6 Steps For Starting A Small Business

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Starting a new business when you've never done it before can be an intimidating task. However, you can make it less intimidating by breaking it down into a series of steps. These six steps will help you get started building a biz.

1. Beef Up Your Skills

If you are brand new to the business world, it is a good idea to build a strong foundation of business-related skills before you try to run your own business. There are a variety of business-related degrees you can pursue at a traditional or online college. Areas of study include communication, marketing, business administration, technology, accounting, finance, and more.

2. Come Up With An Idea

All businesses start with an idea. You may already have one in mind for a product or service. If you don't, start by thinking about what type of business you would enjoy running. What are your hobbies and passions? What is your educational background? What type of work have you done in the past? All of these can be a source for business ideas and inspiration. 

3. Assess The Market

Once you have some ideas, the next step is to determine whether there is a market for the type of business you want to create. Does your product or service solve a problem that people are willing to pay money to solve? Is anyone else already competing for the same customers? If so, is there a way you can make your business unique or serve an underserved segment of the market? 

4. Choose And Register Your Business Name

Your business name is how your customers will know you, so choose wisely. Pick something short, memorable, unique, easy to spell, and that makes sense for the type of business you are starting. Be sure you pick something that isn't already being used by another business. Complete a trademark search in all of the countries you plan to do business in. Then, do a domain name search to make sure someone else hasn't already purchased the domain you want for your website. Once you have your name, you need to register it in the countries you plan to do business in. 

5. Test Market Your Products

Before you fully launch your products into production, it is a good idea to test market them. You can try taking pre-orders to gauge customer interest before you start developing your product. You can also create a small batch of products and sell them to people in your local area at farmers' markets, craft fairs, or other appropriate venues. Consider launching a crowdfunding campaign and offering your product or a chance to purchase your product as a reward for investors.

6. Create A Business Plan

Writing a business plan will help you solidify your idea and is one of the things lenders and investors will probably want to see from you when you are trying to get financing. Your business plan will help you outline your path from where you are to where you want to be.

Build The Best Business

At this point, you still have work to do on your burgeoning business, but you should be off to a good start. Once you have your business plan written, you have a guide to follow the rest of the way to achieving your goal. 

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