How to start a business in 12 steps is not a short list. It is an instructional manual for aspiring entrepreneurs on how to create their own businesses. Without knowing the first steps, how to start a business can mean failure to realize profits and make a profit. In fact, many people who have failed in business are those who did not take any step in the correct order.
How to start a business in 12 steps begins with understanding business finances. The best way to start a business is to get started with an idea for a product or service and figure out the ways to make it profitable. After that, you need to know where to get started. Understand business finances and how they impact your business structure as well as your personal finances. Find a solid business name.
Write your business plan using the outline method. This is basically a description of your products or services plus your projected financial results based on the type of product or services you are selling. Once you understand business finances, your business plan will have a purpose and a goal and the direction to take it. Write your business structure on paper or on the computer and research licenses required.
Your business structure will also include a mission statement and executive summary. The mission statement is what makes it clear what you are doing with your business idea. It should tell people in an easy to understand manner what you are trying to accomplish with each step in the process. Your executive summary should answer the questions people might have about your business idea, products or services, your financial structure and how to hire employees.
Once you understand business ideas and your planned business structure you can start researching the different ways you can conduct market research. A marketing or advertising budget is what will pay for the research costs. Conducting market research online is one way you can research your products or services without having to use your own money. When your research shows a potential demand for the product or service you plan to offer make sure you contact the suppliers or manufacturers of the product or service and arrange for payment. One of the first things any new business owner needs to do is to secure office space. Most cities have a plentiful supply of office space and if you rent an office building it will probably be very affordable for you.
If you are not using a pop up shop as your primary business you still need to research and find out how you can conduct market research and find out your target market. Some examples of things you could research are; where people are shopping, what products and services are in high demand and areas of the country people would be choosing to shop if they were shopping for the product or service you have chosen to sell. Remember that all businesses need customers and the best way to find them is by getting your name, your product or service and your area of business out there in front of others. By doing this you are guaranteed sales. The other thing that is important is the marketing and advertising you are going to do for your new business.