photo credit: TheAlieness GiselaGiardinoÂ²Â³
So you have made the first step and decided to start your own business, congratulations! Now you need to know what it takes to run your own business, resources, who to hire, how to market, and all of the other avenues that need to be explored. For now, I will give you some basic steps on starting your own business which should get your plan into motion.
- Know your customer. NYTimes recently stated that your customer is your number one priority, and this I would have to agree. They are your bread and butter, they are what will make your business bring in profits or not. Focus on a specific group in your area, people who may have the most stress or hardship in their lives at the moment, these people will be more willing to bet on new ideas as they don’t really have anything to loose.
- Know the market. This is very key, you need to drown yourself in the current market and know everything you can about what is going on right now. The newest trends, the trends that are expected to grow and go far in the future, who is investing in what type of market and more.
- Do research on your start-up costs. Know what your ball park figures are going to be, what you will need to have down, your monthly loan payments, any equipment purchases, hiring employees, utilities, taxes and stock to name a few.
- Once you’re satisfied with the business plan, the next step is to test it. This means answering the question: Do customers really want to buy what you intend to sell? It’s a brutal question, but you need to be realistic. One idea is to talk to potential customers, but avoid your friends; instead, identify a list of likely customers and call them.