Simplified Guide -

How to Start a New Business

The basics to starting your own Business

These basic steps to starting your own business help you decide how to start
When you decide to start, read the longer How to start a busines.

Most important in starting a business are

• A great product with growing demand and uniqueness,
• Management Knowledge and Experience,
• Money,
• Exclusive Territory,
• A Great Business Strategy.

Want to Be Your Own Boss? Top Tips for Starting your own Business

Starting your own business might put you on the path to financial recovery.

About half a million new businesses are started each Quarter! Most don't survive, but good ones do. That many means you're in good company.

To really improve odds, after you have read this simplified Guide to a start up, go read the more detailed how to page.

In fact, as you get near actually starting a business, you should read almost ALL of this website. Likewise, if you will have much reliance on the internet for the business, if it's based on a website, you MUST study carefully MOST of www.Web-Success.net.

1) Read our main web page to know the basics of business, what to look for, and decide Why and If starting a business is really right for you. Why would you want to Start a Business?
Usually its' because finding a job is difficult, and jobs have the usual uncertainty of employment. Worse, the odds of finding a good match and a good boss are low, because not that many are hiring; Your selection is low.

But don't start a business ONLY because you have no other options. You have to be fairly intelligent and be a self-starter. You have to want to own a business with all it's responsibility, bookkeeping and hassles of taking care of customers. And you have to have a lot of patience and ability to be flexible and work hard. Most of all you have to get along with people and be able to sell yourself and products/services.

If you are never comfortable with convincing people your product is a good one, and don't like to ever talk to people, you probably should get someone who does like that to work with, but as elsewhere be careful about partnerships - probably go with some other arrangements. Partnerships are hazardous.

A company can be your opportunity for financial security, if it succeeds, and you can run as long as you like and it is selling.

2. Choosing the product or service - The Business Type.

Often the best choice is something you know about and/or an improvement on something already popular.

Look around for ideas- especially in phone type directories, and online. Walk around malls and places to get ideas. Use Google for searching various categories. Try to pick something you like and want to learn about. Usually a Service business is cheaper to start, and might even operate out of your home for a while. There are lots of very basic businesses run that way, especially home repair and services like that.

Of course before finally deciding, talk to friends and possibly a lawyer, and do lots of research online. Take a look at what is called Accounting Ratios in your library.

3. Create a Basic Simple Business Plan

Don't try to make a long, perfect plan of 20 to 40 pages. Start with about two pages. Keep the executive summary short, and put your Unique Selling Proposition, your competitive advantage, how you are different, how you are focused. If you are thinking of starting a business on the internet, think 4 times and study up on what is involved; The internet is Hazardous and few succeed now. Get some EXPERT, experienced help.

On the internet, it is ALL about Focus. You have to be the PhD of a Narrow subject to ever be seen on Google, with many specific sub-subject pages. Your product probably has to sell in enough volume or price to afford SOME advertising. Usually about $35 is a minimum for products on the web.

Your plan should state what is your offer, who are you targeting, how can you find them easily and what media do they use (focused avenue to reach them). Consider what your pricing range will be and what steps you will take to make it happen. Your plan will need to be flexible to allow some change. Plan to change some, and rewrite as you get underway to keep it up to date.

4. Describe your customers will be very specifically.

Don't generalize. Pick age, sex, locations, type of person.

Perhaps it is an aid to selling or repairing, or health or beauty. Your methods, process, price and materials will help determine the customer type. Be as specific as possible. Narrowing your target customer will help more than anything, and understanding them and talking to them before going into business.

This will help make your marketing efforts more focused to reach them. You'll find what they search for and terms they use on Google.

5. Determine Pricing

Pricing is a science to optimize profits for highest possible volume. There is some optimum ratio for your products. Knowing your competition and customers lets you select highly competitive discount (not usually good), comparable or premium product pricing. Your features and quality should be reflected in pricing. Together they create an image and must match, or customers are uncomfortable. Rich or extravagant people avoid too cheap of items.

Determine volumes you need and how to acquire and store that capacity to sell.

6. Finding Start-Up Financing

See our page on business finance. But until you get going, just be sure to keep costs very low. You can always find cheaper alternatives. Use your garage, a neighbor's storeroom, a storage unit, sublease from a friend's office or warehouse. Consider charging customers up front, such as for courses.

Don't hire staff, but find friends to help and train almost free interns from a local school or college or someone who just want's training toward a job. There is also Sweat Equity for more expensive people.

Consider Crowdfunding, or some online raising, but be sure you follow the law; Do not promise a profit, and it should be a gift to you, or a short term loan, or based on a royalty on sales, etc. But NOT a promise of percent of profits. DON'T promise profits. List all the risks in a "DISCLOSURE" statement. ALL of them, for partner-investor types. (You can't advertise for "Investors" but you can hold seminars on the subject, where some may show up).

Of course personal savings and family help is usually the way people start, even with getting a crowd-funding rolling.

7. Start selling to Customers

This is priority. Get and start convincing and talking to prospective customers. Most of your time MUST be spent on sales and Promotion.

A good marketing and promotion plan is essential, to attract qualified prospects to convert to customers. Some selling jobs take months. Offer to give some away, a small part, or a trial basis.

Don't worry too much about how. Just make a list of prospects and begin calling them. Go down the list. Contact them various ways. Get connected online, and use your experts in web marketing.

It's fun to dream about what your business might do, but WORK is what makes it happen. You have to get out and hustle, every day. Just start, the rest happens.

Summary

Do your homework, your research, analysis and planning, know good business practices, especially marketing and strategy creation. Do it right persistently with an excellent product, and you will likely succeed where many fail. Don't get discouraged. The time and money invested up front will help you succeed when you do get under way.
Good luck!

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