How to Start a Business

Learn How to Start a Business: Step by Step

I get this question a lot, many people who come out of job, ask the same question. While it is not easy to define a step by step process that works the same for all, still it’s possible. Therefore, I have tried to create a step by step method to guide you, how to start a business.

Some people start with an original idea, whereas some start with a copied idea, in fact, some even start a business without an idea. The most important point to remember is that your idea must come to execution. Therefore, you should follow the steps mentioned below to start your business.

12 Steps to Startup a Business

  1. Identify a Problem
  2. Find out Solution (Business Idea)
  3. Write Business Plan
  4. Arrange Necessary Resources
  5. Study the Market
  6. Learn from Use Cases
  7. Design a Product or Service
  8. Define the Product/Service Delivery
  9. Build the Team
  10. Identify Vendors/Suppliers
  11. Build a Sales Plan
  12. Start Selling

How to Identify a Business Problem?

First step is to identify your problem and take time to define it. These problems are everywhere, all you have to do is to find out the right problem that you can solve. You may either solve the problem that you or your known ones have faced or you may try to solve a social problem. Following are the majour social problems that you may solve:

  • Climate Change
  • Pollution
  • Country level wars
  • Religious conflicts
  • Poverty
  • Corruption
  • Safety & Security
  • Health & Sanitation
  • Lack of Education
  • Freedom & Human Rights
  • Water Scarcity
  • Food & Nutrition
  • Unemployment

You may find out a niche or try to solve it as a whole and get a clarity of your business problem to define it in more then one way so that you can find the best solution.

How to Find a Business Idea (Solution of Problem)?

Explore and your potential first and then list things that you’re good at. Your business idea should be technically feasible and commercially viable. Keep your list honest and figure out what you can do best, don’t pick the solutions that aren’t possible at your end. Examine what you like about your work the most. Ask yourself why you want to start a business? Prioritize your best and acceptable solution and make a decision.

Here are the five points to remember while finding out a solution to a business problem:

  • The business idea should excite you and must come from your passion. If you aren’t happy to solve the problem then leave it.
  • You should find out whether the problem that you are solving is a problem or not? Does it frustrate you? Would you like to solve it?
  • It should affect the real people, and should not be just imaginary.
  • People should be ready to pay for the solution.
  • The solution should be ethical and legal.

How to Write a Business Plan?

Research about your business idea. Determine the motive of your plan. Create a profile and make strategy. Identify your target audience, scope and adaptability. And then explain why it matters to you.

How to arrange necessary Resources for Business?

Study the Market

Maybe you have a great idea for your product or service, a good strategy but what if your business doesn’t do well in market. So, before rushing into this you should do your market research. Know the nature of your business as well as analyze your the target audience. For figuring out your targeted audience you can also do online surveys or field inquiries. Study your competitors to know more about the services that are similar to your business.

Learn from Use Cases

Design a Product or Service

Define the Product/Service Delivery

Build the Team

Identify Vendors/Suppliers

Build a Sales Plan

Start Selling