HOW TO START YOUR OWN BUSINESS TO MAKE MONEY
Do you know that a lot of people have always wanted to start their own business? Are you aware that people want to be their own boss.?
Infact, most people start their own business so as to become their own boss.
“ALSO READ; SMALL BUSINESS FACTS YOU SHOULD KNOW”
Some people fail in their business as a result of lack of proper planning and mis-management of their business.
A lot of business, over %20 fail in their first year of which this is one of the major causes of this.
Amidst the issue of lack of funds, a lot of businesses still fail as a result of misappropriation of funds in business and also lack of utilizing the available funds.
Irrespective of the kind of business you want to start and the fund available, you can still start that business with the available funds and grow the business as time goes on to a very high level.
Starting a business is an issue and another issue is the ability to run the business to great heights.
A lot of business here in US and other countries have failed as a result of this, but you can overcome this if you utilize these steps very well and run your business very well.
In this article, we will guide you and show a step by step guide on how to start your own business. This steps applies for all kinds of business, that is any kind of business you wish to start at all.
Go through this guide, follow the steps and watch your business come live’.
Even if you have a business running already, you can still make use of this guide to amend areas that you are lacking in your business.
Starting any small business requires and involves planning, completing series of legal activities, making financial preparations and so on.
We will discuss them better below;
STEPS ON HOW TO START YOUR OWN BUSINESS TO MAKE MONEY
1. Conduct market research
2. Write your business plan
3. Finance your business
4. Select a good business location
5. Choose a good business name and structure
6. Make your business a legal entity
7. Purchase insurance policy
8. Build your team and get vendors
9. Create a business bank account and International payment methods
10. Advertise and grow your business
We will briefly discuss the above mentioned step by step guide on how to start your own business to make money
1. CONDUCT MARKET RESEARCH
Starting a new business has procedures and steps in their sequence. The first step is to have the idea of the business you wish to go into.
Then you will go into market research.
Market research will enble you to know if there’s an opportunity to turn your idea into a successful business or not. It willalso help you to gather information about potential customers and businesses already operating in your area and in your niche. You can then use that information to find a competitive advantage for your business and how to operate your business.
Market research will help you to learn what current brand leaders are doing and figure out how you can do it better.
2. WRITE YOUR BUSINESS PLAN
After having identified your business idea and conducted a good market research to know how to run your business, the next step is to write down your business plan.
Having gotten your business idea and conducted a broad market research, you need to consider these questions and as they will help you in your business.
• What is the purpose of your business?
• Who are you selling to? What are your end goals?
• How will you finance your startup costs?
With these questions, you can draft out a good business plan giving an answer to them.
Business plan can not be ignored when starting a business because a business plan helps you figure out where your company is going, how it will overcome any potential difficulties and what you need to sustain it.
3. FINANCE YOUR BUSINESS
After drafting your business plan and writing it, the next step is to act towards launching your business. This calls for finance or funding. You finance your business.
Many business have failed as a result of lack of funds continue their business before they start making profits as you don’t expect profit immediately.
You need to determine how you’re going to cover those costs required in starting your business. You need to consider if you have the means to fund your startup, or will you need to borrow money?
It’s best to find out how much your startup costs will be and all the expenses you will make in the starting of your business.
4. SELECT A GOOD BUSINESS LOCATION
The location of your business matters a lot. The location of your business tells how much sales you will make in a day and how visible your business will be. It also determines if you will be reaching the right audience or not.
You must ensure that the people living around the physical location of your business that they are in deed of your product or service.
“Your location, whether online or offline will determine your sales”
You must ensure that you site your business in a good location with lots of people in the class that will demand your product.
If it’s an online store, you ensure to register on a good hosting platform to avoid crash, join groups where you can market your eto reach the right audience.
The choices you make in your business location could affect it.
5. CHOOSE A GOOD BUSINESS NAME AND STRUCTURE:
Having gotten the details of your business, written down a business plan and chosen a location for your business, you then choose a business name.
Choose a name that is strategic and points to your business. Let the name explain your business in a short word. Let it not be a long narrative name, make it short and smart.
Also select the structure of your business. How you want it to be structured.
Do you know that your business name can greatly affect your business??
6. MAKE YOUR BUSINESS A LEGAL ENTITY:
Making your business a legal entity is what will determine how far your business will go.
Once you have done the above steps, you should ensure that you make your business a legal entity.
You register your business under legal bodies (Business Registration bodies in your country and at the international levels).
You should also get federal and state tax IDs, apply for license and permits. Register with the government and IRS.
7. PURCHASE INSURANCE POLICY:
You need to give your business protection as much as you give to your life and properties. This is because your business Worth’s it. It is an asset to yu and not a form of liability since it is your source of income.
Ensure you register with the insurance company and purchase and insurance policy for your business.
“Just like the way your life and properties require insurance, even so do your business require insurance”
There are a lot of business insurance policies that you can purchase for your business including your staffs and team.
8. BUILD YOUR TEAM AND GET VENDORS:
Having done the above necessary things to start up your new business and make it go live’, the next step is to build your team.
“Together Everyone Achieves More”
Get your team of those who will work with you in your business. Also get your staffs and vendors who will act as middleen in your business.
Make sure that you get serious minded team members and vendors that will always attend to your clients or customers in a kind and receptive manner.
9. CREATE A BUSINESS BANK ACCOUNT AND INTERNATIONAL PAYMENT METHODS
Your business needs a payment method, it is this method that will be used to receive money from your clients.
Hence, you need to open a business bank account in your country, and account that bears your business name.
You should also create and open local and international payment methods for your business.
It is these methods that will be used to receive payment from International clients.
Examples of popular Internationally accepted paymy gateways or methods are; PayPal, Skrill, Payoneer, Gift cards, Bitcoin and so on.
10. ADVERTISE AND GROW YOUR BUSINESS
Having completed the steps on how to start your own business to make money, you should then advertise your business.
Ensure that you advertise your business to the right audience in order to gain more visibility and bring in more sales.
Make use of Strategic methods in advertising your business. You can even run social Media ads for your business to reach the right audience.
Some popular social Media ads that will help you grow your business are;
• Google ads
• LinkedIn• Ticktok
And some others.
The above narrative is a step by step guide on how to start your own business to make money.
Remember, you can’t wake up one morning and expect to start up a business and begin to make money from the business.
Irrespective of the amount of fund available to start and to run the business, you can still utilize it to start up a business, run it and then grow it to high level.
Take the above guide on how to start your own business to make money and watch your business grow and Excel.
Get our list of 30 smallest business ideas you can start to make money 👇👇
Remember; Consistency is the key to success in business.
Thanks for reading this article, we have more articles on our site that will guide you and help you in the day to day running of your business. Please share the link to this article with your friends too.
Visit our site for full guides, tips, ideas and tutorials on how to start up a business, how to run your business, how to make money from your business, how to make money online,how to work online from home, online jobs for you and other finance or money related topics you should know.
We will be waiting to reply your comment; suggestions or questions in the comment session below or in the Contact Us page for Live’ chat and support.
Like and follow us on our