How to start your own business? 7 essential steps to starting your own business
How do I start a project from scratch? Starting a private enterprise is a dream of millions around the world; Many people are thinking of starting their own business. Desire of them to obtain material income to be added to the income from the job, or to achieve basic income if they do not have a job. However, many may hesitate because of fear of the dangers they may face, or simply because they do not know how to start and where to start. In this article, we will highlight the most important steps that you must follow in order to establish your own business.
1. Provide the true desire
Having the true desire will help you to cope with the difficulties, and to overcome all the obstacles that you may face when establishing your own business. It will also push you to make the necessary efforts and devote the sufficient time that your project requires. Remind yourself what to do when you are keen to achieve something, and how to act in order to obtain it. Your own project needs exactly the same thing; A definite desire to have your own project, to run it yourself, to take it to the highest levels of success, God willing.
2. Having a clear idea of the project
In this step, you have to ask yourself: What is the nature of my project that I want, and in what field (industry, commerce, services, handicrafts … etc)? You also have to make sure that you have a passion and sufficient knowledge in the field that you will choose. Here you may ask yourself if I want to work in a certain field, but I do not know enough about it, is this the end of the road? The answer, of course, is no. You can gain knowledge from many sources; Ask those who have a project similar to your dream, and ask them to teach you or allow you to work with them for a period of time, or share their experiences with you. Although you may be surprised and say to yourself: Is this possible ?! And I tell you yes; There are many people who want to help others, especially beginners, in their journey; Because that will make them feel successful and superior to others.
3. Determine what the project is
Do you want to have your own store located in a specific place? Or do you prefer to work from your home? Or through a mobile cart in many places? Will you sell your products to many stores? There is no doubt that this depends on several factors, the most prominent of which are; The nature of the field in which you want to work, the capital you own, and according to your desire; When it becomes clear to you how you want to live and practice your business, your own project will be based on the vision that you set for yourself and your life.
4) Economic feasibility study
Here, it is necessary to answer a number of critical questions to make the decision to continue or stop. How do you know if your project is feasible or not? Is it worth starting with it or is it better for you to dismiss it? And will the income that you get will be sufficient to cover your costs and give you profits? Is there a need for the product that your project will present in the market? If you do not know the answer, you can search the available sources of information, for example: statistics and studies issued by the competent official authorities in your country, or through personal observation, or by searching on the Internet or in the project guide or by asking some experts . You should focus on the money you have to finance your own project. In order to know whether your project is feasible or not, you must calculate all the costs of producing a specific product, and then determine the price at which you will sell your product, to see whether there will be a suitable return worth the effort and time or not? This process is not complicated especially if your project is small or from home. If your project is large and needs a high capital, we recommend that you seek the help of specialists in feasibility studies.
5. Plan the project
Planning begins with defining what you want to achieve in a certain period of time (goal). And when you plan, be ambitious and realistic at the same time. So don’t say I want to sell 1,000 units within a week for a new product that consumers don’t know about; Although this goal appears ambitious, it is not realistic. Also specify what you want to achieve in a certain period; It can start with a month, then three months, and reach several years as your business grows. After your goal becomes clear, define the means and tools that you will use to reach what you want, as well as the tasks that you will need to achieve your goals.
6. Market your project
After your business is born, you need to market it. Start with your relatives, friends, and neighbors, and ask them to tell their friends, spread the word about your product. It is understood that people – by their nature – like to know who is behind this project. This will encourage them to buy the product and make them more confident. Marketing has become much easier than before; With the presence of social networks in smartphones and over the Internet, spreading has become easy, fast and inexpensive. On the other hand, when you choose an excellent, new idea and people need it, and apply it in an organized, neat and beautiful way, marketing it will be easy. It is important that we focus here on what we want and on what we have in terms of capabilities or relationships, and that we continue to develop little by little, and with determination and persistence, we will reach what we aspire to. Nothing is impossible.
7. Grow your business
The development of your project depends on your own development; The more time and effort you spend in developing your capabilities and developing yourself, the more positively this will be reflected on your project. Accordingly, it is your duty to do everything in your power to develop yourself and acquire new skills, whether they are production, administrative, marketing or sales. It may be necessary to join some training programs, workshops, lectures, etc., in order to acquire the necessary skills in this regard. So always think to invest part of your budget in training and development.
Finally, trust that it is not too late to implement your ideas and achieve your dreams, and do not tell yourself that I still have plenty of time, and that I will start tomorrow, so why not start today? It may be that the idea of your project is thinking of another person, and he may start applying it and bringing it into existence before you do so. Get started today before you miss the opportunity.
The art of money :
Project management, new business ideas, profitable business ideas with small capital, how to start a small project, how do I start a project from scratch, successful commercial projects
How To Write a Business Plan To Start Your Own Business
9 Steps For Writing a Business Plan – Required Steps to Write a Business Plan for your company or service.
Step 1 – Define your vision 1:16
Step 2 – Set your goals and objectives for the business 1:50
Step 3 – Define your Unique Selling Proposition 2:29
Step 4 – Know your market 3:02
Step 5 – Know your customer 3:57
Step 6 – Research the demand for your business 4:47
Step 7 – Set your marketing goals 5:52
Step 8 – Define your marketing strategy 6:38
Step 9 – Take Action! 7:20
These all Steps are very important while you are writing a business plan for starting your own business.
I am the kind of guy that when I have something up my chest I have to let it out…People making videos like this are making the world a better place. They are making learning fun. I struggle a lot at school and work very very hard I manage to obtain my bachelor in engineering, with low grades. One consistent thing about our schooling system is it is not design to adapt with everyone. I found out recently That I have ADD and it was only my strong will and desire to make my parents proud that got through it and direct my attention back to my goals and barely make it there. The classes were just too boring…Don’t get me wrong I love what I do, but the learning was just awful. If people would have made videos like this and instead of having a 1hr class you have a 10 min video that goes straight to the point on why, where and how to apply what you are learning, everyone would do better in school, and people would be more willing to learn. All that to say Thank you again for this video, I really appreciated…I rewatched 5 times took notes and perfecting my business plan.
Demand must be higher than supply. What causes a business to fail?——bad location, rent too high, lack of quality of services, bad hours of operation, and unpopular products priced too high, customers don’t feel welcomed, owner not willing to put in the time, owner not experienced and knowledgeable about the business, lack of start up money, too cheap to market your business. Do not let people work for you that you like if they are bad for the business……. Pay yourself first before you hire someone else. Learn to delegate and give employees positions they can be proud of…train your employees well so they know what the company goals are and what kind of vision the owner wants the business to portray. Don’t lose sleep over bad employees. Fire them if they make you hate your job. Count the inventory and keep it dusted and clean. Put up cameras everywhere and watch them. Move inventory by selling it all every 30 days…Or rearrange store so the inventory looks new. Mark down products to sell and always be bringing in new products. Don’t let employees use your company to build themselves and leave with the customers by not letting them check them out at the register and don’t let employees hand out their private phone numbers or ask for clients contact information. Only the receptionist can collect that and they can not play favortism.