Many of us have had that “a-ha!” moment when we think of an idea that is so brilliant we’re certain it would make us a great deal of money and bring a great deal of happiness to people.
But then, for most of us, our flash of brilliance remains just an idea; at least until someone else has the same notion and turns it into reality.
The idea of truly taking that first step and turning our passions and ideas into a business is possibly one of the most daunting decisions a person can face. Exchanging a steady, monthly salary for a life of 20-hour workdays with little reward for an indefinite period might seem insane; yet the hundreds of thousands of entrepreneurs, who faced the same decision and took the leap, will tell you it’s the best decision they’ve ever made.
For a budding entrepreneur, the first steps are the hardest, but if you don’t even know what the first steps are, read on to find out.
Step One: Research
One of the first orders of business is to figure out if your idea sounds as great to everyone else as it does to you. A business exists to fulfil a particular need, so you need to find out if there are enough people out there that have the problem that you’re solving. By doing this, you’re not simply leaping blindly across a chasm without knowing how wide or how deep it is; it makes the process much less daunting and more practical.
Step Two: Admin
This is where your passion should take a backseat to logic for a while. Starting a business, no matter the industry, requires a lot of paperwork and administration. For one, if you’ve got a new, unheard of idea, you’ll need to secure the intellectual property rights to it so that no one steals it or claims it as their own. In addition, you’ll also need to get business insurance to financially protect yourself from a number of things that might happen, such as employee accidents, theft of company property, public liability, employee liability and even fire risk.
This involves the legal side of business. You will need to decide what form of ownership you want for your business, such as sole proprietor, partnership, public or private company etc.
Step Three: Create an Identity
The most successful businesses are the ones that people remember. Just about everyone across the world instantly recognises the Nike tick. It’s so simple, yet so memorable. Businesses like Nike have built a brand – an identity for their ideas. An ideal identity should have as much character as an actual person and be just as unforgettable.
Corporate identity involves the creation of logos, slogans, letterheads, business cards, selecting business colours and more.
Step Four: Business Plan
A business plan is non-negotiable. Banks and other financial services providers won’t even consider offering you finance and loans without seeing a business plan. But it’s also important for you, as an entrepreneur. Putting things onto paper and making realistic financial forecasts can often reveal holes in your plan that you would never have seen, giving your business a better chance of becoming successful.
Step Five: Capital
No business can begin without some sort of capital. There are numerous ways to obtain capital – you could save the money yourself, ask a friend or family member for it, ask the bank for a business loan or exchange a percentage of profits for venture capital from investors.
Step Six: Believe in Yourself
One of the most important but understated steps in the start-up process is to believe that you truly do have a product or service that will add value to people’s lives, and that you will be successful. After all, if you don’t believe in your ideas, you can’t expect potential customers to, either.
Budget believes in our country’s entrepreneurs, which is why offer comprehensive business insurance that caters to specific needs and visions.
Insure your business with us today!
The information provided in this article is for informational purposes only and do not constitute professional advice.