The Essential Guide to Starting a Business

It first starts with the idea, is it profitable?

Sometimes, business owners think they have a great idea and jump into launching their business without thinking through who their customers will be, or why these people should want to buy from or hire them, do you have a passion for making people’s lives easier? Think about that deeply and if that idea is a problem solver, then voila!! You’ve got the magic; all you need is to make it profitable.

Imagine a perfect marketer, who is good at negotiating, and persuading customers but do not know how to close a sale! Don’t worry, BBA is here to help you turn that life changing idea of yours to profitability.

You cannot not have a business plan! It is a must. A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? If you can’t find evidence that there’s a demand for your idea, then what would be the point?

Will your business idea need money? Assess your finances.

It’s never a bad idea to overestimate the amount of start-up money you need, as it can take time before your business begins to bring in sustainable revenue. Additionally, don’t overspend when starting a business. Understand the types of purchases that make sense for your business and avoid overspending on fancy new equipment that won’t help you reach your business goals.

Depending on your type of business, be it at home, online, social media or a brick and mortar business, you will need some sort of structure. Draft how you want to structure your business and do not forget to have a to-do calendar. This helps you stay focused and ready to act.

Once you have put the necessary structures in place, it’s time to build your team. Even if you were selling from home, you will need a delivery person at some point to deliver your items to your customers place. “Your product is built by people “Identifying your founding team, understanding what gaps exist, and determining how and when you will address them should be top priority. Figuring out how the team will work together … is equally important. Defining roles and responsibility, division of labour, how to give feedback or how to work together when everyone is in the same room will save you a lot of headaches down the line.”