6 Steps to Starting a Business from Zero

Starting a new business? Here are six steps to follow to get your business up and running quickly.

You may think you have an excellent business idea, but starting a company is about much more than the idea. You must plan effectively, work hard, and be realistic about your goals. It’s worth taking time to be methodical in your approach to creating a new business. Doing so means your business is more likely to succeed in the long term.

We will discuss six steps you should follow when starting a new business. These steps are not the only things you have to think about when you are setting up your business, but they should help you create a solid foundation, including the following:

• A business plan
• Market research your business idea
• Funding
• Build a team
• Establish your brand
• Launch and market your business

1. Develop a business plan

Your business plan is as long or as short as you want it. It should include a description of your product or service, target market, competition, financial projections, and a marketing strategy. If you can fit that into one page – well done. However, your business plan is a working document that will grow and change as your business evolves.

Set goals and present them in your business plan. You are planning to succeed, so commit your dreams to the document you will share with your advisors and leadership team.

2. Research and validate your business idea

Conduct market research to ensure there is demand for your product or service. If there isn’t a demand for it, and you go ahead with your business, you will waste time and resources that could be put to better use, like identifying a new product or service to sell.

You’ll need to work out your USP and use it in your marketing.

3. Secure funding

Consider options such as loans, grants, or crowdfunding to finance your business. You should have some of your own funds in the business. This is called ‘skin in the game’. Lenders will want to know what you have committed to your business before they commit funds to it.

4. Build your team

Hire employees or contractors, aka freelancers, to help you with the day-to-day operations of your business. This is where the funding will be vital as you will be spending, i.e., paying salaries before your business earns an income.

5. Establish your brand

Develop a logo, website, and social media presence to establish your brand and promote your business. You will also need funds to create your online assets. Do it well too. Perception is everything, and you will want your logo to be simple and memorable.

6. Launch and market your business

Use the marketing strategy outlined in your business plan to launch and promote your business to potential customers. Digital marketing campaigns can get your business found online. It is this task that can make or break your business. You don’t want your business to be a secret. Invest in experts who can do the following:

• Create social media marketing campaigns in the networks your customers frequent
• Build an email list and regularly commit to email marketing newsletters
• Craft promotions for customer engagement and conversion
• Write content for your blog and share it with your social followers
• SEO strategies like content snippets

Final Thoughts

Avoid get-rich-quick schemes

Never be tempted to Google “get rich quick” on the Internet. Yes, it’s possible to be an overnight business success; but it’s rare. You should concentrate on formulating a solid business idea that has the potential to secure you steady profits and to grow.

Use reputable lenders

Get your business funding from reputable sources. While getting a loc doc loan may be attractive, there will be a trade-off, like a much higher interest rate. If traditional lenders are not keen to lend you the funds, find out why and do whatever they suggest, then apply again.

These six steps should help you start off on the right foot when creating a business. Do not forget that planning and monitoring do not stop once your business is up and running. It should be an ongoing process if you are to be successful in the long term.