Strategies for starting a good business online and offline.
Hey there Investors,
Today we are going to be looking at strategies for starting a good and profitable business career. As we know having a good business idea is just the conceptualization stage. How to make that business a reality and profitable is another step on it own.
As we proceed Iwe are going to be lookinging at strategic steps to take when setting up a good business from some experts. But before that lets get to know what a good business is;
According to Lauren Boyer "good business is about balancing your passion for serving your clients with retaining a healthy and growing enterprise. If either side of the equation becomes unbalanced, the asymmetry will create problems". So for a business to be ctermed a good business it should be able to meet client demands and profit the entrepreneur.
10 Steps to Starting a Business
Written by Coursera:
1. Choose your business idea.
Whether you are aiming to launch a disruptive global start-up or a cozy local establishment, every business starts with an idea. Knowing what you plan to offer and who you aim to serve is the first step toward starting your business.
2. Conduct market research.
Market research is an information-gathering process that is used to help determine the likely success of your business. It incorporates data regarding economic trends as well as consumer behavior and identity in an effort to forecast whether your business idea has a place in the current market—or if you should make some adjustments to your offerings.
Market research can provide you with insight into what other similar businesses are doing, how they’re performing, and how you might be better able to serve your target clientele. Ultimately, it can offer data that supports the need for your business and adds quantitative value to your idea—both of which will be important as you write your business plan and aim to secure funding.
You can conduct market research independently by doing things like looking into local competitors and surveying your target clientele, or you can hire a market research analyst to conduct a more thorough investigation.
3. Write a business plan.
As you write your plan, you’ll be able to envision what your business will become, workshop navigating potential roadblocks, and imagine what success will look like for you.
This document is to help benefit you and your potential partners, investors, or funders, so you can structure it however you see fit. Many business owners will create a traditional business plan, which is a highly detailed, multi-page document. Traditional business plans outline information such as:
- Company overview
- Business goals
- Market research
- Internal organization chart
- Services and product offerings
- Marketing and sales plan
- Funding requirements
- Financial projections
- Appendix
4. Secure funding for your business.
In creating your business plan, you’ll get a strong sense of the amount of money, or overhead costs, you’ll realistically need in order to run your business. The next step would be to secure that necessary funding.
5. Choose your business structure.
A business structure is the first step in building your company’s legal set-up. In choosing your business structure, you determine how you’ll file taxes and your legal protections and liabilities.
There are four key types of business structures:
1. Sole proprietorship
2. PaPartnership
3. Corporation
4. Limited liability company (LLC)
6. Register your business.
Registering your business is the thing that will make it a real, legal entity. Registration requirements and processes will vary depending on where you’re located, as you’ll likely need to comply with a series of federal, state, and local processes.
7. Apply for licenses and permits.
In order to launch certain businesses, you’ll need to acquire federal and state licenses and permits.
Businesses that require federal licenses or permits are those with business activities regulated by a federal agency, such as serving alcoholic beverages; working with agriculture, wildlife, or fishing; broadcasting; or operating large vehicles. Check with the corresponding federal agency to learn more about the necessary licenses and permits for your business.
More businesses are regulated on a state level, such as construction, dry cleaning, plumbing, and retail. Check your state’s website to learn more about the types of licenses and permits your business may need.
8. Open a bank account.
Opening a bank account for your business that is separate from your personal account can help keep your finances organized. With some accounts, you may also have the option to open a line of credit for your business, and if you plan to hire employees, you can authorize them to access the accounts, should they deal with your business finances.
9. Get business insurance.
Business insurance will protect you and your business in the event of any accidental or unexpected incidents, such as theft, damages, and lawsuits. The type of protections you may require will depend largely on the type of business you are running and how you expect to run it.
10. Prepare for launch.
With your preliminary logistics settled, you are well on your way to starting your business. For additional insight into the process of launching your own business, check out the Entrepreneurship Specialization from Wharton School of Business. Through five courses, you’ll learn more about developing your idea, launching your business, proven growth strategies, profitability, and more.
How To Choose The Right Business Idea For You
By Rushab Kamdar:
1. Identify Your Skills, Experience, And Passion:
It is easier to put up a business built around something you like and enjoy and something you’re good at. By focusing on your skills, experience, and passion, you can sift through your options faster.
If you are passionate about designing clothes, building your clothing line will be an enjoyable and fulfilling feat. If you enjoy developing software, then you’ll shine operating in the SaaS. You will have a higher likelihood of excelling in your business because you are focusing on something you’re already good at and that makes you happy.
2. Validate Customer Demand
Follow your passion, but don’t follow it blindly. If there’s no market need for your skills or products, it can be hard to sustain your business. Look at what people want and what they’re willing to spend their money on.
Identify what the consumers of today need and check how you can provide a solution to their problems. Be the expert who solves these problems, and you’ll see your business grow in time. If you love marketing and you can see that your local businesses have weak digital marketing tactics, sell your expertise and grow their business.
3. Evaluate The Business Based On Your Lifestyle
Ask yourself what kind of life you want to lead. If you don’t set this standard at the onset, your dream business might end up becoming a nightmare. If you prefer to stay at home with the kids, don’t choose a business that will require you to travel far. If you enjoy having your weekends off, don’t go into hospitality.
4. Determine Your Risk Appetite
Entrepreneurship is always going to be risky. However, if you tend to be more risk-averse, then look into businesses that are in your comfort zone. Many first-time business owners start with a franchise because of the support they receive from the franchisor. Just be sure to choose an established franchise with a proven track record.
Another strategy to mitigate risk is to partner up with someone, so that there is shared support, resources, and effort. Again, be sure to choose the right partner where the roles are defined and each partner is on the same page, sharing the same vision and same goal.
5. Flesh Out Your Idea’s Potential
Every entrepreneur believes their idea is the best idea. Unfortunately, the market may not think so. Even if your idea is novel and innovative, it’s always wise to test it. Questions you should ask yourself: Is my idea marketable? Can I afford the startup costs? Can I compete with the existing competitors? Is the market already too saturated? Do I have customers ready and willing to pay for it?
6. Acknowledge Your Financial Limitations
Do you have the capital to finance this business idea? If your idea is putting up a restaurant, but you don’t have the money for it, you might want to reconsider. That’s not to say that you cannot start a business without money, but you should be mindful of your current capital position.
As stated before, entrepreneurship is a risk, and that means your startup can fail. You don’t want to drown in debt because of the large capital requirements of your business.
7. Focus On The Long Term
When determining the right business for you, investigate the longevity of the desired industry. Ask yourself if the industry is growing, declining, or if there are outside factors that can adversely impact it.
Be mindful of businesses that can be considered one-time fads, like the fidget spinner…where you can expect the market demand to drop quickly.
You’ll want a sustainable business. Either your customers will keep buying your products or services, or you evolve your product offerings, so there’s continued demand.
30 Online Business Ideas to Start in 2024
Best Online Business Ideas to Get You Started by Jordana A. & Maulidina M.
1. Become a Freelancer
2. Start a Blog
3. Self-Publish an eBook
4. Start an Online Store
5. Start a Dropshipping Business
6. Flip and Sell Thrifted Goods
7. Sell Handmade Goods
8. Sell Prints
9. Launch a Subscription Box
10. Start a Consulting Business
11. Become an Affiliate Marketer
12. Flip and Sell Websites
13. Buy and Sell Domain Names
14. Design Website Themes
15. Develop Apps
16. Offer Social Media Marketing Services
17. Work as a Virtual Recruiter
18. Become a Virtual Assistant
19. Launch a Data Entry Service
20. Offer Transcription Services
21. Create an Online Course
22. Tutor Students Online
23. Start a Podcast
24. Launch a YouTube Channel
25. Write Guest Posts
26. Write Resumes and Cover Letters
27. Sell NFTs
28. Offer Translation Services
29. Sell Stock Photos
30. Become an Audiobook Narrator
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