7 Essential Steps to Start Your Business: Key Tips Included!

If you find yourself thinking about turning your available funds into greater profits, it means you already have the mindset of an entrepreneur. The question is: do you know how to start an ideal business?

Regardless, you must recognize one fundamental fact: starting a business is not easy. However, with careful planning and accurate calculations, your chances of success will increase significantly.

Also read: Get to Know the Concept of Business Strategy and 6 Points that You Can Adapt

So, how do you start?

The information in this article can serve as a guide to help you map out the stages of starting a business, what needs to be prepared, and several useful tips you can apply.

The steps you can take from the beginning are as follows:

1. Determine the Type of Business

The first step is to choose the type of business you will pursue. You can explore various existing business types and adjust them to your preferences.

2. Initial Research

After choosing on the type of business you want to start, conduct research related to this type of business. Research is the most common way to gather essential data you need, strengthening the foundation of your business.

3. Budget Planning

One thing not to be overlooked is budget planning for your business. Budget planning will determine how strategies are executed, marketing is carried out, all costs are planned, profit projections, and other important aspects.

4. Business Capital

After all the budget planning is completed, you can assess the total capital you will need. Reflect on whether you can provide this amount of capital or need other ways to obtain the necessary funds.

5. Timing

Starting a business at the right time can help lift your business to the surface and attract more attention. Look at the calendar and take advantage of the right moment for launching, such as the first day of Ramadan or when Christmas celebrations arrive.

6. Find the Unique Selling Point

A Unique Selling Point (USP), no matter how cliche it may seem, is still essential for a product. This unique value must be identified and maximally exposed as a differentiator and attraction for the market you will target.

7. Effective Promotion Strategy

The last point is perhaps the most abstract because there is no exact formula for the right promotion strategy. However, this does not mean you cannot try similar successful products that have come before you.

In essence, strategy development will refer to the principle of observing, imitating, and adapting. Adjust it to the value of the brand you have, and you will find the uniqueness and distinguishing factors from competitors.

Also read: What You Need to Understand About Franchise Business

What’s the Next Steps? Let's See What Needs to Be Prepared!

After knowing the steps mentioned above, you can proceed to this point to find out what needs to be prepared. Well, practically, some have been mentioned in the previous points, but it is good to summarize and look at it in more detail.

First, prepare the type of business to be used because this will relate to all the things you will manage in the business.
Second, prepare the products and values that you want to 'sell' to the market you are targeting.
Third, prepare the customer profile that will be your target because this will help formulate marketing strategies and the product itself.
Fourth, prepare a solid team or framework that can be a guide in carrying out every business-related matter.
Fifth, prepare capital. Being an essential factor that cannot be separated from business, the presence of sufficient capital will provide peace of mind and flexibility in business maneuvers.
Sixth, try to establish a strong network to support your business. It can be in the form of providers, consultants, communities as the primary market, and so on.
Seventh, prepare mentally. The business world is not a soft world for newcomers, so make sure you have a strong mentality to survive and continue to grow.
Eighth, prepare insurance for your business. Why? So that you have a safety net that you can rely on if your business has to face its worst possibility.

Anything else to add?

Combine Preparation with the Following Tips!

The business world continues to evolve over time. Technological developments and trends demand that young entrepreneurs like you should be sensitive to change but still not lose the meaning of the business spirit that must be possessed.

To be able to run a business consistently, there are some simple tips that you can use.

Start a business based on what you like. Such a business will help you stay enthusiastic and passionate about running it because fundamentally, you are trying to generate income from something you like.
Continuously learn business knowledge from various sources and continue to evolve, adapt to the situation, and business dynamics without losing your main identity.
Build relationships to develop your business. Many successful businesses have grown because of productive relationships that can be built. Do not hesitate to explore potential partners because this could be what your business needs to move forward.
Find a strategic location. In the modern era, selling 'locations' does not only refer to stores and buildings but also digital areas. Social media, marketplaces, and various other things can be the right selling place as long as you can devise a smart strategy.
Maximize effort in the right interests. With this, the effort made can provide optimal results without wasting the resources you have.
Always have a Plan B for various possibilities so when the worst happens, you do not fall too deeply.

Also read: Not Only Work: 3 Triggers that Caused Burnout

Put simply, business will not undergo such significant changes. Its form may change, but the essence of the steps and stages performed will remain similar in every era. After all preparations are made and all information is available, you are now ready to start your business. One last thing to ensure is the presence of business insurance to provide assurance when conditions become bad. SmartBusiness insurance from AXA Insurance Indonesia

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