By: Marvin Sledge
“We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths.” Walt Disney
A lot of people think that creating a new business is difficult, but it is quite simple by following these three essential steps. Make sure you evaluate yourself first to see if the business type is a good fit for you. Next, once you have your type of business decided, do market research and get feedback as well! Surveys and feedback from others are important. Lastly, after you make it official, work on getting sales and always network and advertise constantly!
Having an evaluation on yourself should be the first thing you do. Ask yourself, what skills do you have? How much capital do you need? Where is your area of expertise? What sort of lifestyle do you want to live? Are you even ready to be an entrepreneur? Be brutally honest with your answers. After your evaluation, think of a business idea.
Congratulations on selecting the type of business you want! Now you need to make sure you go out and meet people and ask them questions, seek advice from other entrepreneurs, research ideas online, or use whatever method makes the most sense to you. Make sure you research potential rivals and partners within your type of market. Decide on answers to questions like, why should one buy your product? What makes it great? Is it worth buying and will it last? Make it official so you don’t have to worry about someone stealing your idea. Register your business, get federal tax ID, state tax ID, permits, licenses, bank accounts, trademarks, patents, etc. Now you can focus on trying to get sales!
Generating sales is the hardest part for many people. Make sure you know what type of audience your product is for and how you are going to reach them. Is your business a physical business or an online business? Either way, your advertising should broadcast to the public or to your general audience. When looking at your end amount of profits, don’t forget to factor in your other business-related expenses such as rent, utilities, and other costs. After all of your bills and your team (if you have one) are paid, you can calculate your actual profit.
Creating a business sounds like the hardest thing to accomplish for many people. It is quite easy if you are dedicated and stay consistent with the right mindset. Make sure you evaluate yourself first and foremost. Next, always do research on your business look at all different aspects and perspectives of the business. Lastly, make it official and find the right audience to make sales. Advertising and marketing are essential. You may want to consider getting a team, but it is possible to stay independent, as well. Chicago needs more business owners all over the city. So, what’s stopping you from opening up your own business?