Starting a business can be difficult if you have never done it before. You might wonder what type of business you should start, to whom you should market your product, and which marketing techniques will entice customers. It can be a bit overwhelming without some guidance.
Starting a business requires careful planning, making sound financial decisions, conducting market research, and learning new skills in areas you never expected to deal with.
When planning for a new business, it is crucial to remember that there is no one-size-fits-all approach. However, if you follow these steps, you can organize your thoughts and make better informed decisions.
Here’s a 7-step guide to help you get on the right foot.
You shouldn’t wait for the “perfect” time to start a company. The stars are unlikely to ever perfectly align.
However, having the right mentality is important when starting a business. Are you in the appropriate frame of mind right now to win? If you didn’t yell “Absolutely!” at your computer screen, you should consider if entrepreneurship is the right path for you. It will take a great deal of long-term determination and drive to be successful.
The next stage in beginning a business is deciding what kind of business to open.
Is there a field in which you are particularly interested? Are you searching for a business that you can actively engage in or just own?
Do you want to make a company out of your passion or interest?
Answering these questions will steer you in the right direction and help determine which business concepts you should focus your attention on.
When you’ve come up with a business idea, think about how you’ll apply it in your area. This is where a business model comes into play.
A business model is a strategy for delivering value to clients while generating money with your idea.
When starting a business, it’s helpful to have specific tried-and-true business models in mind. Popular models include e-commerce, SaaS, freelancing, or franchise businesses.
The next crucial step is to figure out who your target market is. Who will you serve? This is a highly crucial stage.
You should know what problems you’re solving and who needs the solution to these problems. Where are these people located? What is the size of that audience? Understanding your audience will help you properly position your business.
Every business must solve a problem.
The more intense and accurate problem you can solve, the more money people are prepared to pay. But the more broad the problem is, the larger your customer base will be.
Naive assumptions are one of the most common reasons for company failure. Doing your research and basing your decisions in data and facts will help you avoid making costly mistakes.
Now that you’ve established the idea, set some goals, and devised a strategy, it’s time to seek some feedback on your concept.
The purpose of the feedback step is to obtain another perspective on the viability of your concept. Ask multiple people. If you hear the same bit of feedback multiple times, you should take it into strong consideration.
It might be terrifying to grab life by the horns and take that first step. There are likely to be hurdles and barriers along the way. But a franchise business can alleviate many of these hurdles.
They have already done much of the customer research, built a reputation in the market, have a tried-and-true business model, and can train you in all of the necessary operational areas.
If you’re looking for a successful franchise business option that lets you start your own business on a budget while doing high-impact work, then iCode might be the right solution for you.
Get a high-performing franchise in your budget, and get connected to an iCode representative today!