Funding Your Dreams: How to Start Your Small Business

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Many people dream of starting their own business that will give them the financial and personal freedom that they desire, as well as the feelings of self-sufficiency and accomplishment. But you may be wondering what you need to get started.

How to Start Your Small Business

Let’s go through the steps involved in starting a small business and achieving the financial and personal goals that you have been striving towards.

 

Look at Your Passions

The first thing that you’ll want to do is look at your passions and determine if there is anything among them that will allow you to make money. If you are doing a job that you enjoy, and something that incorporate your passions, then you’re going to have a much easier time getting up in the morning and pursuing that business.

Find a Niche

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The next thing you have to do is find a niche that is not currently being served. You need to find customers. But what problem can you solve for a customer that is not currently being solved by another company? That’s what you have to ask yourself to figure out what sort of niche you can leverage.

Determine Your Product or Service

Your next step is to decide what your product or service is going to be. You want to choose something that fits within your niche and works with your passions, but you have to have a viable product or service the people are going to pay for. If you discover a niche for a product that is not being filled, there may be a reason for it and that can be determined by looking at products and services.

Figure Out Your Approach

You also need to figure out what your approach is going to be. This is the way that you are going to present that product or service that is different than anyone else is doing. You need to be able to give customers a reason to come to you instead of going somewhere else – particularly if you are new in the market. This is why your approach plays such a big part.

Create a Marketing Plan

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You also need to create a marketing plan. If you can come up with a marketing plan to get your name out there and start getting you recognized by potential customers, then you have a shot. But if you start a business and no one finds out about you, you’re going to go belly-up pretty fast. That’s why most businesses plan for several years of obscurity before customers start buying regularly.

Create a Business Plan

You are also going to need a business plan. A business plan serves many purposes. Some use it as a roadmap to help them figure out the direction that their business is going. Others use to set goals and milestones so that they can measure how their business is doing. Many people use their business plan to convince investors and banks to give them the money that they need to start their business, and a few use them to develop partnerships that will benefit them in their business.

Procure Your Capital     

Save Money

The last thing that you’ll have to do is come up with the money that you need to start your business. You may already have the capital that you need, or you may have to go to a lender and get a business loan. Having enough capital is going to be a vital part of ensuring your business’s survival over the long-term. Make sure that you cover all of your start-up expenses and living expenses until your business takes off.

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1 Response

  1. Hi Abhishek,

    You have come up with such a nice and simple series of steps. It only sounds logical that we need to first identify our passions. Unless we are ourselves convinced and interested in a project there is very small chance of success.

    I really like it that you have given the whole sequence in so few words. Also you have described everything very clearly and logically. This is a must read for anyone wanting to start a business of his own.

    Thanks for sharing these helpful thoughts with us. Have a great day!

    -Naveen

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