22 Steps to Starting a Personal Business
If you always work as an employee, you are just a means to improve other businesses.
“If you do not have goals of your own, you are doomed forever to work to achieve the goal of someone else.”
Brian Tracy
So, you need to think about starting your own business instead of wasting your time as an employee. Take full advantage of the opportunities ahead! SOJECT helps you achieve your goals.
Starting a business is always harder than keeping it alive. When you step into the road of entrepreneurship, there are many problems you have to solve one after another. However, once your business is flourished, you can enjoy its material and spiritual benefits for a long time. A strong foundation will help you get your business up and running.
If you have several business ideas and want to choose the most suitable one, you have to be smart. Choosing a new job and new ideas may not be as easy as you think. Your future income, the things you have to do, the risks you face, etc., are all influenced by the path you choose.
Tips to Consider When Choosing Your Business
Choosing a personal business is challenging. You need to consider the details to make the right decision. Here are some of these tips:
- First of all, consider your interest. Choose a job that you enjoy so that you can more easily endure its difficulties.
- The money you have should fit your business ideas
- Build your business on your skills and education. This helps you avoid starting from scratch.
- Examine the needs of people and choose the one that fits your business.
- Consider the time it takes for your business to become profitable
- Compare your expectations and the potential profitability of the business.
By considering the above tips, you can choose your personal business more intelligently and make more profit.
Principles of Starting a Personal Business
Everything has its own principles. If you start your business without a plan, you will probably face many problems. Your business may fail and you may lose a lot of time and money. Keep in mind, that your success depends on how well you set up your business.
Put Excuses Aside
Your mind, like everyone else, has probably created a safe place for itself. When you decide to explore beyond its secured borders and start a new business, you will likely face strong resistance from your mind. At this stage, various excuses, which prevent you from starting, attack you. If you fail, you will miss a great opportunity. To start a new business, you must first compete with yourself and win this competition.
You may have great ideas that work, but the fear of failure is something that can freeze you. Loss is better than not starting.
Only those who dare to fail greatly can ever achieve greatly.
However, try to apply the lean method to fail sooner if you are going to fail. Falling at the beginning of the road is accompanied by fewer losses. You can learn from your failures and start again.
So put aside excuses and step into the entrepreneurial path.
Do Some Research to Find the Right Idea
Start your field research in the domain you plan to start your business. For example, if you are a nutritionist and looking for a pure idea to create your own business, you need to find the people’s needs.
Every word and speech can help you. Try to listen well on the way, in taxis and other means of public transportation. See what problems people have that you can solve with your expertise. You can talk to them about what is currently being done by the nutritionists and dietitians. See what the shortcomings are and what solutions you can offer.
People are willing to pay money to solve their problems. Prioritize problems and come up with ideas to solve them. This idea can be developing specialized software with a new approach that can attract more clients and creatively target their problems. Remember that your ideas should come from the research, and this research should also focus on people’s problems.
SOJECT Helps You to Create the Software You Need
Whether you are a nutritionist, a doctor, or a blacksmith, you probably need a specialized site or software to implement your creative ideas and start your own business.
We help you get the most out of your software. We advise you on software development, build your software and support it. All you have to do is come up with a good and unique idea.
This article will help you to clarify your personal career path. Once you know what you want, we can help you build the software.
Write Your Business Plan or Make Your Prototype
Business Plan
If your business is not complicated, first of all, write your business plan. Full details and a roadmap should accompany a good business idea. A proposal is basically what you need. You need to define your goals first so that you can figure out how to achieve them.
Also, set a timeline for each step. The better the details of your work are designed, the easier it will be for you to start your own business. Of course, this map can be changed. You may find in the middle of the road that you have to change parts of it. However, it will determine more than 60% of your route.
If you want to know more about the business plan and how to write it, refer to this link.
Learn more: Business Model vs. Business Plan: What Is the Difference?
Prototype
Writing a business plan is time-consuming and may not be helpful enough due to the rapid changes in today’s market. That’s why we mentioned above that only write a business plan if your business is simple. In the case of a complicated business, writing a business plan may take several months, during which market conditions may change. Therefore, it is better to prepare your prototype from the beginning and follow the following steps based on it.
A prototype is actually a simple model of your product. For example, if you have an idea to produce a particular software, you need to design a simple yet comprehensive model that you can show to potential customers as well as a financier.
By asking your potential customers about your prototype and its usability, you can find and correct the bugs. This way, you do not have to spend a lot of time and money to build the final product and then face a lot of problems in the market. The prototype article will help you in this regard. In addition, if you have a good prototype, investors will spend on your personal business. To be honest, a prototype might do better than a business plan when you want to raise capital.
We recommend that you read this article to estimate your prototype costs and beneficial sources that you can use to build up your prototype.
Remember that SOJECT can advise you on making a software prototype and build it for you at a low cost and high quality.
Raise Capital For Your Business
Startups may cost less in the seed stages. However, as your business grows, you will no longer afford it, and you will have to find an investor. Investors are those who finance your business for a certain amount of stock.
At SOJECT, we have many articles about raising capital and other business financial issues like how to raise capital, Venture Capital meaning, Startup Valuation Methods, Negotiation Strategies with Investors, Employee Equity plans, Venture Capital History, How to Split Equity Among Co-Founders, and things like that.
Besides the investor, you can also cover your expenses through a bank loan. However, in recent years, the fundraising approach through stock allocation has gained more fans as it is associated with less risk. For more information on the benefits of attracting investors over bank loans, you can refer to this article.
Think Big but Start Small
Big ideas are always accompanied by more motivation. However, they may seem unattainable enough to discourage you and your team during the journey. Large businesses also have long-term returns. It is good to know that each idea can be divided into smaller parts that develop over time.
So draw your initial idea big and start on a small scale first. Even if you have the capital to create a personal business, it is better not to take the risk all at once and let the path you have taken prove itself to you. Look to your distant future and plan for it. Know how much labour you need at each stage, as well as anticipate problems along the way.
Keep Your Expenses Under Control
The reason you want to start a new business is to make money. So, you should manage your expenses and calculate how much of your money will be spent on launching each stage. This is even more important when an investor finances your startup; Because you have to be responsible to him as well. If you do not have careful financial planning, you may fall short in the middle of your journey and breakout after spending a lot of money, time, and energy.
When planning your budget, consider unexpected expenses. It is best to set up a clear accounting system from the beginning, in which you can calculate your profit and loss for each dollar. Use daily, weekly, monthly, and yearly charts to understand where you are heading. This will make it easier for you to control your brand turnover.
Reading this article will help you budget your startup correctly.
Prepare Your Workplace and Equipment
When you start your business, you probably need a physical location for work and some equipment. However, thanks to technological advancement, starting many businesses don’t need a large office and various equipment. You can usually start technology-based startups just using a laptop, a smartphone and the internet as a home-based business.
Learn more: A New Approach To Categorizing Business Types
However, as your business expands, you may need an office, workshop, and more advanced equipment. You do not need to rent a stylish office in an expensive neighbourhood or buy new equipment in the first steps. Try to save as much money as possible.
However, if you can expand your business at home, you are really a winner. It may seem exotic in the first place, but you can hire your employees remotely and not pay for insurance and office equipment. There are many sites on the Internet that link you to cheap freelancer labour around the world.
The good news is that SOJECT also rents experts freelancers at a good price and quality. We can even assemble a whole team you need and provide it to you. Just reach us through the contact page.
Register Your Brand
If you want to start a business and improve it day by day, you have to register it in the first place. Some people may ignore this step when starting their own business. The same as a newborn, your business needs a smart, professional name to give it an identity. If you still have doubts about registering your brand at the first point, read this article about the benefits of branding
Do Not Hire as Much as Possible
Hiring new employees, especially in the early stages of launching a startup, may cause you various difficulties besides imposing a significant financial burden. Try to divide the tasks and responsibilities among the main members of the team as much as possible. However, if you need special expertise, get help from outside the company. Nowadays, many websites offer specialized services. For example, if you need to have an accountant, you can get help from these companies. Yet, if you have to hire a staff, a part-time employee is better than a full-time.
Define Your Business Model
There are many types of business models to choose from, depending on the nature of your business. These business models help you increase the productivity of your startup. Read this article to know more about business models.
Define Your Marketing Strategy
Strategy is the path you take to reach the goal. Similar to military operations, strategy is very important in businesses. However, the business goals are less aggressive. Read the Business Strategy article to learn about this concept and how to formulate a business strategy.
Evaluate Yourself
So far, you have started a business that has a specific goal, model and strategy. However, moving towards the goal should not distract you from the evaluation. At regular intervals you should stop, look behind you and ask yourself:
- How successfully did you act?
- Where are you now?
- Do you need to change your goals and strategies?
You need the right KPIs to measure your progress. These indicators measure your development in different goals. For example, the growth rate of the customers or the conversion rate of visitors to customers are indicators that can measure the progress of your business. However, you should be careful in choosing them. Each KPI is used for a specific stage of your personal business. For more information on this, you can refer to articles related to KPI, KPIs suitable for startups, challenges of choosing KPI.
Learn more: The Most Important Features of Proper Startup Metrics or KPIs
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