There are no limits and not set rules as to who can become a successful entrepreneur and who cannot. The doors are open to all, and it is not necessary for someone to have a college degree or to be rich by birth to get into the business. However, on the other hand, you may need a strong plan, bright ideas, will to win, and a strategic approach to business in order to make it successful.
As per Wikipedia, A startup is an entrepreneurial venture that is newly emerged and fast-growing by effectively meeting the marketplace needs by developing a more viable and sustainable business model around an innovative product or service.
If you are an aspiring entrepreneur and wants to enjoy business success, here we will go through some essential steps which will help convert your big idea into a sustainable business.
Step #1. Do a self-evaluation
A startup businessman needs to start with the most basic question. Why do you like to start a new business? This simple question has the power of guiding you through the entire business planning process. Some need extra money, some want to enjoy more freedom, some others want to boast of their success. Once if you have the reasons by answering this question, start asking more subsidiary questions to define yourself like:
- What are your skills?
- What is your passion?
- Which area you have expertise in?
- How much can you afford to invest, knowing that there is a chance of failure?
- What is your lifestyle?
- Are you prepared to be an entrepreneur?
Don’t be biased while answering these questions. Writing down all these answers genuinely will put the foundation for your business built up.
Step #2. Do proper market research
Once if you are set with your business ideal, check if anyone else is offering the same product or service. If so, what different you are going to make?
Do a proper market researching as to who your rivals are and what they do in the market. Doing this will help break down your business objectives to complete and strategize your business delivery. You may conduct some interviews with the potential customers face to face or through telephone. In fact, there are many agencies also now helping with market research, which you can make use of if needed.
Step #3. Understand startup database
There are various types of startup databases exist out there, and all of these boils down to what you need for a startup database. Say, for example, some of the startup databases are best for the retail businesses whereas some others are ideal for investment professionals. There are some others which are ideal for B2B sales, and some can be used as a combination of all these.
Setting up a database
While considering database set-up for a startup business, you need to consider the long-term requirements in mind than just taking care of the minimal existing requirement of the times. As we can see, data is considered to be one of the most sic asset of any business organization now, which is not only a collection of customers and transactional informational but being used to do a critical analysis of the business performance and also to take strategic business decisions.
Relational vs. non-relational
From the beginning onwards, databases always remained relational as in case of MySQL or SQL server, which is known as a relational database management system. However, in the time of big data and machine learning, the database is now changing to non-relational DBs too like MongoDB, etc., which can handle a huge volume of unstructured data from various sources and offer optimum analytical capabilities.
Even when the initial requirement of database management is limited for a startup business, it is ideal for taking the service of an expert DBA like RemoteDBA.com if possible, to properly structure and manage database administration, which will help achieve optimal performance over time.
Step #4. Make it official
Once if the basics are ready, next get all the legal aspects cleared and make your business legal. With this, you can avoid any future complications of a business partnership or get sued personally from anything which you never expected coming. A baseline checklist is:
- Nature of business entity as LLC, corporation, or partnership
- Registering business name
- Getting Federal tax ID and
- Getting all permits
- Operational license
- Starting a business bank account
- Registering all trademarks, patents, and copyrights
It is ideal for getting the assistance of a legal and taxation expert in order to get these things set right.
Step #5. Prepare a good business plan
A proper business plan will help you approach the investors and present your business ideas in front of the stakeholders.
A good business plan consists of:
- Title page.
- Executive summary.
- Business description.
- Market strategies.
- Competitive analysis.
- Design and development plan.
- Operations and management plan.
- Financial factors and projections.
Step #6. Finance your startup
There are many different ways to find resources to start a business. You can get a bank loan, support of angel investors, to public fundraising as one of the latest avenues for business investments. Based on your business plans and requirement of funds, you may explore various options and get an adequate resource which may work the best for you.
If there a scope, then the best approach is to fund your business by yourself. Bootstrapping may take a lot of time, but the good part is that you will have full control of your destiny by owning all equities. You may also try to pitch your needs to the immediate circle of friends and family who trusts you.
Step #7. Build your team
In order to scale up your business, you may need some responsible people with you. Build a strong team. In fact, it is not mandatory that you need to hire everyone as employees but look for partners, freelancers, and associates who can work with you. Make sure that the pilot team you set up share the same dream with you.
Step #8. Start generating sales
No matters which product or service in whatever industry, the future of your business is fully based on the revenue through sales. There are plenty of sale strategies you can employ, but the primary rules are:
- Listen to the customers
- Ask for commitments
- Don’t be fearful about hearing a ‘no.’
Learn how to generate leads and figure out the right sales funnel and the apt strategy to convert those leads into revenue.
You can call yourself as an established business once you reach up to this level, but further need to plan for growth and make appropriate moves. You may think of expanding, acquire another established business, expand your range of products and services, or start to target newer markets to grow exponentially over time.