Step by step to start your own business

Setting up your own business is the dream of an increasing number of people. Working with what you like and having more autonomy in relation to time and routine are advantages that motivate new entrepreneurs. 

Undoubtedly, starting your own business can be extremely rewarding. However, it is also a job that requires dedication and careful planning.

Start your own business: 10 Steps to become an entrepreneur

The following ten steps can be used as a roadmap for those who want to build their own business without getting lost along the way.

From setting your goal to building your brand and audience, see how to become a successful entrepreneur.

1. Follow your passion

Setting up your own business takes a lot of energy, time and money (the amount depends on the area in which you choose to undertake). 

The best way to stay motivated during the ups and downs is to do what really matters to you. Embarking on the first most affordable idea just because you want to become an entrepreneur is a recipe for disaster. 

If you like to cook, decorate houses or teach yoga, do your research and go with everything. Creating online courses on the subject, recording videos or writing blog posts is a good way to begin and build your audience.

–  Learn how to record videos at home

2. Research

After deciding in which area you want to undertake, you need to do some research on how to start your own business. 

There are many things to consider: Who will your customers be? How will you get to them? How to achieve the expected profit? Does this type of business need a physical space or can it be entirely online? Before giving everything you have to set up your own business, you need to research and make sure it is a viable idea. 

Go beyond reading and talk to someone who started a business similar to what you want to do. What were his biggest problems in the beginning? Often, these are the things that you never thought could hold you back. 

Ask someone who knows the market in which you intend to enter to help you get off to a good start.

– 10 profitable niches for online courses

3. Plan your finances

This may not be the most exciting step, but it is mandatory. How much do you need to support your business? Calculate material and production costs, hiring employees (if necessary), marketing, office space, etc. 

Remember that you are new and potentially need to ask for help from others, so be sure to keep your expenses as limited as possible.

Once you have a good idea of ​​how much you will need to set up your own business, make sure you are able to afford it while also paying your personal expenses. Remember that practically no business ever starts making a profit, so you may need to try an investment or hold on to your current job for a little while longer.

Once you have the necessary funds, immediately open a bank account. In addition to emphasizing the seriousness of your business, once profits start to come in and expenses start to come out, you will be able to track everything to meet your small business’s accounting.

If you’d rather outsource the financial aspect, working with a certified public accountant (CPA) is sensible. It’s worth learning about CPA certification to understand why professionals in this field are so valuable to small businesses.

4. Develop a business plan

After calculating the numbers and making sure there are chances of success, the next step is to develop a business plan.

The purpose of this plan is to present the concept of your business, how you fit into the market and the details of how your finances will work.

This planning is essential if you need investors or a bank loan, because you will need to prove that you have thought of all the details. 

For most companies, the first year is spent getting things up and running, from getting the necessary documentation and licenses to finding a space to pursue your new business.

Pay close attention to taxes! The freedom and satisfaction of setting up your own business can be intoxicating, but, like it or not, taxes will play an important role in this endeavor. If dealing with this is too complicated for you, hire a professional to help you. There is no way to know much about your tax obligations and the last thing you want is to be caught off guard.

5. Have a five-year plan 

Even after opening your own business, it is rare that it will start to work perfectly and turn a profit, so it is recommended that you develop a plan of goals that you would like to achieve in your first year in the market. Keep your vision upbeat but realistic. At the end of this year, assess whether your plan has worked and whether you are on the right track.

Then, you need to think about where you want your business to be in five years, and so on. Will you need a larger space? Do you want a better location? Will you need to hire employees?

Find out exactly where you want this business to go and trace your route to get there, step by step. Setting goals every five years helps you measure your success as an entrepreneur and as a company.

– How to start an online business

6. Build your network

Your family and friends offer a great support system, but you should use all the help you can get, especially if you are a start-up entrepreneur. Mentors and other professionals who can provide you with value and guidance are always welcome. 

The business world is not a lonely journey, even if you choose not to have partners. Having people you can turn to for things you just don’t know will help you better understand your market and avoid missing out on opportunities or making costly mistakes. In this field you are always learning, and one of the best ways to do this is with the help of experts.

Also, be sure to study and improve in the world of entrepreneurship. Participate in networking events, fairs and exhibitions, attend lectures, etc. This can contribute to your dissemination strategy and eventually you can create your own events.  

7. Test your idea

A trial period is important to assess interest around your product or service and see where you can make improvements. In fact, you should treat this stage as if it were the first step in selling your idea.

In the case of online courses, you can offer a free first module or organize a pre-sale at a reduced price. This helps to feel the reception of the public and generates feedback about what is working or not.

It is an opportunity for you to start getting involved with your potential customers and get a first-hand experience, understanding how you can best serve them with your offers. Receiving their feedback here and taking it seriously is crucial to your success.

– Tips for organizing the pre-sale of your online course

8. Develop your brand

Your brand is how people recognize and remember you. Verbally, it is composed of its essential values, presentation, language and service. Aesthetically it involves colors, fonts, logo and more. When used consistently over time, these different components generate recognition and build trust among customers.

Implement your brand identity across all channels and assets in your company. When setting up your own business, even if it does not yet have a physical location, it is recommended that you start advertising your existence in the online world.

Start by building your website, sales page and social media profiles that your audience is used to. Even if you only use these pages to direct customers to your physical store, you will want to have the best presentation possible, in addition to working on SEO so that it appears in a better position in the search results. 

– 5 steps to create a visual identity for your brand

9. Attract your audience

Now that you have your sales page, active social media accounts and a tested and approved idea, it’s time to start selling for real.

For that to happen, you need to attract an audience and grow your potential customer base. Use the power of social media and your website to raise your voice and let more people find you. Periodically post catchy posts, create a blog to share relevant content, and send an email with information and discount coupons.

Record videos and broadcast live to show what you know. Build your image of authority on the subject, make people want to learn from you, buy your product or service. Deliver valuable content before ordering anything in return, encourage the buyer to come to you.  

10. Hire cautiously

Few things can sink a business faster than a poorly prepared team. If your business has grown and you need to hire someone, it is always better to resist a shortage of manpower for a while than to hire at random. 

Carefully examine candidates’ credentials, review their online profiles for warning signs and make sure they can embrace your passion for your business. Remember that they will be the face of your company too.

In addition, you must know your legal obligations as an employer before hiring someone. This can affect your business in several ways.

Create online courses and have your own business

If you dream of working for yourself, stop dreaming and start doing something about it. Millions of people became entrepreneurs before you, and many have been successful. Why can’t you be next? Follow these simple steps to start your own business and start working.  

Creating and selling online courses is an excellent option for those who want to start entrepreneurship using only their spare time, without leaving home and with little investment. 

With a computer with internet access and a camera, you can produce content for your distance learning course by teaching what you know.

Other than that, all you need is a Learning Management System to host your content and make it available to your students, so that they can better attend classes and make payments online.

– Whats is a Learning Management System

Coursify.me is a dynamic and customizable hosting platform for online courses, which offers all the features you might need.

Present in more than 60 countries, Coursify.me is the perfect solution for those who want to create and sell  online courses.

– Learn how to sell online courses

Complete eLearning platform, ready to use in the SaaS model, you can upload the content through your computer or other platforms such as YouTube, Dropbox and Vimeo, and your classes will be ready to be attended.

With a friendly and intuitive layout, anyone can use Coursify.me, whether as a teacher or student, without having to understand computing for that.

To learn more, visit our website, test the platform and learn why we are the best option for you to set up your own business.