Basic steps for starting a successful business

Starting your own business can be a daunting task. Sometimes there is the fear of what if I fail? What if I can’t handle the success? What will my friends and family think? However regardless of these thoughts one must take the leap of faith and kick start that great idea that has been on your mind . If not now, then when?

Here are some basic steps on how to start a successful business:

RESEARCH THE IDEA

This is one of the most important stages during starting a business. At this stage you become aware of who your competitors are and any gaps that need to be filled in the market you intend on entering. It’s also the stage for you to look at how things are priced, processes, how things are  marketed etc

KNOW YOUR CUSTOMER

Where do they live? How old are they? What do they like? What do they dislike? What kind of social media play forms do they use? This kind of information will help you develop a better product to meet your customers needs and also come up with a strategic marketing plan.

DEVELOP A BUSINESS PLAN

I am a little 50/50 on this as I feel you can start  business without one, take for instance, Nastygal.com owned by Sophia Amoruso. That business never had a business plan at the beginning and today it is one of the top vintage online stores. However, only good can come out of creating a business plan so if you can have one at hand do so! because it will help you later on!

REGISTER THE BUSINESS

A lot of people skip this stage due to laziness or trying to save a few coppers but this

DEVELOP YOUR BRAND PERSONALITY / LOOK

Here you decide on what you want your company to be known for, it’s personality. How you would like it to look, feminine? Bright colours? Minimalist? It’s like creating a human and giving it a personality and dressing it up! Do you want your brand to be the cool kid out of the rest? The reliable and customer focused brand? You name it, you develop it!

JUST START 

Lastly, just start! No excuses! No moaning about lack of resources, just do it!

What other stages do you feel are necessary for starting a business? Like I said these are just the basics.