How to start your business in 7 steps
There are many ways to begin transforming that dream you have always longed for, faster than you imagine. The main thing you must have in mind is the willingness to break your own fear, your resistance to start a completely unknown path for your life... and yes, all your intention, attitude and discipline to achieve it.
If you said “Yes! I have those!” to any of the previous answers, then let's get to work!
These are the basic steps to start any business you have in mind (I added some links available on Internet from Canadian institutions, as we are Toronto-based, but you can still find information related to your own country):
- Name your brand. Regardless of the nature of your business, the possibilities are endless!. Sometimes you need to obtain the certification from a local agency that your chosen name is unique.
- Obtain a business licence. If you are going to start your business alone (a) or with a partner, it is advisable to explore the legal implications of it. If your idea is about providing your professional skills, you can start as a freelancer or independent professional.
If the business involves dealing with established companies, you may be required by your clients to register your brand and services with the local government.
- Create a business and a marketing plan. Writing down what your work plan and your goals to one, three or five years will help you visualize your North easier than without it.
In the same way, a marketing plan will help you focus on the customers you want to reach and the channels where they can learn more about you/your business. You need to define what your ideal customer is, the best places to find them and how to talk to them efficiently. If they can’t find you, they will not know about you, and not buy from you.
- Define your price structure. If you don’t know the value of your work, you may be at risk of underestimating your product or service’s value or having your potential clients put the price of your work for you. Some considerations that can help you calculate your product / service pricing can be the following:
For tangible products:
- The quality of raw materials
- The design and functionality of the finished product
- On-time delivery
- Post-sales service
- Level of expertise you provide
- Impact of the final service (whether it exceeds client’s expectations, or not)
- Response time between calls or emails
- Ability to meet deadlines
- Define your budget and stick to it. Although today you can start businesses that involve minimal or no investment to start, defining your budget /expenses for your business is vital. We wrote in our Instagram’s business tips a while ago the fact that, when you don’t know how much you’re going to spend or how much you are willing to invest, you risk spending more money than you should and potentially compromise your solvency in other obligations (maintenance of your home, food, taxes, etc.).
- Create a contract. It is always good to leave in written the terms and conditions of your of buying your product or the service you provide. Clients have the right to know what to expect from you and leave any unforeseen conditions in writing. This way, you avoid any disagreement or conflicts, even when we talk about close friends or family.
- Start networking. Break the ice and connect with people related to your product or service (either on social media, events or even at that cute little coffee shop you always go). You will get to know interesting people, learn from them and/or cultivate professional relationships that can become mutual collaborations that will help you gain greater visibility in your target market.
Finally - you will always make mistakes, but these will sharpen your vision towards those goals. Be authentic and ambitious! Aim the good, the better and the best for your life!
If this message helped you clarify your doubts, or have other suggestions, comment below or on our social media, tag us and say hello to us. You can also share it with your village!
"As long as we fight for our goals, we will be closer to our personal success. Mistakes and failures are lessons learned and they are just one more step to reach the top! – María Fernanda Huizi.