50 Steps to Business Creation
Creating a business requires inspiration, passion and a solid plan. It is a complex process that involves making key financial decisions and completing a set of legal activities. To help you on your journey to becoming a successful entrepreneur, we have put together a list of 50 steps that every business owner should follow.
The first step is to generate an idea. This should be something you’re passionate about and that you think will make a difference in the world. It doesn’t have to be a new invention, but it should be something that can be developed and scalable.
Once you have an idea, do some preliminary research to find out whether it’s feasible. During this stage, you should also identify the target customer and come up with a name for your business. You should then start writing a business plan and get to work figuring out the cost of your business, as well as how much money you will need to raise.
Another important step is market research, which will help you determine whether there is a clientele willing to buy your products or services. This will also help you determine the size of your market and the competitors already established in it. Once you’ve done this, you can create a penetration strategy for your company and start developing your first range of products/services. You will need to create a brand image and determine pricing, among other things.