10 SIMPLE STEPS ON HOW TO START A SMALL BUSINESS
Starting an own business is a dream for many business enthusiasts. It is Like having your own child and seeing your child grow. Many small business fail to maintain steady growth and fail eventually. Hence it is necessary to follow a good business strategy and plan to take your business to the next level and eventually increase your sales.
How to start a small business?
Setting up a business requires planning and strategy and a good business idea. Here we will discuss the 10 simple steps on how to start your own small business:
1.Come out with a business idea: The initial step is to come out with a business idea, stick to your niche and you would succeed in that particular field. A good business idea would help you plan your business accordingly and you would be able to see good business growth.
2.Prepare a Business Plan: A business plan is a formal document containing the goals of a business and the time frame required to achieve those goals. Research on what your business goals should be and how to achieve those goals in the given time frame
3.Identify your target Audience: Identifying your target audience is one of the most important factors in starting a business. Whom are you starting your business for? , What are their interests, What work they do? all these factors come into consideration in identifying your target audience. Prepare a buyer persona, buyer persona is a fictional representation of how your ideal customer should be.
4.Come up with a business Location: Where do you want your business to run? A physical brick-and-mortar store or an online business or a shared office. Running an online business is fairly easy when compared to setting up a physical location.
5.Register your business: It is necessary to register your business with the government and tackle all the paperwork. If you’re registering your business in India, you have to obtain:
a.Digital Signature Certificate
b.Director Identification Number
c.Create an Account on the MCA portal
d.Apply for the company to be registered.
6.Come up with a website for your business: Now It’s Digital Era, without a website you may not expect required sales and growth for your company. Create a website and keep updating the content to rank higher on google search engine. Maintain omnipresence across all the social media platforms to reach out a wide range of audiences. If you are interested in buying domain and hosting for your website, then you can checkout the below links:
7.Set up an accounting system: Hire an accountant to set up an accounting system for your company. The accountant would come out with accounting software to manage all your invoices and fill in taxes. Research on which accounting software is best suitable for your company.
8.Hire a team: Hire a team to manage your day-to-day business-related activities. If you are not in a position to hire a full team, you can hire freelancers who can work on individual projects. Hire a person who understands your business, your company culture, and the goals of your organization.
9. Promote your Business: It is necessary to promote your business to attract more leads to your company and convert those leads to customers. You can promote your business online via social media platforms such as Facebook. Instagram, Twitter, Linkedin, Youtube. You can trigger Google ads to get more leads in a short span of time. Promote your business offline via Billboards, Magazines, Newspapers to get more growth quickly.
10.Grow Your Business: After setting up the initial steps required to start a business the next step is how do you maintain steady growth in your business. Hire a marketing expert to help devise your future marketing strategies. A strong social media presence is required for your business in order to grow in this digital era and make sure you retain your existing customers. Retarget those customers who were not able to make purchases with you. You can check out our remaining blog articles by clicking on this Link.
Master Coach Sathya