Starting a business could be a daunting task, especially for someone who lacks extensive entrepreneurial skills and experience. A business venture comes with an overwhelming list of of documents to secure and the risk of losing your money is always present. The odds are high, but there is no reason to turn your back from putting up your own especially if you’re hungry for success.
Truth is, you’re not alone in this plight.
Here’s a beginner’s guide that includes useful information to help you in starting a business this 2017.
1. Brainstorm Ideas
Every successful business starts with a great idea. If you’ve always wanted to start a business but lacks the “eureka!” moment, you might want to sit back and brainstorm with a business partner. List down everything that you could think of and later narrow it down to three.
Afterwards, do a research about the market niche you want to invest in. Learn what the leading brands offer and think of ways on how you can do better. If finally, you have thought of a unique and innovative idea that other brands don’t have, then you’re ready to do your planning.
2. Assess your Resources
Only rarely do startups incur no cost. Most of the time it is expensive to put up a business as a newcomer and you’ll need to know how you can cover these costs. Assess your resources and consider how you are going to fund your startup. Will it come from your own pocket or will there be a need to get commercial loans from banks?
It’s good to know that there are alternative small business lenders that can support your need for funds should you fail to secure a commercial loan. And if you have a “big idea” let’s say a tech innovation, you can secure funding through crowdfunding platforms like Kickstarter and Indiegogo.
3. Conduct a Marketing Research
Once you’re ready to fund your business prospect, it’s time to plan how you can get started. To do this, you need to conduct some research. This helps you figure out whether your business idea is feasible and profitable. Consider these questions:
- How much money is usually needed to start this kind of business?
- How long does it take to earn profit? Can I cover the cost while waiting for ROI?
- How saturated is the market?
- How’s the competition doing?
- Who needs my product/service ?
- Where should I put up my business?
- How do I promote my business?
- How can I target my customers?
These questions can guide you in getting a realistic perspective of the market that you want to plunge into.
4. Register your Business
After ensuring the feasibility or market potential of your idea, you’re finally ready to start a business. To make it a reality, you have to secure important legal documents including:
- DTI Business Registration. This is to register your business name.
- Barangay Permit. It serves as proof that your business is compliant with the requirements of the barangay where you want to put up your business.
- Mayor’s Permit. This is a requirement to operate your business within a certain municipality or city.
- BIR Clearance. This ensures that your tax obligations are fulfilled.
*Note that the process and or requirements may vary depending on the place and nature of business.
5. Build your Team
When you finally have the full and legal rights to run a business, you need to hire a great team that fits the needs of your operation. To do this, you must identify the division of labor that will keep your business in full swing. Define the roles and responsibilities required of each job position, then streamline the business process so your people may work efficiently and productively together as a team.
6. Promote your Small Business
When you’re business is already up and running, the next thing to do is to target your ideal market. As a newcomer you want to leave a good impression on your potential customers and gain a good traction among the people in your business location. To achieve this, you will need a marketing plan to boost your sales and brand awareness.
Here are some of the things you might want to consider:
- Put up a business website and subscribe to SEO service
- Promote through social media
- Do soft opening
- Offer coupons and discounts
You will never know how well you’ll do without trying. Business comes with hardships and to be successful, you must go on with determination, creativity and discipline under your belt.
Looking for a commercial space to put up your business?
Lotus Mall can be your key to business success. Located at the heart of the bustling city of Imus, it is Cavite’s top IT mall where people shop, dine and have fun. To learn more about our quality commercial space for rent, visit our website.