Starting your own business is one of the powerful ways to take control of your life and be your own boss. Once you get your company kick-started, you need to work just as hard to keep it going every year. With that said, it's helpful to have a guide and a set of instructions to follow that can help you get started.
While you'll persuasively take hundreds of steps to launch your company, we have narrowed down the top 5 steps that you need to take to get your startup off the ground.
1.Make a Business Plan
A business plan is the base of your business. It is a roadmap for how to structure, run, and grow your business to pave a way of success. You will use your business plan to convince people that working with you, or investing in your business is a smart choice. Your business plan needs to be the first thing on your list because you'll use it to help you with some of the leftover steps.
2.Fund your Business
You need money – or in business terms, fund, to start the business. Your business plan will help you know how many figures you need to fire up your business operations. The cost of starting a business is much higher than people primarily think. 82% of businesses fail due to cash-flow problems. The type of business you're starting also affects the likelihood that angel investors and venture capitalists will be willing to give you funding.
Once you get the appropriate funding, you can progress to the next step of launching your startup company.
3.Pick a Business Location
Picking a proper business location is the essential business decision you will have to make. You have done a market research to understand where your product will have more demand. Whether you're setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal necessities, and revenue.
Where you want to start your business depends in part on the location of your target market, business partners, and your personal inclinations. Besides, you should consider the costs, benefits, and restrictions of different government agencies.
4.Become an Expert in Marketing
You have to become a marketing expert in selling your products/services to the customers. Because even if you have the best product/service, no one will buy it unless proper marketing is done. For those of you who aren't proficient marketers, they can hire a marketing director or even a marketing team, depending on the size of your business. Your marketing struggles will be one of the most essential, if not the most important, components of launching your startup business. You also have to allocate a specific budget to your online/offline marketing campaigns
The bottom line is this: Marketing needs to be a top priority for your company.
5.Be Prepared for Anything
In the business world, you have to expect the unexpected. It is not easy to launch a business and take it forward, expecting a lot of steeplechases along the way. Don't let these speed bumps become roadblocks. You can't get disheartened when something goes wrong. Preserve and push through it. The problems that you'll face while setting up your company will help prepare you for the tough road ahead. Pay your bills and taxes on time, pay wages and salaries to your employees on time, and operate within the limits of the law.
As long as you're doing these things, you'll be able to fight through any obstacle your startup company faces in the future.
No matter what type of business you start—selling physical products, offering up your services on a contract basis, building a digital product, or launching a startup—there are going to be ups and downs. Do your homework on your industry, gain motion on the side before quitting your full-time job, and kick-start once you're already making revenue for your business. Then, you'll be composed to grow from there.
We at Commitbiz help business owners and entrepreneurs like you start a business in the UAE. Right from business incorporation to office space, we cover it all. Contact us today – we'd be happy to assist you.