If your dream is to become an entrepreneur with an extremely successful business then you’re in the right place! Creating your own business can seem very daunting and many get put off by the risk factors and the fear of failing. But as we all know, with hard work, passion and determination, anything is possible. It’s important to stay focused on the step in front of you rather than the full staircase. It’s a beautiful thing when you follow step by step and eventually see everything you’ve worked so hard for come together. Trust the process and your vision and work towards it an everyday day. Your work will always pay off eventually. Ensure that your network, understand your audience, have concrete goals, don’t let self-doubt creep in and be fearless when pursuing your business vision. You’ve got this!
No more sitting around, it’s time to become a boss women. Here are the first 8 steps you should take to create your own business…
1. Decide on your buisness
It’s time to turn your ideas into a buisness. You’ve probably had these ideas floating around in your head for a long time, so well done for deciding to turn them into reality. First of all, it’s so important that you’re creating something that you’re passionate about. This is always the best option and will significantly affect the success of the business. If you’re selling a product that you know, love and are passionate about then you’ll be in it for the long haul and not risk losing motivation. If you’re selling something purely for financial gain you run the risk of losing interest and won’t put as much effort in as you could. It’s also so important to do market research when you’re deciding on a business plan. You need to ensure that there’s an opportunity to turn your idea into a successful business.
2. Create a business plan
Creating a business plan is an extremely important part of starting your own business. A good business plan is essentially the foundation behind your business. Creating a step by step plan will help you stay focused and on track with the progress that you’re making. You can follow each step in the order you’ve planned which will make the overall progress run much smoother. Also, if you want people to invest in your business you need a solid business plan to present to them. This will help the investors to gain an insight into your ideas and the strategies behind how to make them successful. It will give structure to your steps so you don’t feel overwhelmed.
3. Find funding for your business
The not so fun part – you need to obtain the right amount of funds required to start your business. If you already have the funds saved then great, you’re all set to go! However many people will be looking for an investor (this is when the business plan comes in handy) or a way to raise them. Whatever your personal situation is, you should create a financial plan. In this, it should include all of your costs and budgets. You must work out a figure before starting up to give your business the best possible chance of success.
4. Choose a location for your business
The location that you decide to set up your business in is a big decision. Choosing the right location can depend on many factors, such as security, growth potentinal, business rates, competition, accessibility and much more. And which type of business you’re starting of course! The location can have a huge impact on your businesses success (if it’s a brick-and-mortar business). Keep in mind your target audience when choosing location and how accessible it is for your potential customers. Look at legal requirements and taxes too before you make your decison. Needless to say, if it’s an online buisness you don’t need to worry about this.
5. Choose your business name
The business name is the first thing people will see and hear about your business, so make sure it’s a good one! Choosing the right name may be a long process but embrace it and don’t settle until you’ve found the perfect one. You should brainstorm all of your name ideas and something will eventually feel right. Your name should be distinctive, authentic and memorable. You want to give a good first impression as well as people remembering your business. It should reflect your brand and capture your spirit. And don’t forget to check if your business name already exists. If it doesn’t, it’s time to trademark your chosen name.
6. Register your business
Give yourself a massive pat on the back at this point. Well done, you’re so close to making this vision a reality! Once you’ve found the perfect business name, it’s time to make it legal. This will protect your brand if you face any legal action or debt (hopefully it never comes to this). It is entirely legal to run your buisness without registering it though and many people do. However, this is not advisable. It’s important to register it for peace of mind and to cover your own back. Do things the right way so you’re prepared for anything that comes your way.
7. Apply for licenses and permits
It’s now time for all the legal stuff (boring we know, but important). Make sure you apply for all the necessary licenses and permits you need to start your business. You will need to do research on your specific business as they can vary for every type. The fees for these will also depend on what type of business you have.
8. Open a bank account
The exciting part – you’re about to start earning some serious money! You should open up a business bank account and keep all funds separate from any personal finances. A business bank account helps you stay legally compliant and protected. It also provides many benefits to your business, such as protection, professionalism, preparedness and purchasing power. Make sure you find a bank account with low fees and excellent benefits. You can get advice from a financial advisor if you need it.