Start a business: step by step guide

I present you the complete guide to starting a business, a synthesis of the articles that I have published in recent weeks on the blog about the most important aspects and the processes you need to know if you want to know how to start. This guide takes up the steps analyzed one by one, with a brief summary of each point and a link to the detailed article in the section title. I hope it can be very helpful to you.

 

1º- Find the idea to start a business

 

Idea to start a business First you have to know that an idea is worth nothing. What matters is the implementation, that is, how it is put into operation, something that depends mainly on the team in charge of the project.

 

A good idea has to respond to a real need, and provide this additional little thing that a client is willing to pay for. In other words, that it has a potential for profitability.

 

It is highly recommended that your idea is adjusted to what you know how to do (to be effective and innovative) and that it is something that you like (I would say even more, that you are passionate), because you are going to spend a lot of time working on it.

 

2º- Find entrepreneurial partners

 

Find entrepreneurial partners Or how to start a business in good company. You have all the right in the world to want to start a business alone, but finding partners has many advantages , especially to complete your profile in aspects that you do not control (management or commercial facet, technical facet, etc.)

 

If you choose to work as a team, be very careful about looking for people who share your business goals, your values, and whom you can trust. And don't think that friends are always good partners. The professional environment is governed by other priorities.

 

3º- The business model

 

Business model The design of the business model of your company is a fundamental stage. It is about turning your idea into a process that generates income and benefits, in other words: how you create value.

 

I recommend reading the detailed article, in which I give you some definitions of the concept, I tell you about the Business Model Canvas (so fashionable lately), I insist on the most important elements of the design of your model and I give you some examples of systems that they were successful.

 

4th- How to get financing

 

How to get financing for a business The initial investment is usually one of the main brakes at startup when you want to start a business. Getting financing can be complicated, and to help you, I have prepared an article that details the different models (internal financing, debt, equity or grants and donations) as well as the main actors who can contribute money (entrepreneur, friends and family , crowdfunding, commercial banking, public banking and guarantee companies, venture capital companies, business angels).

 

5º- How to convince an investor or a bank

 

How to convince an investor Knowing how to start a business has a lot to do with learning to "sell" your project to others. If the previous article explains where you can go to find the money necessary to finance your project, in this I make some recommendations to be successful in your applications.

 

I explain the importance of preparing a business plan to be clear about all aspects of your project. It is also essential that you take care of the form as well as the background, giving a professional image at all times and speaking in the present better than in the conditional. Another point in favor is that you invest your own money, even if you have little.

 

I also detail the differences between talking with a banker (who only lends you money and wants to make sure that you are going to return the principal and pay the interest) and talking with an investor, whose objective is to maximize the profitability of his investment. In the latter case, you will have to take great care from the beginning of the conditions of the collaboration with your capitalist partner.

 

6º- How to get clients

 

How to get clients actually, and although I have put it in the sixth section of the guide, getting clients is what comes immediately after having defined the idea and the business model. Having convinced a few consumers to buy your product or service is the best weapon to convince potential investors.

 

In this article I insist a lot on the importance of being patient and persistent, and taking it all as a hunting party , with some techniques that I detail. When you've caught your prey, you'll still have to convince it, and some of the tips I've prepared will help.

 

Finally, I think it is essential that you organize a monitoring of the effectiveness of your commercial activity. A common mistake is wasting a lot of energy on methods that don't work, when a few adjustments can totally change your results.

 

7º- Self-employed or company? The choice of legal form

 

autonomous or society In India, the future entrepreneur sooner or later faces the question of starting as an individual (self-employed) entrepreneur or setting up a company. I have prepared an article for you that review the advantages and disadvantages of each legal form according to various criteria: administrative simplicity, limited liability, tax advantages and the aspect of capital transfer.

 

As you can imagine, there is no fixed answer. Depending on the type of business, one way or the other will be better for you.

 

8º- Choose the name of the company

 

choose company name For some businesses, it is a fundamental choice, for others, it has a more limited importance but the name of your company is usually the first thing that your future clients and the rest of your business partners see, and therefore it is always wise to stop the time necessary to reflect on what you are going to call your company.

 

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You will want to find a short name, easy to remember, positive , if possible that reveals what your value proposition is and that it cannot be confused with other brands or have strange meanings in other languages.

 

In the article we talk in detail about various tips to find a good name for your company.

 

9º- Hire an employee

 

Hire an employee In my opinion, hiring the first employee is one of the most significant and enriching moments in the process of starting a business, just like closing the first sale or making the first profits.

 

In this article I detail how to choose the right person for the right position, how to measure the profitability of a hiring, and I explain both the various administrative steps you have to take and the help you can take advantage of.

 

10º- Find a place

 

Find a place Maybe your business is open to the public, or maybe you can perfectly work from home. In any case, you will have to consider the issue of the location of your workplace.

 

I give you some recommendations based on the type of your business (for example, if you have a store, the location is a fundamental factor ), and I also give you some clues regarding administrative aspects (the famous opening license).

 

The conclusion is a small analysis of the different types of owners with whom you can come across when negotiating a rental for your premises.

 

11º- How to find suppliers

 

How to find suppliers You would be very wrong if you limited yourself to thinking that with the entrepreneurial partners, customers and employees you have defined the most important actors to do a business. Your suppliers are also very significant third parties, and some of them become strategic, and that is why you have to take special care to choose them.

 

I explain where you can find these partners, and I also give you some criteria to compare the different companies that may attract your attention. Price is not everything. When you have found someone to work with, and before signing, it will be worth reviewing some important aspects.

 

12º- The most common mistakes of entrepreneurs

 

common entrepreneurial mistakes Before launching, I recommend that you review this list of very common mistakes to know how to start a business avoiding falling into the most popular traps. Knowing those common mistakes will give you more options to succeed. Because I assure you that business life will face you with many more difficulties that are not listed.

 

Things like starting in a sector where you have no experience , falling in love with your idea, wanting to start big, losing focus , not planning or not being reactive can lead to the failure of a project that otherwise could have worked. I have listed up to 16 common mistakes.

 

13º- Reasons to start a business

 

Reasons to start a business It could have been the first article in the guide, but I wanted to put it towards the end as an interesting reflection on your motivations to undertake. Some reasons make sense and others are big mistakes. I recommend reading this article to make sure that you really have a clear idea of ​​what you want to achieve.

 

14º- You have set up your business. And now that?

 

you have set up your business If you have passed all the steps detailed in this guide, it means that you have a business in working order. But that was only the beginning, the easy part of the adventure. Now you have to consolidate your project.

 

Keep looking for clients, stay focused, build the image of your company day by day, learn to rest and gain perspective, measure your results, surround yourself with positive people and other entrepreneurs, look for systems to automate tasks and above all, always keep the customer experience at the heart of all your decisions .

 

You have not come to this article by chance. If you were looking for how to start a business and advice to start a business, you are in the perfect place. I have been publishing interesting content every week for years for all those who dream of starting a business. I propose you profitable ideas and private limited company registration, management tips and much more. So don't hesitate and let's keep in touch. You know, you can add the blog to your favorites, follow us on Facebook or Twitter or even sign up for our newsletter.