How any person can start its own business
This article is part of our “Business Startup Guide”—a curated list of our articles that will get you up and running in no time!
People often ask us for a list of steps they can use to start their own business. From business type to business model to physical location, there are so many variables!
However, there are things that every business needs to do to get off the ground. So, here are the eight key steps you need to take to start your own business. Just remember, be flexible. Every business is unique and you may need to refine this list as you go.
Want the full list? Our Business Startup Checklist has over 80 tasks to walk you through starting a business.
1. Conduct a personal evaluation
“Know yourself, and work in a job that caters to your strengths. This knowledge will make you happier.”
– Sabrina Parsons
Begin by taking stock of yourself and your situation:
Why do you want to start a business? Is it money, freedom and flexibility, to solve a problem, or some other reason?
What are your skills?
What industries do you know about?
Do you want to provide a service or a product?
What do you like to do?
How much capital do you have to risk?
Will it be a full-time or a part-time venture?
Your answers to these types of questions will help you narrow your focus.
This step is not supposed to dissuade you from starting your own business. Rather, it’s here to get you thinking and planning. In order to start a successful business, passion alone isn’t enough.
You need to plan, set goals, and above all, know yourself. What are your strengths? What are your weaknesses? How will these affect day-to-day operations? You could conduct a SWOT analysis on yourself to figure this out.
As you get started, your business will likely dominate your life so make sure that what you’re doing is stimulating and challenging, but not completely outside of your expertise. You’re going to be in it for the long-haul. Use what you learn from the SWOT analysis to think through what you want your life to be like, not just what you want from your business.
Some good questions to ask yourself include:
What would you do if money wasn’t an issue?
Is money really important? Or rather, is making a lot of it really important? If it is, you’re probably going to be cutting out a number of options.
What really matters to you?
Do you have the support of your family, especially your immediate family? They may have to make sacrifices at the beginning, so it’s important to have them behind you.
Who do you admire in business? Maybe there’s even someone in the industry you’d like to go into. Why do you admire them? What are their likable traits? What can you learn from them?
Answering these questions (and many more) about yourself and your abilities isn’t necessarily going to ensure you’re successful, but it will get you thinking about your goals and about what motivates and inspires you. Use this time to make sure that you are matching the business you want to start to your personal aspirations.
Be sure to take our quiz to find out if you’re entrepreneur material, too.
2. Analyze your industry
“The more you know about your industry, the more advantage and protection you will have.”
– Tim Berry
Once you decide on a business that fits your goals and lifestyle, evaluate your idea. Who will buy your product or service? Who will your competitors be? At this stage, you also need to figure out how much money you will need to get started.
Your “personal evaluation” was as much a reality check as a prompt to get you thinking. The same thing applies when it comes to researching your business and the industry you’d like to go into.
There are a number of ways you can do this, including performing general Google searches, speaking to people already working in your target industry, reading books by people from your industry, researching key people, reading relevant news sites and industry magazines and taking a class or two (if this is possible).
If you don’t have t
People often ask us for a list of steps they can use to start their own business. From business type to business model to physical location, there are so many variables!
However, there are things that every business needs to do to get off the ground. So, here are the eight key steps you need to take to start your own business. Just remember, be flexible. Every business is unique and you may need to refine this list as you go.
Want the full list? Our Business Startup Checklist has over 80 tasks to walk you through starting a business.
1. Conduct a personal evaluation
“Know yourself, and work in a job that caters to your strengths. This knowledge will make you happier.”
– Sabrina Parsons
Begin by taking stock of yourself and your situation:
Why do you want to start a business? Is it money, freedom and flexibility, to solve a problem, or some other reason?
What are your skills?
What industries do you know about?
Do you want to provide a service or a product?
What do you like to do?
How much capital do you have to risk?
Will it be a full-time or a part-time venture?
Your answers to these types of questions will help you narrow your focus.
This step is not supposed to dissuade you from starting your own business. Rather, it’s here to get you thinking and planning. In order to start a successful business, passion alone isn’t enough.
You need to plan, set goals, and above all, know yourself. What are your strengths? What are your weaknesses? How will these affect day-to-day operations? You could conduct a SWOT analysis on yourself to figure this out.
As you get started, your business will likely dominate your life so make sure that what you’re doing is stimulating and challenging, but not completely outside of your expertise. You’re going to be in it for the long-haul. Use what you learn from the SWOT analysis to think through what you want your life to be like, not just what you want from your business.
Some good questions to ask yourself include:
What would you do if money wasn’t an issue?
Is money really important? Or rather, is making a lot of it really important? If it is, you’re probably going to be cutting out a number of options.
What really matters to you?
Do you have the support of your family, especially your immediate family? They may have to make sacrifices at the beginning, so it’s important to have them behind you.
Who do you admire in business? Maybe there’s even someone in the industry you’d like to go into. Why do you admire them? What are their likable traits? What can you learn from them?
Answering these questions (and many more) about yourself and your abilities isn’t necessarily going to ensure you’re successful, but it will get you thinking about your goals and about what motivates and inspires you. Use this time to make sure that you are matching the business you want to start to your personal aspirations.
Be sure to take our quiz to find out if you’re entrepreneur material, too.
2. Analyze your industry
“The more you know about your industry, the more advantage and protection you will have.”
– Tim Berry
Once you decide on a business that fits your goals and lifestyle, evaluate your idea. Who will buy your product or service? Who will your competitors be? At this stage, you also need to figure out how much money you will need to get started.
Your “personal evaluation” was as much a reality check as a prompt to get you thinking. The same thing applies when it comes to researching your business and the industry you’d like to go into.
There are a number of ways you can do this, including performing general Google searches, speaking to people already working in your target industry, reading books by people from your industry, researching key people, reading relevant news sites and industry magazines and taking a class or two (if this is possible).
If you don’t have t
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