5 First Steps to Starting Your Own Business

Solomon Thimothy - October 8, 2009

steps to starting a business

Can’t find a job? Consider joining the thousands of Americans who are contemplating or have pursued the entrepreneurial spirit. In a time where your job is never promised to you for tomorrow, finding satisfaction and passion as your own boss seems to be the risk many want to take. Doing something you love.

For those of you who have toyed with the idea for years, there is hope, you can do it, and it’s very well possible. To help you start thinking strategically about your business venture, consider these 5 steps as a starting point:

    1. Develop Your Business Idea: Now that may sound ever so obvious, but there is more to it. People think you can start a business doing anything, selling any service or product, but it’s not that simple. Whatever the idea is consider the need for the business idea. How will a changing economy affect your business? Is this something that people will find useful regardless of how much money they have? Is your service or product a luxury or a necessity?


    1. Test the Waters: Do some research, show your product to people you know, provide your service free of charge and see what kind of response it generates with your community of friends and family. You want people that will be honest with you, but also trust you enough to use them as research. What problems or concerns are they communicating? How can your business idea be modified to be more effective? Do your homework.


    1. Research Your Competition: Consider if there are any other businesses like yours. How long have they been around? How well are they doing? You have to know what your new venture is up against. Maybe you’ve discovered something that is new and unique; use the internet and make sure.


    1. Calculate Operational Costs and Consider Funding: You may not have all the money to invest right away, but it would be a good idea to figure out how you can make this business work within a practical budget. How can you make your dollars stretch in the early stages? What are the costs associated with your business? What would you need to charge to break even? To gain profit? What are the necessary costs and what are the visionary costs (things you’d like to do, but know you can’t afford right now)?
      How will you invest in this business? Take out a small loan, look for financial backers, find a small job and put aside money from every pay check to invest in your business?


  1. Create a Marketing Strategy: What kind of things would you need to do to get word out about your business? How are people going to know that your business even exists? A proper marketing strategy should include online marketing, social networking, and also the use of traditional channels. How can you build awareness to people that are internet savvy and also technology illiterate?

Starting your own business can be a risky venture, but with the right tools and planning it can become a very successful venture. Contact OneIMS for a consultation about the best ways to launch a new business. Call us today at 1-888-ONE-IMS1.

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