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During this Covid-19 pandemic, more and more people have become interested in finding a way to start a business . For security, for self-discovery and understanding of what it is that they want to do in life or out of necessity, many want to explore their entrepreneurial streak.
In 2021 alone, according to Google \’s trends report, the term how to start a business had more searches than the term how to get a job.
If you are one of those who have considered starting a business , but do not know where to start, here are 10 steps with which you can start your journey in entrepreneurship.
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1. Find an idea
Before starting a business , you must have a clear idea about what you will do, your idea must be supported by the answer to the question: what need will your product or service solve? And see how much demand is in the market for the service or product that you are going to offer in your business.
2. Give your idea purpose
Your idea to start a business must have a clear purpose beyond money. To the extent that you can help others to solve their problems with your product or service, you will find meaning in your business. Money cannot be the only or the most important motivation. In addition, it must be something that you are good at, and above all, that you are passionate about, since you consider that you will invest a good part of your time and resources in your venture.
3. Carry out a market study of your business sector
It is important that before starting a business , you are clear in which niche your business is going to develop and analyze all the related variables: how much competition you have, what are the trends for the following years in your sector, how you could innovate and differentiate yourself of your competition. This way you will have more clear what strategy to follow for your business, as it will be based on numerical data, previous experiences, success stories that can serve as an example, SWOT analysis, among others.
4. Create a business plan
Now that you are clear about what you want to do and the purpose of your business, create a written plan in which you establish the steps to follow to start a business and sustain it over time. There you must include information about your business, the business model that you are going to follow, ways to finance your business, among other important aspects.
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5. Review the legal and tax aspects
It is extremely important that before starting a business you are clear about all the legal and fiscal part related to your business, because this way you will save time in carrying out procedures and you will not have any loss due to sanctions, fines or any breach of the laws related to your sector and your business.
6. Find partners
Do you know people with the same interests and the same vision regarding the business that you have in mind? So there you could find your ideal partners to start a business . Make sure they are as excited as you are to start your project, as much of their success depends on consistent teamwork.
7. Look for investors and lenders
If you want to start a business but do not yet have the necessary resources to start it, looking for investors and lenders is an excellent option. Herein lies the importance of your business plan that we recommend in step 2, since success in this step depends on the clarity of this document and your persuasion skills. Remember that your business plan must be clear about how you are going to make a profit and how you are going to multiply the resources of investors to return their money and the loan proceeds. You can also resort to loans at the bank, just remember to be clear about the entire process so that you do not get any surprises.
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8. Make the necessary arrangements according to your business.
Does your business require a location? Will your business be online? If you are already clear on this part, before starting a business , it is time to find the place where you will establish your business in case it is physical. You will need to condition it so that it is in the best possible condition both for you and for your clients and your eventual employees. If your business will be online, make sure you correctly implement your e-commerce or platform, depending on the type of business you are going to start. Remember to be very careful in the user experience, because a website that has flaws will not retain customers and will hardly reach new customers.
9. Be clear about the segment your product is aimed at
Consider the data obtained from your market study to create your buyer persona , that is, those audiences to whom you are going to direct the communication to promote your product or service. This step is essential before starting a business , because if you do not know who you are going to, the efforts and resources you invest in marketing and sales will not have the results you expect.
10. Look for clients and start enjoying your business
After all the basic steps before starting a business , now is the time to find customers and start offering your products and services. Stick to your business plan, especially your marketing and sales plan to see how you are going to move forward. And of course, as time passes and you get more income, you can hire employees to help you improve your business for the benefit of your clients.
As you can see, starting a business can take time and its degree of difficulty, along the way you will find more things to do and new challenges, but rest assured that if you start from adequate planning and projection, your business will be a success.
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