If you’re interested in starting your own company, but don’t exactly know how to get started, you’re in luck. There are a lot of resources out there for people trying to start their own business. And you’re not alone! Most people find that the job they are dreaming of does not exist – either it can’t be found or it just doesn’t meet their expectations. Others still simply decide that they want to be in charge of their own career path, and set out to create their own dream job. However you arrive on the decision to be your own boss, just know that starting your own company can be stressful and requires complete focus. There’s a lot you need to think about before incorporating your new company.
Below are several helpful tips to get you started with planning your new company:
1. Develop your ideas
This first step goes without saying, but you really need to take the time to develop your ideas. This means constructing the idea, innovating the concept, developing the process, and finally, bringing the concept to reality. You have to be able to communicate the idea or ideas that you do create. Here, it’s best if you develop a business concept that you are passionate about or have experience in. From there, try and think of how your idea as a product or service could enhance people’s lives.
2. Test the plausibility
Even the best ideas can fail for a number of reasons, from poor execution to bad timing. Once you’ve settled on the idea of your business, think realistically about how your idea will be perceived by others. Is the product or service something that people want or need? Can you make a profit selling it? Does the product work? Sometimes, the main reason why businesses fail is not due to a lack of capital – it’s due to lack of knowledge. Knowledge in your business – most important, how your business can realistically function – is the most potent weapon you can have for running a successful company.
3. Share your ideas
One source of innovation lies in the connection of ideas. Connecting with people is what brings those innovations to life. Chances are, your idea will not be perfect. You may find that, after sharing your idea with other people, it may need some modifications. The ability to pivot and adapt to create a product that fits the customer’s needs (and not what you think the customer’s needs are), is essential in forming a successful business. So don’t hesitate to seek feedback and suggestions from a relevant audience. For more general suggestions, your closest friend and family may be able to be honest with you about your ideas.
4. Write a Business Plan
Now that you have a thoughtful, realistic, and celebrated idea, you’re ready to start planning. A solid business plan is the best tool you have to keep you on track with your future goals and to guide you moving forward. A business plan typically includes a mission statement, a company summary, an executive summary, service or product offerings, target market analysis, financial projections, and the cost of the operations. One of the key steps to follow when planning your new company is writing a business plan.Some questions to keep in mind: What am I offering? Who is it for? What am I promising to them? What are my objectives? What are strategies and action plans I can take to achieve my goals? Learn more how to write a business plan at SBA.gov.
5. Identify your market and your target audience
The next step you want to take is validating your market – find out if people are actually interested in purchasing your products or services. Who exactly do you think will buy them? How many of them are out there? How relevant is your offering to their everyday life? Why might they need it? Luckily, you can uncover a lot of pre-existing industry research for free. Google relevant industry associations or read Census data to learn more. However, the best information comes from primary data collection methods. Ask your target market customers directly and listen to what they have to say. Perform a competitive assessment before you start spending money on people who may not be interested! Only target customers who are likely to purchase your product offering.
6. Determine the costs and establish your budget
Do additional research to find out the standard cost factors within this industry. Not only will this help you manage your business more effectively, but investors will want to know this information.
Once you determine how much money you’ll have to work with, assess how much it will take to develop your product or service and create a marketing plan.
7. Find the right investors
You’re going to need funding to get your business started. This funding can come from savings, credit cards, loans, grants, venture capitalists, and the like. Finding the right investor can be crucial. You want to work with someone who shares your vision and has the same goals and standards as you do. Whether you like it or not, investors have a say in your company. As a result, you need to listen to their advice or take their suggestions when working together. Don’t get trapped with someone who will end up fighting you on every step of the way. The right investor can make all of the difference.
8. Select the legal structure
One of the most important choices you will make when forming your new business is which legal structure to choose from. Settle on which form of ownership is best for you: a sole proprietorship, a partnership, a limited liability company, a corporation, an S corporation, a nonprofit, or a cooperative. Find out more on how to choose a legal business structure at SBA.gov.
9. Choose your name
The right business name is important because all other business legal decisions are based on the business name. For example: Business cards, stationery, and office forms will carry the business name. All advertising and marketing materials will feature your business name. Decide on a name that best suits your business. Then check to see if the domain name is available online, as well as if it’s free to use in your county, state and in the country. You can use our Free Name Check Tool to find the best name for your company and check if it is available (also on internet!)
Even the most skilled and passionate entrepreneurs have trouble expanding their companies. Those of us at InCorporate wish to help entrepreneurs in all of their endeavors. We offer informational guides, networking forums, discounts on a wide variety of service providers, and incorporation bundle packages for the lowest price in Singapore. Learn more about how we can help you today!