Welcome to 2020! It’s not only the New Year, but it’s also the new decade. If you have been dreaming about your own business, it’s the best time to start one. Start the journey towards your dream with these 5 steps.
Step 1: Business Idea
This step might seem obvious, but it is an essential one. If you have been dreaming about a business for a while now, you might already have an idea of what you want to be doing. But you have to be sure that there is a demand for it.
The best way to be sure about demand is to create a business that solves an existing problem. The Guardian writes: “If you identify an issue that someone else hasn’t already solved, chances are there will be a market for it.”
Step 2: Business Plan
Antoine de Saint-Exupéry once said that a goal without a plan is just a wish. In order to turn your dream into reality, you have to make a plan for it. A business plan is a written document with business goals, methods on how to reach them, and a time frame to do so. There is no single right way to write a business plan. So you have the freedom to create one for your specific ideas.
Step 3: Business Name
With the business idea and plan ready it’s time to think about the name of the business. And it can be quite a challenge. You want the name to be unique, but simple to remember. It should be self-explanatory but not too long.
In addition to all of that, Arnas Stuopelis, Chairman of the Board of Hostinger, warns, “Before deciding on your business name, check if domain with that name is available. It can be harmful to have a different business name and website address.”
Step 4: Business License
Business is not a business without a permit. And it is vital to get your documentation right. It might seem complicated at first because different locations might have different requirements for the permit and it’s not that easy to google them out. But you can seek guidance in your local community. Most cities have local small business associations where you can get all the answers you need.
Step 5: Business Team
Starting the business is not that hard. The difficult part is to maintain it. And to make it easier for you, you should do it with a team. If you have connections and resources, Alan Hall suggests an ultimate team of five:
- The leader, who would encourage, motivate, reward and provide feedback
- The expert, who would understand the market: competitors, customers, trends
- The financial guru, who would handle accounting, finance, strategy, and cash flow
- The strategist, who would help to grow the business by researching, comprehending and reporting on opportunities and challenges down the road
- The executor, who would know what needs to be done, when and how
At the beginning of the small business, the team of five might sound too big and it’s ok. But it doesn’t mean that you have to do everything alone. Your family and your friends can and should be on your team. Not necessary business-wise, but as people who would support and encourage you.
It’s the beginning of the New Year and new decade, and it can be the beginning of your new business as well. To make it happen you should work on your promising business idea. Write a thought-through business plan. Create a vivid business name. Get all the legal work done. And put together a determined team. It might seem like a lot at first. But look at this as a journey and go forward one step at a time.