Business

How to Open a Business from Scratch – 5 Steps

To build a step-by-step plan, you must clearly understand what exactly you want, know-how, or are going to do to start your own business.

Step 1. Choose a business idea 

Understanding about what is more like to you and what idea you can successfully implement. It based on your life experience, knowledge and skills. To be successful, you must do it better than your competitors. Perform an analysis of your competitors, think about what you can do better than them, what will be your competitive advantage.
Fred de Luca (founder of the Subway eatery chain) travelled to several competitive venues before opening his first restaurant. Somewhere he liked the filling for the sub, somewhere the shape of the sub, and somewhere the dough from which this roll was made. So he put it all together, borrowed a couple of recipes from the chefs and prepared his perfect sub! Which we now have.

Step 2. Rapid Testing Ideas

Do not be lazy and on a piece of paper, answer the following questions:
1. Is there any demand for your product or service
2. Are you well versed in the matter;
3. Your product or service is better / cheaper than available on the market;
4. You have a USP ( unique selling proposition ). You know why people should buy from you, and this is undeniable;
5. You know who your customers are;
6. You know how to sell/offer your product or service;
If in front of each item is (+), then you can safely start.

Step 3. Draw up an action plan

You should at least briefly outline what needs to be done. For example:
1. Write down your competitors, identify their strengths and weaknesses, and then look at their strengths and weaknesses and compare;
2. Write down the advertising opportunities that you can afford. For example, articles with free online advertising and low-cost advertising in your city. Also, be sure to visit the area “Business Promotion”, because there you will find many ways of sales and advertising;
3. What you need at the first stage: supplies, workwear, equipment, etc .;
4. Calculate how much money you will remain “clean” (excluding costs);
5. How much do you need to have a minimum of clients per day/week/ month to have the desired income;
6. How much you can save with one sale to save money for the development of your small business;
7. Where you spend the first accumulated money for the development of your business;
8. Do you need documents, certificates, business registration, or at first you can do without it? Often at first, you can not fill out anything, but for expansion in the future, it will need to be done. But if you initially have to work with the legal. Then you need to get registered or find someone from the judges.

Start testing on real clients
Step 4. Start selling

 – If it’s a service. Test the services on your friends. Let them share their opinions on the services you provide. So for example, if you decide to open a beauty salon at home, then do a few hairstyles, first sister or girlfriend. Prepare day and evening makeup for them and get an opinion on this. If everything is successful, then begin the search for customers. For starters, you can create a group in social networks and invite girls from other competitive groups there.

– If it’s a product. If you decide to build a business on the sale of the product, let say, on dropshipping, then first buy at least one copy of the product you are selling. To make sure of its quality. Review this item. Put it on the site or in your group in social networks. Invite potential buyers from other, similar groups.

Step 5. Make adjustments
I am sure that in the process of work, your plan will be adjusted by you and will change up to 50%, or even more. It is right. You can’t predict everything at once. If you make adjustments, then this is good, because the “action check” makes it possible to plan more precisely your further actions and develop faster.

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Vevo Team

Ahsan Khan is the founder of VevoStek. Ahsan Khan has been Technology,Entertainment and Business Blog for the last year, Technology,Entertainment and Business has become one of the fastest growing self-developments site in the world. Ahsan's mission is simply, to inspire others to live their dreams and be the person to whom they say; "Because of you, I never gave up."

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