Is Starting a Business from Scratch Really That Hard?
First steps are always difficult; a baby must learn to crawl before they learn how to walk, and once they start walking, they’ll trip and fall a thousand times before they start making confident steps. It is the same with starting a business. It’s difficult to decide to launch a business. It’s even more difficult to establish yourself on an unforgiving market. However, it is far from impossible. Many success stories we hear every day confirm that. So, if you are willing to embark on this adventure, we’ll go through some obstacles you will have to overcome if you want to reach your final destination: a profitable business.
Finding your branch
So, you’ve decided to become your own boss? Your first obstacle will be finding the niche that suits you best. To identify the right business for you, you will need to consider different aspects of yourself (social status, experience, personality and age), but you will also have to use your intuition. Take your time to discover what drives you, and after you find a thing or two, try to imagine your future.
It all starts with a spark, an idea
After you have found your place in the business world, you will need an idea that will make you stand out. Inspect your chosen market for gaps and unfulfilled demands. If, for example, your selected branch is fashion, you might find that there are not enough plus-size couture designers out-there. If you want to open a restaurant, try with a cuisine that is not present in your selected neighborhood, etc. A thorough market research can be of great help here.
A good business plan is your safety net
Entering the business arena without a plan is a one-way road to failure. A well-developed business plan gives you a better understanding of the industry, competition, market, necessary budget and all the other requirements of starting a business.
The stumbling block called money
If you have a good business plan, you should be able to determine the approximate sum of money you’ll need to start a business, and what kind of return you should expect. If the initial sum left you shocked and discouraged, don’t be. There are many companies such as ALC Commercial that can provide you with the financial support you need to make your idea come true. Even if you don’t meet traditional loan requirements, you can expect to get expert advice and tailored solution for your business.
Breathing life into your business
Money and a good business plan are the foundations of your business; think of them as your business’s body. All you have to do now is treat it with a soul. This means giving it a name and “personality” (brand). Naming a business is much trickier than it seems. You can use online name generators, but it would be best to come up with your own original term that explains who you are, what are you doing and what do you stand for.
Solving the legal intricacies
If you don’t have previous experience in starting a business, this might be a tough nut to crack. Paperwork and regulations are difficult to tackle, and quite often boring, but they must be done. Your first step should be related to business structure (choose between LL, sole proprietorship and corporation), and then you should get your business permit and register with the state authorities. Additional paperwork can entail employer identification number, zoning permits, sales tax licenses and many other.
With the right people you can conquer the world
Finding the right employees has never been an easy task. Depending on the size of your business, you may need to invest some time into choosing your infrastructure. As always, start with baby steps. Hire several essential workers, and outsource the things that aren’t tightly related to your product (e.g. accounting and IT).
3, 2, 1… Launch!
Launching a product or service is a big challenge. It’s the moment when everything you have been working on is put to the test. If you’ve researched the market well, and built your business upon that knowledge, you should be fine. However, that doesn’t mean that you don’t need a solid marketing strategy that will include both offline (traditional media and guerilla marketing) and online strategies (website, coupons and social media).
As you can see, starting a business from scratch is definitely difficult, but it is not nearly the bogeyman many people consider it to be. You will make mistakes and fall, but you will also get back to your feet. That’s why you should be brave, start now and improve as you go.
