Introduction
Do you need academic qualification / working experience to start a business ? No, just get a business idea with systematic plan and go to register the business will do. Just like Gates did when starting a software company that today worth billionaires. Check this step by step simple guide starting a business.
1. THE WAY
Why do you want to start a business ?
What is your purpose of a business ?
How your business solve the problem ?
What skills do you have to start business ?
Where does your passion to start business ?
How much you can afford to spend knowing maybe business will not success ?
This only can answers by yourself which this will create a foundation for everything.
2. WHERE TO GET BUSINESS IDEA
Do you have a business idea which what type business want to do and how this business solve the problem ? If no, then try use this CANVA Business Model to brainstorm to start.
Or you can try to check newspapers, magazines, social media that focusing on business problems which you can solve ? Then this will help you to get a business idea.
3. DO MARKET RESEARCH
Once you got the business idea, you need to do some survey to check whether your idea is good or bad because this will lower your risk of business failure.
For example, you can conduct interviews at public places like supermarket, hypermarket, malls, universities, many mores. The more responses the more better the outcome of interview which this can determine your business idea going to success or fail.
4. OFFICIAL BUSINESS REGISTRATION
Once your business idea checked which found most interviewed can accept then you need to do it in legal way. Simple checklist for business registration like business structure, business name, tax registration identification, business back account, trademarks/copyrights/patents.
Alternatively you need to get a small business lawyer to do all for you.
5. WRITE YOUR BUSINESS PLAN
Business plan is a journey of your business evolve from when it starts to the finish product. You can use this checklist below for your business plan:
Title page.
Name your business or this is your business name. Your business name must simple to reminder by peopler so that they can easy to find you to do business. Example, amazon, shoppe, dell, wallmart, 711, etc
Executive summary.
Write your business that can solve the problem and why start now so that this can appeal to investors when need to growth the business.
Business description.
Describe your business which kind of products or services that business community needs ? What does your business industry look like? How your business look like in the future?
Market strategies.
Define your target market, and how can you best sell to that market?
Competitive analysis.
What are the strengths and weakness of your competitors? How will you compete to win them?
Design and development.
What is your design the products or services and how will it develop? Schedule each progress development so that you can know when can start selling.
Operations and management.
How does your business working on a daily basis? Offline or Online business ?
Financial management.
This most important of starting a business which need to manage the business cost ? Where is the money coming from? When? How?
6. FINANCE YOUR BUSINESS
Many ways to finance your business but most important to start small first so that any losses can easily manageable. Example dell started at house garage before transform big corporation.
You can start pitch your business idea to your families and friends so that they can invest in your business. Example Jack Ma started this way when started his business.
When your business started to growth, then you invite a business partner or crowdfunding. This can create sense of belonging or ownership to the business which this will benefits to all.
If your business expanding, then it is time for you to get venture capital.
7. MANAGE YOUR BUSINESS
When you starting a business, the most important system is billing. Invoicing system is a must. Invoice is an official business document that determine how much your revenue and how much your customer owning to you. In addition, business tax is also important when doing the business because this is most legal compliance.
