Truth be told, there’s no right way to set up a business. When it all comes down to it, all you have to do is take the first step. That being said, building a startup takes a lot of work – no matter if you want to start a small business from home, or want to be the next Google.

1. Start with a Good Business Idea

If you’re wondering how to start a business, it may be easier than you think. Like other successful businesses, you’ll want to make sure you have a good idea first. From there, you can build a product or service that solves a need for consumers. But before you jump into anything, you’ll want to make sure you do your research. This is crucial because only an estimated 79.4% of companies survive their first year in operation.

 So, whether you’re starting a business in retirement or just looking to earn more cash, you’ll want to find the right startup growth strategies. Don’t be afraid of being a sole proprietorship and starting your company on your own because you can always grow and hire employees later on.

2. Conduct Research About Your Business Idea

Once you have your small business idea, your next step is to see if it’s worth pursuing. To do this, rely on market research and be sure to analyze your competition. This will help you gauge your audience’s interest and:

 Understand your customers’ needs

Identify potential problems with your product or service

Lessen financial losses by helping you make more informed decisions

Find niche markets you may not have known about

Set goals that can guide your business

3. Research your market.

Knowing what the competition knows won’t cut it. Go deep. Dive into your market and study it like an expert.  

Search Google for keywords that are related to your industry. Don’t get discouraged if the market seems flooded. You can use this to your advantage. It means that it is working for those people and you can make it work for you. There is money there.

4. Set a tangible financial goal.

I set new goals every six months and always stretch my initial mark. Work backward and figure out what you need to do each day to get to where you want to be. Set a goal that is a stretch for you and look at the steps you need to take every day to accomplish that goal.

5. When you create a website, make the content shareable.

It’s great to reference some of the leaders in your space, but when you are developing your own brand, it’s important to create unique content on a single hub. A site that your readers and viewers can reference back to, for more of your incredible content. I lean on Derek Halpern who’s a pro at this.  

6. Build a list.

Email is the best form of currency online and building an email list is one of the most important tools in building a business. As you develop your shareable site, begin building a list of emails of the people that visit your site. Then continue to provide them with value. This will translate into buyers for the future launch of your product or service.

Adding in an opt-in form on your website and having a place to store your emails are the first two steps to building your email list. Free resources like HelloBar.com and AppSumo.com allow you to collect email information on your website. To store email addresses, I recommend the program Aweber, which even offers a free 30-day trial.

7.  Develop a business plan

A business plan is an absolute necessity for any business aiming for long-term success and growth. It’s also good discipline as the key headings in a business plan really make you think hard about all the areas you need to cover for your business to be sustainable, mid-to-long term. Write the plan for yourself primarily. 

8.  Don’t run before you can walk

As a new business in the midst of new product development, it’s important not to a) put all your eggs in one basket and b) spend all of your resources on something without proof of its market potential.

The Lean Start-up methodology is an excellent approach to finding out whether your product or service will attract real customers before you invest too much time and money.  Some people spend months, even years, developing and refining a product without ever testing the product in their target market.  It’s then a huge shock for a potential business owner to find out that the product is not fit for purpose, resulting in the failure of the business before it’s even taken off.

6. Understand business finances

The shared goal of any business is to make money, which means the flow of money is an integral part of running a business. You’ll need to understand some basics to get started and scale that knowledge as you grow.

There are plenty of businesses you can start with only a small startup cost, but others will require money for inventory, equipment, or physical space. A clear view of your total investment—before you spend a cent—is a must, and can help you make important projections, like when you’ll break even. 

7. Develop your product or service

You’ve done the legwork, and you understand the financials—now it’s time to dig deep into the product or service you’d like to offer. 

For a product-driven business, developing your product could mean taking one of three general approaches.

Creating your own product. Whether you’re making items by hand or sourcing an original product from a manufacturer, developing your own product to sell can help you stand out in the market.

Customizing an existing product. With print-on-demand options, you can add your unique designs and ideas to products including t-shirts, leggings, towels, backpacks, and more.

8. Pick a business structure

Your business structure influences key parts of your business, from taxes to operations to your personal liability. Choosing the right structure is about balancing the legal and financial protection you need with the flexibility offered by different options. It’s an important decision, and it’s one you should consider carefully before you launch your business.

Business structures vary based on your country and area, but two common types—that may go by different names in your country—are sole proprietorship and incorporation. A sole proprietorship is great if you’re the only person involved in the business, and is usually the lowest-effort structure to pursue, but you remain personally liable for the business and its activities. 

We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.