Sometimes you might catch yourself feeling exhausted from the daily routine and feeling trapped in an unsatisfying job. You crave more autonomy over your work-life routine and towards your future financially. Perhaps starting a small business is the solution you've been searching for.

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The idea of taking this plunge can be intimidating, and you could be overwhelmed by the intricacies involved. There’s a lot to do from market research to legal compliance, funding, and marketing strategies.

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Don't worry! In this article, we will assist you every step of the way with practical advice and resources to transform your aspiration of running a business into a reality.

How to Start Your Own Business

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1.  Do a market research

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Market research is an essential aspect of planning a business since it assists in recognizing your target audience, evaluating competitors, and verifying the feasibility of your business concept. It comprises the process of accumulating and examining data regarding the scale and traits of your potential market, such as customer demographics, inclinations, and actions. 

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The gathered data can aid in customizing your goods or services to cater to your customers' requirements and devising a marketing plan to captivate and interact with them efficiently. Devoting sufficient time to market research can enable you to make well-informed decisions that will enhance your likelihood of succeeding and avoid costly errors in the future.

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SWOT analysis is a powerful tool that can help you make informed decisions when starting a business. It stands for strengths, weaknesses, opportunities, and threats. It can help you make informed decisions about your business and increase your chances of success.

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2.  Create a business plan

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When you’re starting a business, creating a business plan is crucial to guide you through what needs to be done for the preparation, the launch, and maintaining it. 

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Start with an outline that includes key elements of your plan. This way, you can get an overview of what you’ve worked on so far and pinpoint what’s missing.

A few important items on your business plan are the summary, your company description, market analysis, your product and service list, customer persona, the scope of your marketing plan, the logistics and operations plan, and the financial plan. When you feel lost, always go back to what your goal is, and what needs will your business serve.  

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3.  Figure out your business finances

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You need working capital to start and operate your business. The amount would be dependent on the size of your business and its needs during operations. There are several ways to secure financing when starting a small business. 

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You can look into debt financing which means borrowing from a lender or financial institution like banks. Equity financing is also an option, especially for bigger businesses where you seek venture capitalists or angel investors to put in money and act as partial owners of the company. Then there’s mezzanine financing which combines debt and equity financing. Another one is off-balance sheet financing where it’s a strategy used to lower debt. A more non-formal source is to borrow or raise money with the help of your friends and family. The terms could be more flexible too.

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4.  Liaise for your legal requirements

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Check your city or state about the requirements. These could differ greatly depending on where you’re from. Register your business name, then acquire applicable licenses in the U.S., the names could be registered as a business entity, DBA, or doing business as registered as a federal trademark. Meanwhile, in Singapore, for those who want to start a business, there are separate steps on sole proprietorship vs. other business structures which can be done on GoBusiness.

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5.  Build your online presence

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97% of consumers check out a company online. Therefore a social media presence, having an optimized website, and displaying your products and services online are vital to being successful in a business venture.

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Your goal would be to be easily found, and gain your potential and current customers’ trust, which could lead to increasing your conversions. Having strong online visibility allows you to market your business even while you sleep. 

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To get started, think about how would your potential customers find you, do you need a business listing on Google My Business first so they can visit your physical store? Or are your potential clients likely to search Facebook for a recommendation that could lead them to your page? From there, increase your efforts on where you need to be visible on the internet.

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6.  Care for your customers

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Last, and definitely not the least, paying attention to customer satisfaction is a crucial element when growing a business. It’s the heart of your business and it could determine whether your business will stay for long. 

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Even if you have an excellent product or service, but a bad reputation for customer service, it won’t benefit your business at all. Follow the basics such as listening to what your customers are saying, keeping a positive attitude, and showing respect. Always keep in mind that your customer’s feedback is a gold mine for improving your business.

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Bottom Line

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Starting a small business is certainly not a walk in the park. It will take a lot of preparation, creativity, legal formalities, and continuous review of what’s working and not working.

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We hope that these steps will guide you toward your next step as an aspiring business owner in this evolving economy. Never forget to seek help from people who are knowledgeable and trustworthy when it comes to starting and managing a business.

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Finding a community that supports you through your journey can help you accelerate whether it's for your business, content creation, or investing.

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