WHO ARE BUSINESSMEN?
These people are just like us BUT with different MINDSET. They don’t want to rely on others for happiness, financial sources, control on their lives and don’t follow system( We’ll tell you how ). There are more than 582 Million Business Men on this planet earth. Do you think that’s too much? Nope!! These type of mindsets are ONLY 7% of the total world population. Now does that figure make them special? YES!!
Business Man/Entrepreneurs are those who can find a business in anything. Say it and they have it running. But if this statement makes you uncomfortable or makes you overthink about it THAT MEANS you might have a new idea which hasn’t been discovered yet. So buckle up, you new entrepreneur, don’t shy away to become Oprah Winfrey, Mark Zuckerberg, Henry Ford, Larry Page, Thomas Alva Edison, and the list will go on.
Understand the business model and become one. But don’t miss any minute details which could become a fatal error in your business. Keep reading about your business and interest. With your “Never Give Up” attitude and hard work, lady luck will smile on you.
What is a business?
A business can be defined as an organization or a separate legal entity engaged in commercial, industrial or professional activities. Business can be either for-profit motive or can be a non-profit organization whose main motive is just to help the needy ones. The business includes the efforts and activities of individuals to produce and sell goods and services either for profit or charity. There are various types of business starting from the sole proprietorship to an international corporation.
TIPS TO REMEMBER!! HOW TO START A BUSINESS?
- Refine your idea.
If someone is thinking about to start a new a business then a person is already having an idea of what he or she wants to do, or at least the market in which they want to enter. One has to do a quick search for existing companies in which a person want to enter the industry he has chosen. One has to learn what current brand leaders are doing and figure out how they can do it better than them. If one thinks that their business can deliver something other companies don’t (or deliver the same thing, but faster and cheaper), than he or she has to get a solid idea and should be ready to create a business plan.
- Write a business plan.
Once you have an idea in place, you need to ask yourself a few important questions:
What is the purpose of your business?
Find your target customer base.?
What are your end goals?
How will you finance your startup costs?
Know the aspects of your business before rushing things. These questions are needed to be answered in a well-written business plan. Once you’ll start creating the plan, you will many loopholes and area of improvements. So think of it and write it, very very important.
- Arrange your finances.
Starting any business needs money( even a child knows it). You need to determine how you are going to cover those startup costs.
Do you have any investors? Or would you do on your own?
If you are planning to leave your job then do you have enough money to start the business?
Do you have enough funds to run the business until start making a profit?
Do you have enough to arrange resources and pay them until you make a profit?
Do you have a contingency plan if your funds run out?
Experts say that startup businesses many times fail because they run out of money much before then reaching a point of earning a profit. It’s never a bad idea to overestimate the amount of startup capital that one needs. Additionally, one doesn’t need to overspend while starting up a business. One needs to understand the types of purchases that make sense for the business and one need to avoid the overspending on fancy new equipment that won’t help the one to reach their business goals.
- Determine your legal business structure.
Before one register their company, they need to decide what kind of entity it is. The business structure legally affects everything from how a
a person files their taxes to their personal liability if something goes wrong.
If one owns the business entirely by themselves and plan to be responsible for all debts and obligations, they can register for a sole proprietorship.
- Register with the government and IRS.
To become an officially recognized business entity, one must register with the government with the help of proper documentation. Corporations that is government will need an “article of incorporation ” document, which includes the name of the business, the purpose of business, corporate structure, stock details and other information about the person’s company. Otherwise, they will just need to register their business name, which will be their legal name, a fictitious “doing business as” name (if you are the sole proprietor), or the name one has come up for their company. One also wants to take steps regarding the trademark of their business name for extra legal protection.
- Purchase an insurance policy.
It might slip from one’s mind as something that one has to eventually do, but purchasing the right insurance for their business is the most important step that should happen before they officially launch their business. Many incidents can happen, dealing with such incidents as property damage, theft or even a customer lawsuit can be much costly, and then they need to be sure that the person has been properly protected.
- One has to build their team.
Unless you are planning to be the only employee( lol). Building a reliable team with similar goals is a must. You must find people who have similar goals and interests as you do. You will need a great team and teamwork to get your company off the ground.
- Chose your vendor, very wisely.
Running a business can be overwhelming, and the leader and his team probably aren’t going to be able to do it all on your own. That’s the situation in the market when third-party vendors come in. Companies in every industry from HR to business phone systems exist to partner with the company and help in running the business better.
Chose your vendors wisely because your product/services will reflect your vendor’s expertise. Try to have contract-based vendors to prevent dependency and make it more profitable.
- Brand, Market and Advertise your company.
Branding: Your customers should feel promising when they switch their services and products to your’s. Make sure you brand your product or services to attract new customers as well as the old ones ( who have different clients). Include customer service, promotional merchandise, and logo while branding your company.
Marketing: Make sure your customers know that you are now in the market and have something unique which others don’t. Allow your audience to know about your presence in the market and expand exponentially.
Advertising: This will keep your presence constantly in the market, hence gaining more customers regularly thereby will increase your business turn around.
- Grow your business.
Company’s launch and the first sales are only the beginning of their task as an entrepreneur. In order to make a profit and stay afloat, one always need to grow their business. It’s going to take much time and effort, but definitely, the business will grow. When you will be completely devoted to your business, you will understand the scope of expansion of it. Because you started it from scratch and worked in and out that means you know what all scopes you got to expand your sheet into different relative fields.
It’s never too late!! There are many successful people who got success later in their lives. Reason?? Because they “STARTED” late. They could have succeeded if they started earlier. Or you never know!!
It is never too late to be what you might have been.
– George Eliot