Entrepreneurship seems to be the “in” thing right now. Many people want to start businesses; which I think is pretty awesome, however I see a lot of people going about it the wrong way. Starting a business can be one of the biggest accomplishment, and one of the biggest challenges. However, when you take the right steps it can make things A LOT easier. To help you get and stay on the right track I put together four steps to take when starting a business.
First, you need to get clear on the ins and outs of the product and/or service you’re going to offer. What I mean by this is, you need to know what problem you will solve for people. To get clear on this you’ll want to ask yourself questions like, “why should people buy from me,” and “what sets me apart from others.” There are plenty of people who do the same thing as you, but people are going to buy from you specifically because they like you and your brand. One thing I learned in my first sales job is, “people buy things from people they like.” This statement is so true, so get clear on what problem you’re going to solve for people and how you’re going to stand out in the crowd.
Second, pick a business name that is fitting for your business venture. However, don’t let this make you feel stuck. Don't get me wrong it is important, but still work on other aspects of your business while you figure out that name. Picking a name can be stressful, but there’s a method that I have found very useful. When coming up for names (including my business name, service names, course names, etc) I would brainstorm for 10 to 15 minutes, take notes, and if nothing came to me at that time I would take a break and revisit it later. Taking a break from my notes allowed my brain to subconsciously process everything. Then before I knew it I had that eureka moment. Don’t stress about your business name, it’ll come to you in due time.
Third, register your business with the state and federal governments. Quick disclaimer, I am not a lawyer, therefore I am unable to give legal advice, however I am a business student so I do have general knowledge on the topic. Registering your business with the state and federal government is VERY important. If your business is not properly registered, then you can face serious consequences. The fees to register your business vary depending on the state you live in. It is possible to register your business on your own (I did!), however if that’s something that you aren’t comfortable with, then there are resources like Legalzoom that can assist you with that. I personally have never used Legalzoom, but I have known a lot of people to use it and they’ve had pleasant experiences. Registering your business is only going to help protect you, your business, and your assets, so please take this step seriously.
Lastly, you’ll want to define your target audience. Your target audience is a set group of people that you sell your product and/or service to. Yes, you can sell to any and everyone, but selling becomes a lot easier when you have a set group of people in mind. When you have a focus group you can identify the problems that they’re having and create a solution specifically for them. When defining your target audience you’ll want to think about things like their age, their gender (if that matters), where they live, the problems they face, and anything else that will help you sell to them. Having a target audience gives you focus and allows you to create an effective marketing plan that allows you to speak directly to them.
Of course there’s so much more to starting a business, but this is a great starting point. Starting a business can be stressful when you don’t have the tools, but know that there are plenty of resources out there to assist you on your journey. If you have a business idea or you are in the process of starting a business just not sure what steps you need to take feel free to book a FREE consultation with me here!