Have you ever dreamed about starting your own business? Don't panic, we got your back!
The first step to consider is to define your core competency. This is going to be achieved by narrowing down the criteria that would make you different than your potential competitors, you should define your unique competitive advantage or in other words what is going to make you stand out from the crowd!
The second step is to conduct a deep research of the market conditions, in other words you should know if your product is going to be a success or a fail in the current marketplace. You should define your target market and the reason why they would pick your service/product instead of others. For that, you can consider doing focus groups, sample surveys or interviews. Bench-marking is also necessary to have a full idea about the market, consider analyzing your competitors’ strategies (marketing, pricing...etc), strengths and weaknesses as well to make your competitive advantage.
Next step is to define your business legal structure, meaning whether you’re going to have a sole proprietorship, a partnership, a corporation or a limited liability company.
The first type, called Sole Proprietorship which corresponds to businesses operated by one person. This option is good for people who want to have the full control of their businesses. They will also be responsible for all liabilities and losses, meaning if the company is at risk, the sole proprietor’s assets may be at risk as well. Partnerships are businesses that two or more people operate together. They have equal shares of the total gains and losses. On the other hand, Corporations are legal entities that are separate from the owners, an example might be Burger King, FedEx and Microsoft. The ownership of corporations can be transferred as the corporation can live beyond its life span. Last but not least, LLC or Limited Liability Company is an American corporate structure that has some characteristics of the sole proprietorship and the corporation, LLC is unincorporated entity just like the sole proprietorship, it has a limited liability as well since owners are not personally responsible for the liabilities or debts, it is more flexible than corporations.
You should also know how you will finance your project, there are many ways to capitalize your business. This goal can be achieved either by securing a loan, raising money from relatives or attracting an angel investor.
The next step is to write a business plan, the business plan is an overall plan for the way the business is going to be implemented and how would it succeed. It is usually no longer than one page presenting the main bullet points of the strategy, the objectives, the milestones as well as the necessary financial information ( capital, cash flow and costs). It should usually include an executive summary, a brief overview of the company, information about the services/products, how the business will be promoted, the team members and the financial projection; in addition, the entrepreneur should consider some examples before writing it.
Once done with all the steps stated above, you’ll be on the right path to launch your success story. If you need more inspiration on how you please your customers don’t hesitate to contact us for further assistance.