Deciding to start your own business can be both exciting and intimidating. The best way to not get overwhelmed is to break down what you need to do and create a plan to help guide you.
When choosing the business idea for your startup, it should be something you are passionate about. Loving what you do will make it easier and add to the excitement.
Your Business Idea
The possibilities are endless when you choose a niche you are passionate about. It also helps if you have experience, knowledge, and contacts to help you get started.
For example, if you are a music lover, you might decide to offer online lessons or sell instruments. Or you could go for a more inclusive approach and start an online community. Boat Planet is an online community that offers a platform for businesses and boat owners where they can find everything they need about the boating industry.
Following your passion when setting up your startup is a great first step. However, you do want to choose something that will create a profit.
Ask family and friends to give you their honest opinion about whether they think your idea is a viable one.
You might also want to conduct surveys or send out questionnaires to test out your idea before getting started.
It is really important to conduct ample market research to make sure there are people who are interested in what you are offering.
You will also want to determine if the market you are looking into is highly saturated. If it is, you will need to give serious consideration to what makes your business different than the others and what makes you stand out.
Can you define your ideal customer? What problem will your business solve?What advantages does your solution have over your competitors? These are all important questions you should ask yourself while planning your new business.
Create a Business Plan
Creating a business plan will help you focus on the necessary details of your startup. You will also need to have one if you plan to look into getting investors or a bank loan. Having a plan will help you stay organized and make it easier to monitor your progress.
Your plan should begin with a general description of your business such as retail or manufacturing. Also, include what you a planning to produce or sell.
What type of legal entity will you set up? Will it be an LLC, a corporation, or sole proprietorship? You might want to consult a business attorney or do your own research to help you select the best option for your situation.
Where will your business be located? Will you need a physical building or will your business be online? If you will need a building, how much space do you need? Will you rent or buy?Does your business require any special licenses or permits? Will you require management and a staff?
How will you finance your business? If you plan on self-funding, you will need to carefully manage your personal income and might need to keep your current job while setting up your new business.
If you require financial assistance, look into small business loans, business and angel investors, government loans or grants, and crowdfunding.
Choose a Business and Domain Name
Choosing a business name is very important. Your domain should match your business name.
Remember that this is how your business will be known to the world. Take the time to find the best name. You can start by listing all your choices and narrow it down as you go along.
You don’t want to have a really long name that no one will remember. Try to use just a few catchy, unique, easy to pronounce, easy to spell, and memorable words.
Make sure you don’t choose a name that someone else already owns. Plug your options into a search engine and see if another company pops up.
Because your business and domain name is so important, don’t rush the process. Take your time to consider all the possibilities.
While brainstorming business and domain names, take into consideration what products or services your business is offering, the marketplace for your niche, and your target audience.