How to start a business in 2024- you too can succeed
There are so many reasons why people want to start a business. Some reasons are good, some others are not that great. To run a successful business, your reason for starting the business will, to a great extent, determine the success of the business.
As someone who is interested in starting a business, you have an idea in form of goods and/or services you want people to pay you for. If you are currently employed, you may have to start your business first as a side hustle, scale it and then run it full time.
On the other hand, if you are not gainfully employed while thinking of starting a business, then you have all the time you need to work on the idea and build it up step by step.
If you are struggling with finding a business idea, read my blog post on 100 side hustle ideas you can start even while running a 9 to 5 job.
I believe that starting and running a business is largely psychological and demands apt mental resources. The wisdom you express in your business is a direct reflection of how well you apply every knowledge you have acquired about the business. I have seen many people (including myself) start businesses for the wrong reasons and failed.
To refine your outlook and mindset on this new endeavor, I recommend that you read Simon Sinek’s Start With Why. Simon broke down how startup leaders were able to define their goals and communicate their ideas with others who helped build them.
If you are in the creative space, I recommend that you read Austin Kleon’s Steal Like an Artist to gain deep insights on how to use materials you can find around you, put your own spin on it and develop a product or result that is completely new. This is particularly important for digital business owners like YouTubers, bloggers, copywriters, digital marketers etc
Now that your mind is ready to materialize your business idea, the following are the actionable steps you should take to start your business on the front foot. Just because I do not like lots of technical jargon, I am going to try my possible best to explain the steps such that even a dummy can understand
Market research is simply understanding that the product of your business is not for everybody. It is about understanding who your ideal (potential) customers are, their demography, interests, and why they would subscribe to the product and services you are about to start offering. Market research helps you reduce risk even while your business is still just an idea.
While doing market research, make sure you touch on the following and answer these questions
- Demand: Is there a need for my product and/or service? Are people willing to pay for this service?
- Market size: How many people would potentially be interested in the goods or services I am offering?
- Economic indicators: What is the average income of my potential customers? What do they like? What is their spending power?
- Location: What is the location of your business in relation to the location of your (potential) customers? Where do your customers live and where can your business reach?
- Competitor Analysis: Who are your competitors? In most cases, they are already existing businesses. Check out and analyze what they are doing well and what they ain’t doing so well.
- Pricing: What do potential customers pay for these alternatives?
For more resources for market research, check out a list of resources here.
If market research is diligently done, you will be able to tell if your business idea is financially viable.
The idea of writing a business plan scares some people. It makes them hate business. It makes them hate applying for funds because most business funding schemes require it. To be honest, there is no right or wrong way to write a business plan. A business plan is good as long as it meets your needs.
There are lots of credible resources on the internet to help you write a good business plan. A traditional business plan typically has the following sections: Executive summary, Company description, Market analysis, Organization and Management, Service or Product line, Marketing and Sales, Funding Request, (If you’re applying for funds) and Financial Projections etc. Other important sections may need to be added depending on your purpose of writing the business plan
It is a wise thing to highlight your business expenses and estimate the cost. For instance, you want to start a landscaping business. You go on to highlight your expenses; you need to register your business, buy a shovel, a mower, hand trowels, hummus, etc. Then you go on and estimate the cost of your potential expenses. It is better if you put in some effort to get the current price of the goods and services you want to spend on in order to keep your estimate realistic.
No matter what part of the world you live in, you are better protected legally when your business is registered. Registering your business gives and protects the identity of your business. With your business being registered, you can proceed with opening a bank account in your business name. This sets you on the right path to success in your business.
There are lots of frequently asked questions on the internet about starting a business. Here I will be addressing some of them…
The process of starting a business when you have no money is the same as starting a business with money. The only additional step is finding alternative means of funding your business. Even though you want to start your business without money, you still have to do a degree of market research, write a business plan and estimate your startup cost.
Since you want to start your business without money, I recommend that you cut down your startup costs by delaying a few things. You can start your business as a side hustle – I mean get a 9 to 5 job that pays you and use your income to fund your business. This is the best way I recommend that anyone starts a new business. Make sure you don’t go too fast, too soon so you don’t crash.
What are the 4 ways to start a business?
These are the 4 ways to start a business
Sell other brands’ products: This is the model affiliate marketing is based on. You sign up to promote other brand’s products. Create content for their product. Send them leads through your content and get paid for converted leads.
Freelance and/or Consult: Freelancing and consulting require that you have a great deal of knowledge in your chosen field. For instance, as a web developer, you can freelance with your skill or be consulted to offer insight to businesses who consider you a subject matter expert in your field. Freelancers and Upwork are some of the most popular freelancing platforms.
Franchise: A franchise is often an expensive way to start a business. It entails that you buy a franchise from an already existing business and build yours on the success of their name. Popular franchises include Starbucks, Tim Hortons, KFC, etc It is often expensive but it is not less valid. This mode of starting a business may not be very suitable for people who want to start a business with no money.
Start a service business: There are lots of service businesses you can offer in your community to bridge the need gap. Check out my list of the 100 side hustles/businesses you can start with little or no money.
Can I start a business with little money?
Yes, you can start a business with little money. As a matter of fact, what you have to do is start the business as a side hustle. Do not risk too much too soon. You can start small and evaluate the market acceptability of the business. Based on the information you have, if the business looks promising, then you can invest more money.
I often recommend that you be on a 9 to 5 job and use the money you make to fund your business. In some other cases, the success you achieve while you invest little money in your business may be good enough to attract government funding or private investors. This will help your business scale faster.
How do I start a business from home?
Starting a business from home is easy but requires that you have good work ethics to stay disciplined. When you decide to start a business from home, you still have to follow the process of a typical business which includes doing market research, designing a business plan, estimating your startup cost registering your business at the right time.
Your startup cost for a home business will largely depend on the business. This may include a computer (laptop or desktop), a printing and scanning machine, etc Expenses may include CRM software, on-page, and off-page SEO software, AI writing software, etc. If your business is not making money right from the start, you may delay registration of the business until you start making money.
What kind of business should I start from home?
I have a list of 100 businesses you can start while holding a 9 to 5 job. This post is a long list of jobs you can start from home. Popular business ideas may include starting a blogging business, doing freelance jobs like offering writing services on gig sites like Fiverr, Upwork, and freelancer, web development, social media management, virtual assistant, podcasting, and creating videos for promoting your business on youtube.
You can also start businesses like sewing, embroidery, painting, photography, etc from your home.
How do I find a business idea?
There are lots of business ideas you can choose from. All you have to do is make sure that it is an idea you are well interested in and people are willing to pay for. Take a stroll on the street where you live and see what kinds of businesses people are doing.
Check out the government agencies in charge of business registration in your state or community and see the kinds of businesses that are already in existence. You don’t have to reinvent the wheel, you only have to follow the principles needed to succeed in that business idea.
If you live in the United States, check out a list of resources here to help you find existing businesses and understand the demography of people living in your location
What makes a business successful?
A number of factors can be considered to make a business successful. This includes consistency, excellent work ethics, good bookkeeping, using the right tools, and networking within and outside your business space. Success in business requires that you keep paying attention to the different parts of your business.
As your business starts growing, you begin to take the position of a business owner. This means that you should outsource activities you are not great at and focus on the ones you are good at.
How do I start a business and succeed?
The first step to starting a business and succeeding is to start i.e. overcome inertia and start. While I implore you to do your due diligence before starting your business, I challenge you not to overthink the process. A lot of people spend more time thinking of starting a business than starting a business. While you may not always be able to accurately forecast your success right from the start, you can minimize your risk by making an adequate effort to do market research.
If this is done right, you can be certain that with the right blend of good work ethics and consistency, you can be sure of success.
“The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.”
Nolan Bushnell, Entrepreneur
What does a business need most?
A business needs a lot of things to succeed but most importantly, a business needs a good personality behind it in order to succeed. There are 4 basic factors of production in any business. They include rent, capital, labor, and management. Management is in charge of all the other 3 factors of production. If management is poor, the business is at risk of failure. On the other hand, if management is good, you can be sure of success in business.
What is the key to success in business?
The key to success in business is finding that sweet spot where passion meets profit. The moment your business generates enough money to match the effort you put in, that is an indicator of business success. At this point, you can begin to think of scaling your business to generate even more revenue
My Final Take On Starting A Business
When you decide to start a business, you have many different options. You can choose to start your own business from the scratch and build it from the ground up. This way, you develop the product/service, package it, listen to customers, do marketing and create content for the business. The most important thing is to offer people what they want at a price that is congruent with the value you are offering.
Everyone has something different to offer in a business whether it be a product, service or a great deal of knowledge. Maybe you’re the best at making curtains for windows, or maybe your carpentry skills are impressive. Perhaps you offer consulting services on how to start a business or set up accounting systems. Whatever it may be, people that live in your community must need what you are offering and be willing to pay for it
Before you open up a business, search online and see which businesses are most popular in your area. Maybe you can offer what those other businesses don’t have like a storefront, maybe you’re cheaper or maybe the other businesses just aren’t very professional in the way they do business. Once you decide on a business idea, think about how you’ll market to customers and how much it will cost to get started.
Once you’ve decided what type of business you’re going to start, it’s time to look into some tax requirements. Whether you decide on making curtains, creating a new home décor item or offering consulting services, each item will require different taxes and documents. However, getting started is easier with a business plan that will help you budget and keep track of your expenses. Keep your business plan updated as you go to make sure you meet your goals each year.
Before you start offering goods or services online, make sure you register your business with the proper agencies. Your state will be able to help you register and get a tax ID number in order to pay the appropriate taxes. They’ll also be able to help you figure out if there are any permits or licenses necessary for doing business.
After you start offering your products and/or services, you’ll want to make sure you have a way to keep up with all of your customers. Maybe you can set up a toll-free number or maybe even create a website of your own. By having an online presence, people will be able to find what they want with ease without having to call or search for hours trying to find the best deal.
After many businesses get started, they look at their way of doing things and decide it may need some adjustments. If you’re not making quite as much money as you’d like, then maybe it’s time to create an effective marketing campaign that will draw people to your website and product. Look at the competition and see what they’re doing, then use that information to make your own business better.
You should also make sure you know how to budget properly in order to stay afloat. It’s also a good idea to set goals for yourself each month and see how much money you can make. If you want to, you can even agree to a certain amount of profit with yourself. If your business starts making less than you want, then it’s time to look at your budgeting strategy and find ways to improve the way things are going.
Depending on what type of business you want to start, there are many little things you need to be aware of and pay attention to. However, if you know what you’re doing and are willing to put time and effort into the business, then you can make your own luck.
By using the information above, you should be able to successfully start a business. Good luck!
Disclaimer – I am not a financial advisor. This blog post is created solely for informational purposes. Please consult your financial and legal advisor before making any decision.
