There’s always small businesses rising and growing like mushrooms. It’s definitely not easy when you decide to ditch your day job and plunge into the deep waters of becoming an entrepreneur. All you need is the right guidance and motivation to keep going forward in life despite the barriers and the rising competition. It’s evident that starting a business is a lot of hard work and you might have to walk out of your comfort zone to swim in the deep end. Don’t worry about the crocodiles at the other end! These 5 steps can be your lifeguard against the negativity and the competition.
Remember back in 10th grade when you had a project to submit and you spent sleepless hours researching before you start typing your assignment. That exactly how it works here, you wouldn’t write a project without a research. You wouldn’t want to start a company without proper research. Your idea needs to be good enough to stand against competitors. So, do your research before your start on it.
Make a plan and count your pennies. You will obviously have to spend through the nose when you embark on your journey. You can choose to find investors or invest your own assets to start the business. Draw a business strategy because you will always have the risk of losing money at the beginning. A co working space in KL can be a kick start to your business. You won’t have to spend money on each individual furniture’s and miscellaneous items.
How are you going to find prospects for your business? Yes it seems pretty easy to talk about how you will be functioning your business but none of that would matter if you don’t have a proper business strategy. You have to be able face all upcoming threats and risks. You cannot speculate the weather and the trends in a business. A business strategy needs to be out there for you to have a consistency.
Once you’ve decided the kind of business structure, i.e. sole proprietorship, partnership or a limited liability company you will now have to decide on your business name. Ensure that you’ve followed all the protocols from A to Z. don’t forget the paperwork’s! Registration, licenses and permits are some of the things that you have to cross off before finding prospects for your new business.
Once you’ve crossed off the 4 steps in your list. You can now move on to finding the perfect location for your business. Nobody buys flip flops in a cold climate. If you want to survive further in the market, it’s important that you chose a good location. For the young entrepreneurs who would struggle with the choice of looking for a location, there are choices. You can always choose between a virtual location and a co working space. This will save you the sweats of finding a place with a reasonable rent.
Once you’re done with these 5 simple steps, all you have to do is start running your business. Success won’t come to you overnight or with the first warm prospect that you meet. Work effortlessly and consistently and you can jump over the hurdles to the finishing line.