This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.

A Complete Guide to Starting a New Business:You Need To Know

To start your own business You Need To Know the Complete Guide to Starting a New Business...

A Complete Guide to Starting a New Business:You Need To Know

Monday March 02, 2020,

5 min Read

Whenever you hear the term entrepreneur freedom, courage and passion are the terms that will instantly strike in your mind. To start your own business, you can get inspired by a lot of things. Maybe you are passionate about something and it’s your dream since your childhood. Or you do not want to work under someone and wish to be your own boss. The probable reasons could be anything. Here we are going to tell you everything from the start to the end that you need to know before you start your own business.  

A Step by Step Guide on How to Start your own Business:

Everyone wants to start their own business, but everyone does not get success in it. One gets success when he or she has a proper plan and strategy for starting a new business. Without planning, one cannot start a business. This is not an easy task to perform. But if you do it with proper planning, then you can become your own boss. Not only planning will help, you should work on it properly to start a new business on your own. Let’s check what are the points that are necessary to keep in mind before you start your own business.

Starting New Business Idea

What’s your Idea:

The first step to start your business or startup is that you must know what exactly you wish to do. In one word, what is your idea? Most people think that they have a unique idea to start a business. But this can be a wrong conception. There are two reasons for this. First is that there are very fewer chances of such an idea which one has ever thoughts about. Because there are more than a billion people in the country. Hence, there is very little chance of it. 

Write a Business Plan

When you get an idea, you should ask yourself a few questions such as what’s your end goals, what is the purpose of your business, how to sell your items. All the answers should include a well-written business plan. And you can get these answers when you do thorough market research. With this, you will get a clear idea about what’s people demands and find your target customer base.

Assess your Finances

There are several things that you need to cover up while starting a business. And for those things, money is the ultimate need. Without money, no one can start a business. Therefore, you should have a minimum amount of money before entering the business field. Experts agree that most of the business plans fail due to shortage of capital. Do not overspend money while starting a new business. Also, you need to know where you need to spend your money. A successful entrepreneur often says that a lot of startups tend to spend money on unnecessary things. Also, you should make a backup plan. Therefore, you want to take a bank loan, then it is a better option for you.

Register with the Government and IRS

You should register a business entity with the Government to become an officially recognized one. You need to submit an “article of incorporation” document. In this document, enter your business name, purposes, stock details, and other information about your company to give the documents to the corporations. Also, you need to submit about you and your business to the Internal revenue Service (IRS) office. From there, you will get an Employer Identification Number (EIS).

Purchase an Insurance Policy

To secure your business, you should purchase an insurance policy. Before the official launch of your business, purchase the right insurance policy for your business. Therefore, if something wrong happened to your business such as property damage, customer lawsuit, or theft can be costly and you make sure that you have properly protected from these situations.

Build your Team

No one can do all the work alone. Therefore, you should hire a great team to launch your company. You will always need some level of support when you are starting your business. You might also need to find a mentor who can always guide you and give you invaluable advice. You can also subscribe to a consultancy firm that cares enough to know you are just starting a new business.

Get Some Clients, Make the Contacts

You should not wait until you start your business officially before you start getting your clients or customers or building the necessary network around your business. Doing this will give you some assurance that you are creating a business with.

Brand yourself and Advertise

You need to build up your brand in the market before you start selling any products. The first thing you need to do is create a logo. With the logo, one can easily identify your brand. Also, you can get help from social media. You can advertise there to promote your brand and share your business. Also, give a discount on your products to attract customers.

Grow your Business

Now, comes the last step. After doing all the things now, it’s time to sell your product and make a profit from this. From now onwards you can introduce yourself as an entrepreneur. You should collaborate with other established businesses in your industry is the best way to achieve growth and success rate. You can reach out to some influential bloggers or to other companies to request them for promoting your business and give them a free product as a sample.

Hopefully, these tips will help you to establish your own standard business. But remember that the situation will not always be the same. In some cases, you might not be successful. But a successful business owner is one who adjusts all the situation calmly and without fear. You should maintain good behaviour, good communication skill, good gestures always give you the energy to run a successful business.