Content

• Steps
• Advice
• Warning

Dreaming of owning your own company? You will become the boss and lead the destiny of your own company, maybe even the captain of an industry. Is it difficult? Very difficult. Is it challenging? Of course. Do you need to be rich and well-educated with a huge profile? Absolutely not! Can you do it? The astrological ball said: "All are possible!". So how to do it? Plan, plan and plan! There are a number of proven and proven ways to focus on your successful startup path and now is the start.

Steps

Part 1 of 6: Building the Basics

1. 

   Determine your goals. You want financial independence, to eventually sell your company to the highest bidder? Or do you want to start a small, sustainable company that you enjoy working for and earning a steady income there? Here's what to know right from the start.

2. 

   
   
   Choose an idea. It could be a product you've always wanted to make or a service you feel needed to people. It could also be something customers didn't know they needed because it wasn't invented yet!
   • It is helpful (and fun) to bring in more intelligent and creative people to join the search for creative ideas. Let's start with a simple question like, "What are we going to do?". The purpose here is not to create a business plan, but to generate ideas. Many ideas will not be useful, some ideas are common, but a few ideas will have great potential.
   • Consider your talents, experience, and knowledge when choosing an idea. If you have unique knowledge or expertise, try to see how this strength can be applied to meet certain market needs. Combining skills and knowledge with market demand increases the success rate of a business idea.
   • For example, you might have worked for an electronics company for many years, and you find that the community in which you live has a special need for an electronic product. You can then combine your experience with this market demand to attract customers.

3. 

   
   
   Come up with a name. You can do this before you have a business idea and if the name is good, it can help you define the business idea. As your plan develops and begins to take shape, the perfect name may come to you later, but don't let that stop you in the early stages. Create a name that you can use temporarily and don't hesitate to change it later.
   • Always check if the name you intend to use is being used by someone else before making a selection. Try to create a name that is simple and easy to remember.
   • A good example is the famous brand name "Apple". Such names are not only simple, easy to pronounce, but also easy to remember and keep in the minds of consumers.

4. 

   
   
   Determine your squad. Will you work alone or will you invite a friend or two to join you? Working together brings a lot of synergies because people often exchange ideas with each other. Two people can work together to get better results than the two combined.
   • Think of historical success stories like: John Lennon and Paul McCartney; Bill Gates and Paul Allen; Steve Jobs and Steve Wozniak; and Larry Page and Sergey Brin. In any case, the partnership worked best for both sides, and they all became billionaires. Does that joint partnership guarantee becoming a billionaire? No, but it certainly doesn't hurt!
   • Think about your weaknesses or areas in which you don't have much knowledge. Finding the right partners for your personality who can make up for your lack of knowledge or skills is a great way to ensure your business has the resources it needs to succeed.

5. 

   Smart choice. When choosing a companion, be careful. Even with your best friends, being a best friend doesn't mean someone you can do well with in business. Let's start with a trustworthy person. Factors that need to be thought through when choosing a partner and cooperation are:
   • Did this person complement your weaknesses? Or do both have the same skills? If your second answer is yes, then think twice because you will have a lot of chefs cooking the same thing, but no one else can do other dishes.
   • Do you usually look over the issue? Debates about the details should be made and they are important for effective work. But without seeing the overview of the problem, your company's main intentions may go astray without being corrected. Make sure your members are as interested in the purpose as you are.
   • If interviewing others, learn how to recognize a candidate's talent behind a degree, certificate or nothing at all. Each person's natural talent may differ from the traditional education they gain (or fail to) and finding "the perfect match from the start" and potential talents and evidence. getting a degree is very important.
   advertisement

Part 2 of 6: Business Planning

1. 

   Write a business plan. A business plan helps determine what you need to market your company big or small. It also sums up the meaning of your business in one sheet. It creates a general sketch for investors, banks, and others to use to decide how best they can help you, and decide if your project is okay.

2. 

   Write a business description. Describe your business more specifically and describe how it is relevant to the market. If your company is a joint stock, limited or one member business, explain why you chose that direction. Describe your product, its features, and why your customers need it. Please answer the following questions:
   • Who are the potential customers? Once you understand who they are and what they want, you can develop a marketing strategy.
   • What is the price customers are willing to pay for your products and services?
   • Who are your competitors? Do a competitive analysis to identify key competitors. Find out who is doing what you are and how successful they are. It is also important to understand the causes of the failure and what caused their business to fail.

3. 

   Write an activity plan. This plan will describe how you manufacture or distribute your products or services and the costs incurred.
   • How will you create your product? Is it an existing service or if it's more complex like software, a tangible product like a toy or a toaster - whatever it is, how will it be made? Build the process, from raw materials to assembly, packaging, storage, and transportation. Do you need to hire more people? Is the union involved? All these factors should be included in the plan.
   • Who will lead and who will obey? Identify the organization of the company, from the receptionist to the CEO, and the roles of each include function and compensation. Knowing your organizational structure will help you plan your operating costs and adjust the capital needed to operate effectively.
   • Get feedback. Friends and family are great sources for you to ask questions and receive feedback. Do not hesitate to ask for their opinions and listen to their suggestions.
   • Need to increase the size of your property? This happens more often than you intended! Once goods start to pile up, you may have to store them in your living room, bedroom or home garden. Consider renting storage space if necessary.

4. 

   Marketing planning. The operation plan should describe how you will manufacture your product, while the marketing plan describes how to sell your product. When planning your marketing, try to answer questions about method you will use it to promote products to potential customers.
   • You will have to include the types of marketing to be used such as radio advertisements, mass media, promotions, billboards, attendance at networking events, or all other means. on?
   • Define your marketing message. In other words, what would you say to convince customers to choose your product? This means that you want to focus on your Outstanding Business Spot (also known as USP). This is the unique advantage your product has to solve your customer's problem. It could be lower cost, faster service, or higher quality than the competition.

5. 

   Build a pricing model. Let's start with your competitors' prices. Understand how much they sell similar products for. Can you add something (value) to make your product more different and more appealing?
   • Competition is not just about goods or services. It is also about social and environmental responsibility. Customers are increasingly concerned about whether your business is responsible for its employees and the environment. Certifications and certificates of merit from reputable organizations such as honors and stars can assure your customers that your products or services are associated with higher value than those without. .

6. 

   Calculate financial indicators. Financial statements turn marketing and operations plans into numbers, profits and cash flows. They determine how much money you need and how much money you can make. Since this is the most volatile part of the plan, and also the most important for long-term stability, you should update the plan monthly for the first year, quarterly for the second year, and annually thereafter.
   • Take into account startup costs. How are you going to finance your initial business? Capital from banks, start-up funds, venture capitalists, microenterprise management boards, savings: they are all reasonable choices. When you start a business, be realistic. You won't be able to start earning 100% of what you expected, so you'll need to have a reserve fund in place to stay running until everything is running smoothly. One of the surest ways to fail is by lack of funds.
   • At what price do you intend to sell your product or service? How much is the production cost? Estimate net profit, taking into account fixed costs such as rent, utilities, labor, etc.

7. 

   Develop an overview summary. The first part of a business plan is always an overview. Once you have developed the other sections, describe the general business idea, how the company will make money, how much capital you need, your current position including the legal situation, the people involved and Brief history and whatever makes your company look like a statement of success.

8. 

   Building products or developing services? Once every business strategy is planned, finances are calculated, basic personnel is set up, get started. Whether it's working with engineers or coding and testing software, sourcing raw materials and shipping them to the factory, or buying in bulk and pricing, the building process is the amount of time you are preparing to release the product. During this time, you may notice the following:
   • It is necessary to edit the ideas. Perhaps your products will be more attractive if they have different colors, textures, or sizes. Perhaps your service needs to be replicated, narrowed down, or more detailed. This is the time to focus on whatever arises during your testing and development period. You will obviously find that something needs to be modified to fully improve or literally cut off a competitor.
   advertisement

Part 3 of 6: Financial Management

1. 

   Guaranteed start-up costs. Almost every business needs capital to get started. Money is often needed to purchase materials and equipment, and keep the business running for the period before a profit is made. The first source of finance usually comes from yourself ..
   • Do you have any investments or savings? If so, consider using a portion of your savings to invest in your business. However, you should never invest all of your savings in a business that prevents failure. Additionally, you shouldn't invest your emergency savings (experts recommend 3-6 months of income for this purpose), or the money you'll need. for the next few years for other obligations.
   • Consider a home loan. If you own a home, finding a way to get a home loan can be a good idea, as the loan is often easily approved (as your home acts as collateral), and usually lower interest rates.
   • If you plan on saving 401 (k) through your employer, consider getting a loan from the plan. Plans typically allow you to borrow up to 50% of your balance with a maximum of $ 50,000 (applies in the US).
   • Think of saving first as another option. If you have a job, save a portion of your monthly income over time to cover startup costs.
   • Ask for small loans at the bank. If you follow this method, consult as many banks as possible to choose the lowest interest rate.

2. 

   Control your operating costs. Pay close attention to your operating costs and make sure they match your plan.Whenever you see wasteful consumption such as electricity, phone, stationery, and packaging, take a look around and estimate how much you really need to lower it or throw it away if possible. . Be frugal when you start your business, including renting instead of buying; Use prepaid plans for the services your company needs, rather than contracting yourself to long-term contracts.

3. 

   Prepare more money than the minimum. You may think that it only takes 50 million VND to start a business and that is also true. You need 50 million VND to buy furniture, printers and raw materials in the first month, and the second month, you are still in production but the rent is due and the staff wants to be paid and All bills come at the same time. When this happens, you will pray how soon it will be done. So if you can, stock up on your money for a year under the scenario that you won't make any income that year.

4. 

   Save every penny. Plan to buy office supplies as well as overheads to a minimum when getting started. You don't need shiny office furniture, the latest in tech chairs and expensive paintings on the wall. A small cupboard is enough if you invite your guests to the cafe every time you meet them (meet them in the foyer). There are many cases where a startup fails just because of buying a lot of expensive stuff instead of focusing on the business.

5. 

   Choose a payment method. You need to find out what type of payment is appropriate for your customers. You can use a program like Square, which is great for small businesses because it requires very little paperwork and the fees are also low. However, if you don't like to use a lot of technology, you can still use the traditional method of opening a business account at the bank.
   • A business account opened at a bank is a contract where a bank provides a credit line to a business who wants to accept card payments of a certain card organization. Before, without this contract, businesses could not receive payments from any of the major credit card institutions. However, the Square app has changed that so don't be limited by this traditional choice. Learn more and get used to new technology.
   • Square is a card swipe device that connects to a smartphone or tablet and turns it into a cash register. You can find these devices in regular business activities as they are becoming more and more popular in cafes, restaurants, street food stalls and other types of businesses (watch out for a card). plastic the size of a postage stamp that plugs into a smartphone or tablet).
   • Please note that Paypal, Intuit, and Amazon all offer a similar solution. Make sure you consider each option before making a decision.
   • If you do business online, Paypal is an excellent payment service for receiving and transferring money.
   advertisement

Part 4 of 6: Review of Legal Aspects

1. 

   Consider finding a legal representative or consultant. It can be difficult when you go from being hired to the owner of a small business that is constantly overworked but not paid any money. Some of the challenges include a ton of documents on regulatory laws, from contracting to city regulations, local government permits, provincial / municipal requirements, taxes, fees, contracts, shares, collaborations, and so much more. You will be more secure when you can call someone for advice about problems that arise and this is also an essential resource to help your plan succeed.
   • "Choose" the right people and they should be knowledgeable about your business. You will want someone with experience in the field because a less experienced legal counsel can cause you legal problems, pay fines or even go to jail.

2. 

   Find an accountant. You need someone who can skillfully handle financial problems, but if you can manage your own books, you still need someone who understands the tax aspects of running a business. Tax accounting can be very complicated and you will need (at a minimum) a tax advisor. Again, it doesn't matter how much money they'll manage, but the person has to be trustworthy.

3. 

   Establishment of corporate legal status. You will need to know what types of entities help you pay the least taxes and to attract investors. Once it is determined that you will raise capital from equity or other people or borrowed capital, with consultation from tax and legal experts, you will know what type of legal entity is suitable for the business. business. This is one of the last steps you need to take before you actually spend your money or ask someone to invest. Most people are familiar with the model of a joint stock company, a limited company, etc., but for most small business owners you should consider opening a company in one of the following forms:
   • One-owner private enterprise, if you will be doing this business alone or with your spouse (no employees).
   • A partnership if you will do business with a partner.
   • A limited partnership (LP), created between a few general partners who are (indefinitely) responsible for matters relating to the company and a few limited partners will be liable only ( (limited) in the equity they invest in the company. All share the company's profit and loss.
   • Limited liability partnerships (LLP), in which no member is liable for the mistakes of another (protecting innocent members from the negligence of other members).
   advertisement

Part 5 of 6: Promote the Company

1. 

   Build a website. If you're selling online, get your ecommerce strategy ready and either build a website or outsource it. This is your facade should be anything and everything you can do as a customer want visit, and want Just stay, please.
   • Similarly, if your company is focused on a "person-to-person" interaction experience, traditional marketing will be very important. For example, if you're starting a real estate business, focus on word of mouth marketing to your neighbors before opening a website.
   • When creating a website, keep in mind that simplicity and clarity are essential. A simple design that clearly shows what you do, how you do it, and the cost of the product will be most effective. As for your website, remember to emphasize why your business is the best solution to a customer's problem.

2. 

   Hire a professional designer. If you decide to make a website, make it professional. Designing costs can be expensive at first, but a well-presented and trustworthy website is essential. It should look professional and simple to operate. If you plan to include money transactions / payments on this website, invest in secure encryption and thoroughly check that your money is transferred to companies that are reasonable and reliable.

3. 

   Discover your inner pitcher. You may believe in your product or service but to be successful, everyone must also trust you. If you're new to advertising, marketing or you hate offering, it's time to overcome those obstacles and develop your sales skills. You need to create a compelling sales pitch to convince customers that they need your product or service, and it also represents the value, purpose and potential your company offers. Write your sales pitch in several ways until you find the best one and you are always ready to speak. After that, practice thoroughly!
   • Depending on the category of business, you may need attractive, eye-catching business cards.

4. 

   Take the time to develop on social media. This can be done prior to starting a business to increase interest.Use Facebook, Google+ and Twitter, and any other social network you believe can build interest and promote. You may want to build curiosity and people will follow your progress. (Be sure to choose a business account for your company and separate from your personal account. Your message should also be tailored for different audiences depending on the type of account you are using. .)

5. 

   Implementation of marketing and distribution plans. Once your product or service is complete, it's time to sell and start marketing.
   • If you plan to advertise periodically, they will need copies or images at least two months before publication.
   • If you sell in a store, sell pre-orders and stall arrangements. If you sell online, be prepared to have your website run smoothly.
   • If you are a provider of a certain service, advertise in specialized magazines, newspapers and online accordingly.
   advertisement

Part 6 of 6: Launching the Company

1. 

   Secure work space. Whether it's an office or a warehouse, if you need more space than your bedroom, it's time to do it.
   • If you don't need an extra office outside of your home, but need a place to meet your partner from time to time, there are often locations that can help. A quick Google search "rent a meeting place" gives you plenty of options.
   • Be sure to contact your local authorities to inquire about zoning law. Some types of small businesses can't be run in a cramped place, and it's important to make sure your business is operating in the right area.

2. 

   Introduce products or services. When your product is finished, packaged, fully programmed, or your service is complete, hold a special event to showcase your product. Send press releases, and announcements everywhere. Post on Twitter, Facebook, let your product images touch every corner of the market. You have a new business!
   • Host a party and invite people to promote your products. It doesn't have to be expensive, you can buy food and drink from the discount store and ask a friend or relative to help you (in return, you can give them a product or service).
   advertisement

Advice

• Always provide value and service to potential customers even if they are not potential now. When they longing Having your product, how do you be the person they first thought of.
• Thanks to the growth of the internet, an online business is the easiest way to get started and less expensive than opening a regular store.
• Continue to learn and adapt to change. Find friends, sponsors and related business organizations, online forums and wiki articles to learn how to run a small business. It's a lot easier when people take their core work and thrive because they don't waste time and effort "reinventing the wheel" at home.
• Most direct selling companies have lower start-up capital costs than traditional store openers. You can also break even faster.
• You should also consider opening more deals on eBay or Overstock.
• It's fine to just start with one or two products and then add up as you come up with it!
• Don't be afraid to test prices. You need to determine the minimum price for the product or service that you will break even, but experiment with varying high or low prices.
• Always believe in yourself even when you face financial difficulties.

Warning

• Be wary of people asking for money before working with you. The deals are always directed both sides Mutual benefits, so a partner is willing to pay you for the work. (A franchisee or a home business can have huge legal upfront costs, but they should reflect the reasonable cost of starting your business, so the brand owner can monetize your success, instead of charging you a franchise fee right from the start).
• Be wary of "no do still have a lot of money" business offers. They will usually take something from someone - and usually you. There are many different ways, some are more polished than the others and easier to deceive. Good examples are the multi-level (pyramid) business model and the upfront fee scam.