<style>.lazy{display:none}</style>10 Steps to Start a Business | Money Investors
Steps to Start a Business

Starting a business is a brave task. Therefore, this time we analyze the steps to do it successfully.

The situation of entrepreneurship in the United States

Despite the current context of the pandemic, there are many entrepreneurs who have found opportunities to prosper in our country and in Latin America.

Some of the business sectors that are setting the pace in terms of entrepreneurship in the United States are storage and distribution, online supermarkets – whose sales have increased significantly – and distance work and education platforms.

Also read: How to choose the best place for a business?

Variables to take into account to start a business

  • Negotiation skills. The task of the entrepreneur requires business training, updating in terms of market trends and the development of certain skills, such as the ability to negotiate and sell, listening and assertive communication. In this sense, it should be remembered that, although entrepreneurship calls for creativity in large doses, this should not be confused with improvisation.
  • Uncertainty. Among the experiences that can be most disconcerting for entrepreneurs is finding that at the beginning of the project, far from having more free time, they have everything occupied. On the other hand, not being clear about when profits will be generated makes uncertainty one of the variables that must be taken into account to start a business, knowing that both schedule flexibility and return on investment are rewards that come in the medium or long term.
  • The precise moment. Another fundamental aspect to consider is the context in which you want to undertake. For example, the opening of a hall for events in a post-pandemic era is the type of project that should be rethought in order to offer an appropriate experience to the market, considering capacity and mobility restrictions. In any case, the advantage of finding that a business idea is not entirely related to the current situation is that challenging scenarios are great triggers for creativity.
  • The possibility that the business will not prosper. The success of an entrepreneur does not lie in the fact that all his projects are achieved, especially in the first experiences -and as painful as it may be failure must be understood as learning that provides sustenance and experience to new projects, not as the end of a career in business.

Tips for starting a business

1. Start with a clear goal

To be viable and have greater financing possibilities, the proposal must provide a solution to a specific problem or need of the market in a verifiable way.

2. Evaluate your investment capacity

Will you use savings or request financing? Is it clear what the initial investment will be? Is there a contingency fund? Are you aware that the returns will not arrive immediately? These are just a few questions to trigger an essential reflection before undertaking.

3. Consider an entrepreneurial project

Being certain that the idea responds to a need, it is possible to choose a business sector and begin to get to know it in depth.

4. Define a business model

Knowing what is going to be sold, to whom and how, in addition to proper financial planning and knowing the competitive advantages of the business idea, are the bases to start.

5. Evaluate the feasibility of the project

For this, it is advisable to carry out a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats), a market study and compare the idea with the help of experts in the field.

6. Form a work team

The collaborators must be trained, committed and related to the objectives and philosophy behind the enterprise. In this way, delegating responsibilities and getting them fulfilled will be much easier.

7. Take advantage of e-commerce

As long as the product or service fits into this model, e-commerce, social networks and the services of a logistics agent will be great allies for its growth.

8. Conduct a pilot test

This allows you to observe how the target market relates to the product or service and fine-tune the last details.

9. Identify areas for improvement

Recognizing that the project has errors or aspects to improve can be difficult, but it is what will allow the entrepreneur to unlock progress toward their goals.

10. Adapt the offer

Something important when starting a business is having the ability to adapt to the new needs that may appear from consumers and that may mean changing or adapting current products or services.

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