cover image

How to Start Your Own Business the Right Way

Reading time: 0 minutes

Have you ever dreamed about something that you really wanted to achieve? Something that needed hard work and working seven days a week? Here is the thing: at the end, as a result, you had this smile on your face called satisfaction. That is the exact way how people build businesses. At first, they have a big idea. Then the process follows, with exact steps on how they achieve their goals to build a company. The rest is a legend.

This article gives you tips on how to start a business startup, what steps you need to follow, which thoughts you need to think about and keep to make things go smoothly. Would you like to change your employment status and would like to continue your life as a digital nomad or entrepreneur? We’ve collected the most significant information and know-how to start your own business. Proper planning is required to begin to live your dream, that’s for sure.

Be your own hero!

What are the exact steps that you need to follow if you want to succeed? That book is not written yet because we are not the same. We can’t say that what works for Jane will work for Joe as well. You need to make your own decisions every day and find your path with your own rules. You need to be unstoppable and believe in yourself and work as hard as you can. Find your boundaries and challenge yourself, change your mindset and stay positive.

Read a lot!

Reading helps. Sometimes it’s hard to keep everything together: in times like this it’s a good idea to pick up a business book to learn from others’ mistakes, or just to find inspiration. Our recommendation is The New Entrepreneurz from writers Simcha Gluck, Ronen Gafni. Remember, lifelong learning and self-education is one of the critical factors of successful life.

Have a good idea!

Make a list and write down all of your thoughts and ideas at first. Quantity before quality: try to gather as many ideas as you can before sorting through them all. Then list the pros and cons to see the advantages and disadvantages of them. This process will help you to choose the final one at the end. After that find your competitors and figure out their strength and deficiencies. These pieces of information will help you to find your USP (unique selling point) that makes you different from every other competitor in the market. Something your target group won’t see anywhere else.

A good idea:

  1. Solves a real problem
  2. Has a unique selling point, which differentiates it from its competitors

There are dry documentation and passion behind the idea. It is essential to have experience in the industry, and knowledge of how the processes and the market works. Also, if the project is your passion and you love it, you can work on it with greater dynamism and move faster from A to B. It seems so obvious, but it’s essential.

The best entrepreneurs built companies based on something they’re interested in. Find an office space, where you can work in silent circumstances, get some inspiration and find your perfect team members to work with. Don’t forget about the required documents!

Find a market gap and generate revenue!

This is excellent validation for your business idea. If people are willing to pay for what you offer, then you’ve struck gold! It proves that there’s a real pain point that your solution can take care of. Now you just need to work out the details.

Find a mentor or a coach who can show you the right way and give you advice when you really need it. Starting a business is much harder than getting a job, so it’s good to have someone who can point you in the right direction in case you wander off the beaten path.

Think about whether you have what it takes to start a business. No one will tell you what to do. You have to be self-motivated, willing to make sacrifices and be able to last for the long term while your business goes from startup to maturity.

Validate your product before you bring it to market

It is essential to conduct quick but thorough research in the sphere in which you want to start your business. Try to learn from your competitors: how do they solve the same problem? How can you do it better?

Then there’s the most comfortable research what you can do: ask family and friends about the idea, or ask people during networking events, find your customers and target group and test the idea.

You’ll be surprised how much new information and interesting answers you will get during this particular procedure. In the description of your product use their language, don’t use professional language or expressions, what they don’t understand. Storytelling is an excellent tool to give the emotional excess to your product.

Prepare your first business plan

Usually, an investor’s first question is if you have a business plan and how will you earn money, who will pay for your product or service? A business plan is a must-have document. You should prepare your answers and practice your short presentation, what startuppers call with the fancy phrase “elevator pitch.”

There are two types of business plans. The first one is a one-pager that you can prepare yourself, which don’t need to be official – it’s just to see the logical process of your idea. It gives you clarity. The second one is longer, which is for your future investors. You need to explain what you want to achieve and how.

Think about this and answer these questions:

  • What is the purpose of the business?
  • Who are my customers?
  • What problem does my product/service solve?
  • Who is my competition and why is my product/service’s advantage?
  • How will I price, position, market and support my product?
  • What are my financial projections for the business for the next 3-5 years?

Don’t forget to mention these elements:

Assemble your team!

The most vital factor in your business is the team. The people who you are working with need to believe in the idea just as you do and willing to do whatever it takes to make that dream come true. Do not underestimate your people and give them the salary they deserve for their hard work. As the saying goes, you cannot pay for groceries with good faith.

Prepare for the necessary expenses. Usually, you’ll need to pay for the following:

  • Office Equipment (or an office space)
  • Computers
  • Phone(s)
  • Accountant and Lawyer
  • Professional Training
  • Bills (Internet,  Electricity, etc. )

Final Thoughts

The life of entrepreneurs require a lot of time and effort, but it’s worth it in the end. Having your own company also offers many benefits like being able to manage your time and working on your dream instead of someone else’s. You create your world, and you create your own rules that you’d like to follow. The are no boundaries, just solutions, and opportunities.

Good luck with building the next big thing!