How To Open My Own Business Online – Starting a business can be hard work, but if you break the process of launching your new business into individual steps, you can make it easier. Rather than spinning wheels and guessing where to start, follow this 10-step checklist to transform your business from a lightbulb above your head into a real entity.
If you’re thinking about starting a business, you probably already have an idea of what you want to sell online, or at least the market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what today’s brand leaders are doing and find out how you can do it better. If you think your business can offer something other companies can’t (or deliver the same thing, just faster and cheaper), you’ve got a solid idea and you’re ready to create a business plan.
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“In the words of Simon Sinek, ‘always start with why,’” Glenn Gutek, CEO of Awake Consulting and Coaching, told Business News Daily. “It’s good to know why you’re launching your business. In this process, it may be wise to differentiate between [whether] the company serves a personal why or a market why. When your why is focused on meeting a market need, the scope of your business will always be larger than a business designed to meet a personal need.”
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Another option is to open a franchise from an established company. The concept, monitoring of the brand and business model are already in place; you just need a good location and the means to finance your operation.
Regardless of which option you choose, it’s vital to understand the reasoning behind your idea. Stephanie Desaulniers, owner of Business by Dezign and former director of operations and women’s business programs at the Covation Center, cautions entrepreneurs against writing a business plan or brainstorming a business name before defining the value of the idea.
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Desaulniers has often said that people launch their businesses without spending time thinking about who their customers will be and why those customers would want to buy from them or hire them.
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“You need to clarify why you want to work with these clients – do you have a passion for making people’s lives easier?” said Desaulniers. “Or do you enjoy creating art to bring color into your world? Identifying these answers helps clarify your mission. Third, you want to define how you are going to deliver that value to your customers and how to communicate that value in a way that they are willing to pay.”
During the design phase, you need to work out the main details. If the idea isn’t something you’re passionate about, or if there’s no market for your creation, it might be time to brainstorm other ideas.
Once you have your idea in place, you need to ask yourself some important questions: What is the purpose of your business? Who are you selling to? What are your ultimate goals? How will you finance your start-up costs? These questions can be answered in a well-written business plan.
Inexperienced business owners can make many mistakes by rushing into things without thinking about these aspects of the business. You need to find your target customer base. Who will buy your product or service? What would be the point if you couldn’t find evidence of a demand for your idea?
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Conducting thorough market research into your field and the demographics of your potential clientele is an important part of crafting a business plan. This involves conducting surveys, conducting focus groups, and researching SEO and public data.
Market research helps you understand your target customer – their needs, preferences and behavior – as well as their industry and competitors. Many small business professionals recommend gathering demographic information and conducting a competitive analysis to better understand the opportunities and constraints in your market.
The best small businesses have differentiated products or services from the competition. This significantly affects your competitive landscape and allows you to convey unique value to potential customers.
It’s also a good idea to consider an exit strategy when compiling your business plan. Generating an idea of how you will eventually exit the business forces you to look to the future.
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“Often, new entrepreneurs are so excited about their business and so certain that everyone everywhere will be a customer that they give very little, if any, time to show the plan to leave the business,” said Josh Tolley, CEO of Shyft Capital and Kavana.
“When you board a plane, what is the first thing you are shown? How to get out of it. When you go to the movies, what do they point out before the movie starts rolling? Where are the exits. During their first week of kindergarten, they line up all the kids and teach them fire drills to get out of the building. I’ve often seen business leaders who don’t have three or four predetermined exit routes. This has led to lower company value and even destroyed family relationships.”
A business plan helps you figure out where your business is going, how it will overcome potential difficulties, and what you need to sustain it. When you’re ready to put pen to paper, use a free template to help.
Starting any business has a price, so you need to determine how you will cover those costs. Do you have the means to fund your startup or will you need to borrow money? If you plan to leave your current job to focus on your business, do you have savings to support yourself until you make a profit? Find out how much your start-up costs will be.
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Many startups fail because they run out of money before making a profit. It’s never a bad idea to overestimate the amount of start-up capital you need, as it can take some time for the business to start generating sustainable income.
One way to determine how much cash you need is to perform a break-even analysis. This essential element of financial planning helps business owners determine when their business, product, or service will be profitable.
Every entrepreneur should use this formula as a tool, as it indicates the minimum performance your business must achieve in order not to lose money. Plus, it helps you understand exactly where your profits are coming from, so you can set production targets accordingly.
Don’t overspend when starting a business. Understand the types of purchases that make sense for your business and avoid overspending on fancy new equipment that won’t help you meet your business goals. Monitor your business expenses to ensure you’re on track.
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“A lot of startups tend to spend money on unnecessary things,” said Jean Paldan, founder and CEO of Rare Form New Media. “We worked with a startup with two employees, but we spent a lot on an office space for 20 people. They also rented a state-of-the-art professional printer that was better suited to a team of 100 people; had keycards to track who was printing what and when. Spend as little as possible when starting out, and only on the essentials for business growth and success. Luxuries can come when you are established.”
Using accounting software can streamline expense tracking. Read our reviews of the best accounting software to learn more and find the right platform for your needs. Try starting with our Intuit QuickBooks Online review – this vendor is our top pick for small businesses.
Start-up capital for your business can come in many ways. The best way to get financing for your business depends on a number of factors, including creditworthiness, the amount needed, and the options available.
You can learn more about each of these sources of capital and more in our guide to startup funding options.
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When you are choosing a commercial bank, size matters. Marcus Anwar, co-founder of OhMy Canada, recommends smaller community banks because they are in tune with local market conditions and will work with you based on your business profile and overall character.
“They are different from big banks that look at your credit score and will be more selective to lend money to small businesses,” Anwar said. “Not only that, but small banks want to build a personal relationship with you and ultimately help you if you get into trouble and miss a payment. Another good thing about smaller banks is that decisions are made at the branch level, which can be much faster than in big banks where decisions are made at a higher level.”
Ultimately, the right bank for your business comes down to your needs. Writing down your banking needs can help narrow your focus to what you should be looking for. Schedule meetings with multiple banks and ask questions about how they work with small businesses to find the best bank for your business. [Read related article: Business Bank Account Checklist: Required Documents]
Financially, you should do a balance analysis, consider your expenses and financing options, and choose the right bank for your business.
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