongside your own efforts. There’s no denying that launching and running a whole new business is quite a challenge, but the steps above will help you set a solid foundation to achieve success.
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