[J-Tao Report] We often see others’ businesses being successful while we doubt ourselves. Worry less, if you have any ideas to start a business, we have some guidelines that might be useful to add up to your ideas.

Step 1: Do simple planning on the business

The first important step in achieving a successful business begins with a business plan.

For the planning process, you will need to consider the following actions:

  • Conduct research on the market that you are targeting
  • Clarify your direct and indirect competitors, observe their business management
  • Set a target audience, know what they want
  • Calculate the capital that you need to start the business
  • Recognize your business entity whether it is a Private Limited or Partnership

Check out the example for business plans on the internet, then make estimation on the cost and benefits of your business.

Step 2: Prepare a business budgeting and cost calculation

  • Through this step, you can see the movement of the cash inflow and outflow. Monitor at least 3 years of budgeting and projection to have a better understanding of your business performance.
  • Based on the budget and business performance, make sure everything is under control.
  • This will help you to monitor where is your money spent and can eliminate some of the unnecessary spendings.

Step 3: Set a trademark and brand name

One of the most important things is that you need to decide on the business name and its trademark. Make sure it has unique criteria that can touch on the customers emotionally.

Choose the most suitable name that can associate with your business image, a name which customer can differentiate your business and your competitors instantly.

Step 4: Find a suitable location for your business

The location is also important when it comes to attracting your target customer. Find a location that is easily accessible for your target customers. Some of the factors that you need to reconsider are:

  • Space and rental cost
  • Sufficient parking space
  • Accessibility with public transport
  • Distance from the housing area
  • The population of target customers

Step 5: Source of financing

Before starting your own business, set a fix budget and cost. You may also outsource some of the financing solutions for your business, such as:

  • Personal savings
  • Debt financing
  • Grants from government
  • Find investor
  • Venture capitalist

Step 6: Register your business and create a website

Get a business license from the authorities to conduct the business.

As a new player in the market, you need to provide all the information that customers will want to know. In the digitalization era, a corporate website is one of the approach techniques that you can use to describe your business products or services.

Major key roles to create a successful website are:

  • Good and easy to remember domain name
  • Attractive website design
  • Search Engine Optimization (SEO) practices
  • Website securities
  • Interesting content

Step 7: Market your business

To increase your brand exposures, you need great marketing planning. Find out what are the best methods to reach out to the audience.

You also need to emphasize on promoting your business with some attractive deals.

Some suggestions are:

  • Make a digital advertisements on Google, Facebook or any other social media platform
  • Free giveaway or discount codes
  • Advertise on magazine or newspaper

With all these steps, you are on the right track to start your own successful business. Best of luck on starting your own business!

Source: MoneyCompass

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