22 Oct Launching a Business in 5 Steps

How many times have you shared that amazing brainstorm moment with your friends in a bar, only to end up doing nothing about it? Throughout our twenties, every one of us has fantasized about opening a restaurant, starting a clothing line or launching an online bookstore. Developing a business plan seems intimidating and terribly complicated, and oftentimes it actually is. However, if such undertaking is subjected to the elaborate, systematic scheme, and presented step by step, it doesn’t appear to be so hard to achieve. As a matter of fact, the idea, if it’s original and creative, is almost always executable. Everything you need in order to avoid the almost part is careful planning and ingenuity. So here’s what you should consider, in 5 succinct steps.

1. Rethinking the idea and setting it to motion

Before declaring your great idea to everyone around you, grab a pen and make a draft. In order to stay clear-headed and not exceed your potentials from the beginning, it’s important to write down what you have come up with and take a moment for it to settle down. If after some time the idea still seems good, start informing yourself. Hit the library or Google, and make yourself familiar with the process of building a business (such is this one). Next, think about support, and whether you’re going to take a risk alone, or include someone to help you. When all of this starts to become clearer, the time is right to create a business plan. The draft version will be for you, in order to see if your plan is actually realizable. The second, revised version is for potential investors, and should be elaborate and attainable. This edition should include a basic concept and the description of your future business. Think about your products and services, their cost, required resources and target clientele. It’s helpful, if not necessary, to get to know your competition. Finally, you have to consider the consumption and the potential income.

2. Making the business legal

While building a business, you will have to face a lot of administration issues. Paperwork and legalization are extremely perplexed tasks, and an amateur in this field is certain to get lost. For these reasons, if your determination is firm, the smartest way to go is to consult an attorney or some kind of a legal representative. An accountant is another person you can’t do anything without. Only after you’ve heard their advice, you can finally register your business, and acquire a tax identification number. Also, you are for sure going to need work permits and licenses, depending on the nature of your business.

3. Initial funding

In the preparation for launching your first products, the most determining step is a financial strategy. Use a draft you’ve created at the beginning, and develop it to the tiniest detail. The startup phase is the most precarious one, and you will have to make sure the budget can withstand the primary undertakings. Even if you have more money then you need, be practical and smart. There are always some ways of acquiring the same or similar thing for less money, and with some creativity, you can do a lot of it by yourself. Always save some of the startup money for later, since you can’t be sure that your business will blossom instantly. Calculate how much funds you’ll need for the first year of work (bills, salaries and resources), even if it doesn’t pay back, and if possible, leave some of the launch money aside for the worst case scenario. When you have carefully computed the figures, start thinking about the prices of your products, with the costs of their making, storing and packing always in mind.

4. Introducing the brand

Nowadays, there are many marketing options available for your company, even on international grounds. You don’t need expensive TV ads or dispensable flyers, for the internet offers numerous advertising possibilities. But before displaying your name online, you should come up with a right visual association.  Creating a logo and a slogan is the most exciting and creative part of the process. However, it should be approached with thoughtfulness and cleverness. Your brand should be original, recognizable and able to immediately communicate your offer. Once you’ve established the brand, you can start spreading it. Building a website is a heart of the matter, and you should explore the best software solutions, but also web hosting options and efficient tools for organizing and maintaining the website’s content. With that being done, you can proceed advertising your website through social networks, blogs and other marketing services.

5. The launching party

Finally, the day has arrived for you to take a deep breath, and start developing your inner businessman. If you have some money left, you can organize a launching event, and present your company through an elegant, but modest party. With nice music and a couple of drinks being offered for free, the neighborhood will certainly become interested, and pass the word around. And when Monday morning comes, remember to stay brave, economical and smart.

The rest is up to you, stick to these advice and prepare yourself mentally for the journey ahead. As a young entrepreneur you will have to be open minded at all times, look for your chances and make the most out of them. I hope this text will help you achieve your goals.