You know what they say–you can’t get rich by staying an employee. If you really want to be wealthy, you need to learn how to make your money work for you. And to help you with that, here’s our short guide on how to start your own business this 2020.
1. Find your market
So, you’ve got a business idea, huh? The first step to starting your own business with this idea is to find your market. Who is your main demographic? How sure are you that they will consume your product? And the most important question of all: Is there really a market for your product?
2. Analyze the competition
The second step is to analyze the competition. Most of the time, you’ll want to capitalize on an idea that’s not just popular, but also fresh enough. For example, if you’re planning to start a bakery but your small town already has a dozen of them, it’s probably not such a good idea to further saturate the market.
3. Create a business plan
Creating a business plan is a very important step that surprisingly, not all aspiring business owners or entrepreneurs do before launching their business. A business plan contains all the details of your business, from your VMGs to your specific strategies. And contrary to popular belief, it’s not only big businesses that need it. Even small businesses need to have some kind of plan if they want to expand and succeed in the long run.
4. Secure funding
Very few businesses these days can be launched without sufficient funding. Unless you’re running a dropshipping business or something similar, you typically need to have funds before you can do anything. Even online businesses need money for web hosting, the custom theme, the domain address, and all other things that you need to operate the business.
5. Register your business
If you don’t want to get in trouble in the future, it’s best to do things the legal way. In order to do that, you have to make sure that your business is registered and all the necessary business departments in the government. Make sure that all licenses to operate, official receipts, and journals and ledgers are well accounted for.
6. Start the operations
Once you get all of this out of the way it’s now time to actually start operating your business. If you don’t have much capital in the beginning perhaps it’s best if you handle all the operations yourself if doable if not however you may have to employ some people. Again make sure that you’re doing everything the legal way, which means paying correct wages, saving enough money for tax purposes, and making sure that all operations are checked regularly.