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How to start your business

by FHM Pakistan

Do you want to start a business? Do you have this great idea and you can generate revenue like crazy? however, you are unable to begin this new venture of yours. Honestly starting your business for the first time is not easy, its scary after all, only half of the businesses survive 5 years or more.

This should mean that you don’t take the leap of faith, of course, if you want to, you can start your business and excel in it. But before that there few tips or steps you should follow in order to see your business truly flourish.

step 1: A great idea

Everyone has idea’s, All ideas are great but not every idea can be turned into a startup. your idea needs to begin with a problem and it’s the solution. It does not have to be completely new, you can work on an existing one but just make sure it is better and more customer-oriented. maybe your idea is great however the product or service you want to feature may not have a demand in the market. Thus it is important to identify and create something that is in demand and consumers prefer it too.

Step 2: Business Plan

Once you have an idea, you’ll want to start building a business plan that describes your products and services in detail. It should include information on your industry, operations, finances and market analysis.
Writing a business plan is also important for getting financing for your startup. Banks are more likely to give loans to companies that can clearly explain how they’re going to use the money and why they need it.

Step 3: Secure funding

Every business requires a different amount of money to begin. Some require Large sums others require significantly less. It is important that you know all your expenses and cost before you start accumulating money for your startups. you can most like fund your business via any single source or combination of two or more. Following are the sources through which you can fund your business.

  • Friends and family
  • Angel investors
  • Savings
  • Bank loan

Step 4: Surround yourself with the right people

There can be a lot of risk in starting a business. That’s why you’ll need essential business advisors to help guide you along the way, like:
  • Attorneys
  • Certified Public Accountants (CPAs)
  • Insurance professionals
  • Bankers
Building the right startup team is especially important in the early stages of small businesses. This means you’ll want to carefully select your:
  • Co-founders
  • Contractors
  • Initial employees, including remote workers

Step 5: Set up a location (physical and online)

Whether you need to establish a manufacturing facility, set up an office space or open a storefront, you’ll want to determine if leasing or buying a property is right for you. In many cases, you can get tax deductions for managing a commercial space, which is a benefit to owning your own place. You’ll also be able to rent it out to make extra income.
However, one reason startups lease, in the beginning, is so they can invest their money into other aspects of the company. Leasing can also be a cheaper way to get your startup in a prime location. Keep in mind that rent prices can spike unexpectedly, which can force you to spend more or move. You also won’t build any equity while you lease.
In today’s digital era, it’s important to set up an online presence and e-commerce platform. In fact, you’ll have trouble being successful without it. This is because customers are increasingly shopping online and using google to find out more information on your products.

Step 6: Develop a Marketing Plan

Every startup needs to spend different amounts of money and time on marketing. It’s an important expense because it helps you:
  • Establish a brand identity
  • Stand out from the competition
  • Create customer relationships and build loyalty
  • Increase visibility, which attracts new customers
  • Strengthen your company’s reputation
Some startup marketing activities you should look into include:
  • Using social media to engage customers and promote coupons or deals
  • Giving rewards out for referrals, which brings in more business
  • Offering free samples or demos in your store
  • Sponsoring events to get your name out there in local communities

Step 7: Build a customer Base

In order for your startup business to have long-term success, you’ll want to build a customer base. These loyal customers can help with:
  • Boosting your sales, because they’re willing to keep spending at your company
  • Sending a message to new customers that your brand is trustworthy
  • Gaining referrals, which saves you time and effort with finding new customers

Step 8: Make the change

Startups change drastically within their first few years in operation. A key to success is to evolve and adapt your business model to your market and industry.
Some strategies to make sure you’re prepared to adapt are:
  • Hiring forward thinkers so you know your team is adaptable
  • Listening to feedback from customers, suppliers and others that you work with
  • Staying updated on trends in your industry
Remember, it’s businesses that are willing to evolve with consumer expectations that are able to establish themselves for years to come.

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