How to Start a Business from Zero with 7 Steps
To start a business, you don`t only need money for capital. You will also need consistency, an idea, a good concept, and bravery. Many people succeed in business even without any prestige such as a high amount of money for capital.
Even with minimum capital, you still have the opportunity to succeed with experience and hard work. Here are several tips about how to start a business from zero that you should keep in mind.
1. Find a Good Business Idea
Starting a business with a good business idea and concept will lead you to gain business success. However, it may sound easy, but it`s not as easy as you think.
Find a good idea first, you can do this by finding what your customers need. Find also a problem of your customers and then find the solution to that problem. To do this, you need to do research via social media, using Google Trends or using other marketing research tools.
Finding a business idea and concept is crucial. With a good concept, your business will survive for the first year and more years to come. If you think that it`s a bit hard to find an interesting concept, just go out and find what people need.
2. Conduct a Market Research
If you have found the business idea, the next step you must do is to conduct market research. How to start a business from zero can be possible if you make a good plan and preparation, including regarding market research.
Rely on market research and analyze competition, audience interest, and others. From the market research, you will understand your customer`s problem and find the solution. For example, if you find that no laundry service in your area and people around this area usually go in a quite long distance for laundry. It`s a basic problem and your business must be able to provide the solution. According to this case, you need to provide the nearest laundry so people do not need to go far.
Analyze your competitors and learn about financial losses. Provide a service with a pickup laundry service so your customers will save time and money.
3. Identify Your Target Customers
Business without customers is nonsense. How to start a business from zero? It`s very crucial to make target customers so you will make the right marketing strategy.
Look at the benefits of your product, and consider whether the product will meet your target customers needs or not. The consideration is all about age, marital status, location, and habit or interest.
After you have identified your target customers, engage the customers through surveys, content on social media, or by directly meeting them. The more engagement, the better your target customers will consider buying your product or using your service.
4. Analyze Competitors
It`s a bit confusing to find a good business concept, idea, and marketing strategy. By analyzing
competitors, you will see how they do this and what they don`t provide for the customers.
Follow the step they do to gain more customers, including how they do marketing strategy. Provide things that do not exist in competitors business. By finding their weakness, you will understand what to do in your business.
Don`t forget as well to note the competitor`s price range. This will be very good information so you will know how much people are spending currently on similar services or products.
5. Write a Business Plan
The business plan is very essential if you want to start a business from zero. No matter impressive the business idea you have made, it`s nonsense without a good business plan. Better to write a plan on a piece of paper. It also must include the goal and objective of the business you run.
The business plan must contain at least:
The title page and contents, it`s important if you want to show your business plan to investors.
Statement of purpose, containing a summary of the product, business operation, and market.
Product descriptions, explaining the detail of your product and service including features and benefits.
Market analysis, containing the outline of selling trends, customer needs and expectations, and also target demographic.
Competitor analysis, explaining the highlight of a company that sells similar services and products, with any detail about weakness and marketing strategy.
A business plan is very important when you are going to start a business. It will help to make you focus on your goal and objective.
6. Make Your Business Official
Having an official business will improve the potential customer`s trust. It will lead your new business to the next level and make it more professional.
To do this, you need to register your business with your state to make legal grounds. Don`t forget as well to pick up the right licenses and permits depending on the business.
Moreover, it is also very important to get a tax ID number to allow the IRS to track your business transaction. Regarding this step, you need to open a bank account.
Last but not least, make also an official account on social media. Share many interesting contents and important announcements in your official account so you will get close to your customers and get more trust.
7. Build Your Business with Heart
How to start a business from zero? If you have less capital and less experience, doesn`t mean you will not succeed in your business. So you need to build your business with heart.
Sometimes only investing money is not enough. You must invest your time, and energy, and do all the business processes with heart. It means that you will be happy and passionate about your business process, and enjoy every process you have planned.
Build your business with a strong marketing plan. Don`t forget to use a professional website and social media. Both of them can help you to learn about your customers. Promote your business in the right way, such as via email marketing or giveaway.
Make a large customer database either via email or phone number. You can notice them an interesting offer and make them loyal. If you serve them with heart, they will love your product and service.
How to start a business from zero is nonsense. You still need a strong willing to succeed and consistency. Good luck.
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