Choose The Name Of The Business

After having concluded that your idea has the potential to succeed, you could start by taking one of the most important decisions: the name of your company.

To look for names for your business, you could see the names of the competition and pay attention to the ones you like, or go to business directories on the Internet that is the same type as yours, where you can find names that serve you inspiration.

And then, to choose the right name, you should take into account especially your tastes and the implications in the marketing that you may have (that generates a positive image, that communicates what your business is, that is easy to pronounce, etc. ).

Choose The Location Of The Business

After choosing the name of your company, another important decision you could take next is the place of your business.

To find locations for your business you could go to the classified ads in the newspaper or on the Internet, or go through the areas where you would like your business to be located (for example, cities, where similar enterprises exist,), to see if you find local or offices for sale or rent.

And then, to choose the right location, you must take into account different factors such as the influx of public in the area, the visibility of the premises, access roads, competition, costs, etc.

Determine The Target Audience

One of the most critical steps when starting a business, but that many overlooks, is to determine the target audience, that is, determine the type of audience to which your product or service will be directed.

To determine your target audience, you must first segment the total market that exists for your product or service, in different homogeneous markets composed of consumers with similar characteristics, taking into account different variables such as location, age range, socioeconomic level, etc.

And then, choose one of the resulting markets that are more attractive to enter taking into account your ability, knowledge, and experience, but also making sure that it is not so small to the point of not being profitable, or so vast to the end of not being able to specialize at.

Analysis Of The Target Audience

Once you have determined your target audience, you must analyze it so that you can get to know it better, and thus design the product that best suits your preferences, as well as formulate other strategies that may have better results in it.

To analyze your target audience, you must first determine the information you would like to explain about it, which could include, for example, your tastes, preferences, consumption habits, buying behaviors, customs, attitudes, etc.

And then, collect this information, for example, through surveys where you ask questions that allow you to obtain the required information, or visiting the places where you used to make your purchases to observe their behavior.

How To Start Your Business Step By Step

You can use this guide as you see fit; however, to get the most out of it, we recommend that you read it all the time, from step 1 to step 20, and then read more carefully each level, as you apply it.

As for the order of the steps, it is established in such a way that the steps are easy to follow; however, it is only referential, and it may be the case that you have to change it (for example, perform step No. 10 before No. 9), depending on your circumstances, but also on your preferences.

Also, each step is summarized in such a way that the guide can be quickly read. If you want more information about a certain level, you can visit the different links that you will find in each of them, which will lead you to articles where you will find more information on the subject.

Go to company directories or sites dedicated to entrepreneurs on the Internet where you can get ideas that inspire you.

Identify a product or service that others already provide, but that you could add something that differentiates you from them or make it better.

Think of a product or service that others do not offer and that due to its novelty and innovation could create a new need in consumers.

Find A Business Idea

If you already have your business idea, that is, you know what business you are going to put, you can move on to the next step, but if you still do not do it, the first step to start a business is to find a business idea.

Some Ways To Find A Business Idea That You Can Use Are:

But whatever the case, it is advisable that you choose a business related to what you consider to be your passion in life, since only then you can have enough motivation to get it out despite all the difficulties you may encounter in the path.

Evaluate If The Plan Could Succeed

Before going further, it is recommended that you conduct small and informal market research that lets you know if your idea could be successful, that is, and that allows you to have a preliminary design of the feasibility of your business.

To do this, you could visit places where products or services similar to the one you are offering are offered, and analyze if there is enough demand for them, or see how many related businesses you think you create, and explain how competitive they are.

You could also choose to ask your family and friends for their opinion about your idea, or make a quick estimate of the resources and knowledge you would need to put it into practice, and analyze if you have them or can acquire them.

Analysis Of The Competition

In addition to analyzing your target audience, it is also essential that you examine your future competitors so that you can know them better, and thus make decisions or formulate strategies that allow you to compete with them in the best possible way.

As in the previous case, to analyze your competence, you must first determine the information that you would like to explain about it, which could include, for example, your location, your resources, your prices, you’re main strategies, your strengths, your weaknesses, etc.

And then, collect this information, for example, visiting their premises to observe their processes or the attention they give to the client, acquiring their products or testing their services to analyze them better, or doing little interviews with their former employees.

 Preparation Of The Business Plan

  • Business definition: the fundamental data of your business, the description of this as well as the product or service that you are going to offer.
  • Marketing plan: the marketing strategies that you will apply once your business is launched.

Plan of operations: the physical requirements necessary for the operation of your business, and the description of its process.

Human resources plan the description of your management team and the personnel requirement that your business will have.

Financial plan: the calculation of the investment, the projection of income and expenses, and the economic evaluation of the project.