How to start a business

March 25, 2013 | By | Reply More

 

Starting a business the right way!


I have received many emails in reference to new start-ups and on the question "how to start a business".

While many of my articles go in to detail of what it takes to become successful, I wanted to answer the most obvious question for someone who has never owned a business and who is completely new to entrepreneurship.

First of all, I want to assure you once you have an idea which you are passionate about and which you believe in, you certainly have what it takes within you to succeed.

You probably feel comfortable with the technical aspects of your venture, but may have many questions about how to get started.

Being a business owner needs to be learned like any other profession, unfortunately there are not really schools for learning on how to become an entrepreneur.

You certainly find colleges to learn about the theory on how to structure and setup a business, but barely will you have someone teaching you who actually owns a successful enterprise. 

The people you need to find and learn from are the ones who have done it and can teach you hands on.
How to start a business
Another initial tip would be the study of success literature.

Before you actually learn how to start a business, it would be a great idea to learn about the characteristics of multiple people who have succeeded already.

I said it before, success leaves clues and who would be a better teacher as the person who has built successful businesses?

There are biographies of every successful person out there.  If you are interested in reading about people which have tremendous success and what they all have in common, then browse through the book recommendations I give on the right sidebar.

Market research on your location, competition, timing, as well as your potential market share is one more point for you to complete before even starting your business.

How many leads can you produce? What is the conversion rate and potential profit margin?

After you concluded the above, you are actually ready to learn the steps on how to start a business.
 

  1. Write it down

    Write down your idea with detail, the more the better. Your subconscious will start to create thoughts and ideas around it and you will be drawn to act.

    Remember knowing alone won’t create change, putting knowledge to action will lead you to achieve results.

    A basic outline of your business plan, does not have to be in a specific format yet, just write it down in your own words and organizational format.

     

  2. Review and correct

    Written goals are best, however they often need to be adjusted, as you gain knowledge from other sources.

    Sometimes you face obstacles and you have to change the path to achieve your goal, or need to adjust the goal itself.

    Learning how to start a business, is the same as learning how to walk or drive a bike. It takes a while until you understand the concept and even longer to master the task required.

    The same applies to your business; it takes time to build, particularly if you do not have a lot of resources.

    Plan your success and adjust as many times as you need to accomplish it. Be aware of the key success factors and integrate them into your outline.

     

  3. Choose a location

    If you have a product or service which requires you to meet clients, then it would be advisable to find a location which suits your needs.

    Of course you want to make a great impression and also want to choose an area where you know you can gain some market share.

    Nowadays widely accepted is the virtual office concept, look into that possibility.

    Traditional office space is your number one overhead cost and once you have entered into a lease agreement you are likely responsible on a personal level to fulfill it.

    You want to make sure you can stay most flexible on your expenses.

    In case you have an online business or absolutely no contact with clients, other than over email or telephone, then a home office might be the best and most affordable way to start.

Remember one of the best strategies on how to start a business, is avoiding costly start-up mistakes.

 

  1. Register your Company

Incorporating a business is necessary if you go beyond a Sole Proprietorship, meaning you are the only person owning the company and no shares are issued.

Each state has it's own department of corporations, you may simply Google it to find more information.

We can assist you with this process if you so require. You can also consult your attorney or CPA for tax related questions and the application for your employer identification number (EIN) or Tax identification number (TIN)

 

  1. Find funding

     

    If necessary look for a way to finance your business, this is one of the areas most initial businesses are concerned about.

    Stay focused, finding financing is not as difficult as your think. The more passionate and the more convinced you are that you succeed; the more people will listen to you and will be potentially willing to invest.

    When you learn about how to start a business, money should be the least of your worries.

Be on fire and you will attract the money you need.

 

  1. Find a mentor or coach

    Motivation, Coaching and Mentoring is what every business owner needs as a constant companion.

    Most of the things we will ever learn come through some sort of teaching. Find the best in their field and only take advice from authorities.

    Make sure that you ask questions about the sources and facts before you believe any kind of advice.

    A coach can shorten the time it would take you to succeed and you could avoid mistakes by following a proven structure. 

    Have someone who can hold you accountable to your goals and at the same time motivate you through the ups and downs you will certainly face.

     

  2. Stay a lifelong learner

     

    Continue to learn how to start a business the right way. Do not ever think you know it all, stay open to learning. Choose to meet the right people. People you can learn from, who inspire and motivate you. 

    Stay away from all negativity, envy and avoid listening to advise from people who are not qualified.

    Read success literature; find a local networking organization where you can mingle with other business people (e.G. Business Network International – BNI).

    Be curios, ask questions and learn from the already successful. Keep your mind free of limitations set by others or even yourself. 

    Focus with all your will power on your goals and your success. Make yourself believe, again and again until it becomes a reality for you.

    Be happy and enjoy the journey. That alone is the best counsel I can give you.

 

 

This is my advice on how to start a business, you will find many more details on this website which are all valuable to read and learn from. To your success, I know you have it in you!

 

 

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Category: Starting and building a business

carsten@officentos.com'

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