The Basics of Starting a Business

  • Jan 18, 2020
  • By Miles Malferrari


Being your own boss, raking in all the gains and working the way you want are all part of the dream when the thought of starting your own business passes you by. Actually starting your own business is another thing entirely, and we’re here to help lay the basics out just so you have a  good point of reference:

Step 1. Coming Up with A Realistic Idea

You may have begun your daydream with a good idea of what you want to do, but what you need is a solid concept of what your business would actually be. This part is fun because it’s free, and there’s zero risk involved, but it’s also critical to how your business would pan out. At this point, figure out the following:

  • Your product/service and the demand for it - is there a market and what would you like to offer them?

  • Your market - who would you cater to?

  • Your competition (if any) - what are their current offerings and what market are they targeting?

  • Your place in the fray - will you be going head-to-head with the competition or will you cater to different parts of the market? What makes you different?

Step 2. A General Plan

Once you’ve come up with a good idea you’re sure about investing in, you’ll need a plan to make it actually happen. Everything is still free at this point so think of the size of your business and what kind of structure, financial model, and process you would expect when finally pulling the trigger. Go do some field work on potential suppliers, locations for your business, high-demand areas for your market, government requirements, business name etc. Most importantly, make a roadmap for your business from where you’ll be starting out to some projections for the next few years of business.

Some finer points young entrepreneurs often overlook are financial and health security services to simultaneously protect your business and the people working for you. Even solo-flight business owners stand to gain a lot from having a quality HMO in place or cyber security services to protect your financial and business data from falling into the wrong hands.

Step 3. Working on the Plan

Having decided on your general plan, commit! Work on getting the necessary permits, registration of your business, location, etc. This part is separate because you’ll actually start using up some of your funds to prop your business up. It’s important because you need to be ready emotionally, mentally and physically.

Step 4. Put a Team Together

Once you have your plan, you can start thinking of getting your team together if you won’t be working alone. If needed, hire the necessary people to get some of the things going, perhaps even some of the things in Steps 2 and 3. 

Actually, even if you’re working alone, you can always try to set up a line of communication to specialists and consultants who can help guide you along your journey to achieving your goals.

Step 5. Market!

Now that your business is finally up, get the word out and advertise! Make a unique selling proposition and create a marketing plan.

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