Entrepreneurs

How to setup your own business from the scratch in 2020

Business discussion

Although it is tough to know how to set up your own business from scratch in 2020, we can try these steps which all the successful businesses followed already. Start something you love on your own is not easy.

  • Have you ever found yourself guilty because of not having enough money to buy something expensive and most needed at the moment?
  • Have you ever dreamed to start something you love on your own?
  • Haven’t you ever dreamed of a day that you do not want to check the price tag before buying something?
  • Are you feeling tired of bending your head down to some of the heartless people who called themselves as “bosses” and not getting back the respect which they owe to give you?
  • Aren’t you tired being stick into four walls and to a computer screen and doing something which you never wanted to end up doing which they called a “job” and thinking that you are going to spend your whole life doing that so-called “job”?

If the answers to the above questions hold a big “yes” then you must need a change. You are not a tree to stick into a boring office place and putting every last drop of your effort and your knowledge to something that you do not like. Start moving! Make your passion the way which stabilizes your pocket. Start something which motivates you to be “you” always. Start something you love on your own! You are the only person who is responsible for your own health, wealth and happiness. Let’s see how we can do this!

 

Why being self-employed?

Generally, self-employment means being your own boss. Without letting someone else decide about your working hours and the way you work or how you deal with your customers or how you choose your customers you can take decisions related to those areas all by yourself. Normally there are two types of business-related personalities.

The first type is the people who love to take risks and the second type is the people who do not like to take risks.

The second type of personality exists rather a long period of time in the business atmosphere than the first type of personality. Normally we know when you are the urge to take risks always your return is high. The majority of the people we meet in our day to day life comes under the second type who does not like taking risks or just simply enjoy their full-time carrier in someone else’s workplace. They are fearful to lose the regular income, the pension and the other financial and non-financial benefits which are provided by their bosses. These types of personalities can be described as lifelong employees.

They neither dream nor try to be a person who takes the responsibility of a whole business on their shoulders. They prioritize the security of their job above anything else. If you are someone who seeks an opportunity to start your own business then you should be a person with the first type of the personalities which are described above, people who love to take risks, without having any doubt. And If you need to be self-employed and want to start your own business then you should attach it to your lifestyle because self-employment is not just a job but also a lifestyle.

If you start your own business that means there are no mediators to control the functioning of the ongoing process in the organization and therefore you can connect with the end consumer directly if you wish to do so. You are your own boss which means you do not need to stick to the rules and regulations of someone else’s and you do not need to have a uniform if you wish. And you can work only if you are willing to do so and if you need a break or you need a leave unlike in the traditional workplaces, you do not have to beg in front of the number of bosses or managers to have a leave.

You are the person who is always 100% responsible for both the positive and negative outcomes of your decisions. Even though you work as you want still you should be a responsible person to maintain a certain level of quality in everything you do professionally and you should be clever enough to maintain a good chain of relationships with customers of your business.

When you are self-employed you sometimes may develop the business into a level where you can afford to have employees who work under you. In-kind of such situation not only the responsibility of the business but also the responsibility of the employees who work under you come on your shoulders. So bring your own boss does not seem as simple as it is and being your own boss is not enough in order to be a successful brand name in the market. You should be a “responsible boss of your own” instead of being just a boss of your own, otherwise, this will not work on you as you think.

 

Steps to be a “responsible boss of your own” & Start something you love on your own

 

Evaluate yourself and think of an idea to start up your own business.

In order to start up your own business first, you have to evaluate and take a basic idea about the things you can do or the talents within you which can be converted in to indeed profitable business ideas. First, you have to have a clear idea about the reason why you need to start a business on your own. That reason will provide you the guidance to find out what kind of business you should start. As an example, if you are someone tired of your 8-5 traditional working hour’s job and someone who seeks freedom then you have to find out something within you which you know that you can continue with passion and convert it into something that generates profits to you.

Already having an idea to start up a business makes this procedure easier and if you do not have that kind of idea yet you can try out generating one for you! There may be some problems which irritate you in your day to day life. Try fixing one of them and not only you but also a lot of others may also be out there seeking a solution to that same problem which irritates you. Those people may create a market for your product or service. Looking at something from a different angle may also generate some fresh ideas for your business. As an example, you can use garbage to make ornaments. When every other person seeing garbage as it is you can see it as something which is profitable. Being different may help you being the responsible boss of your own.

"How

Do proper research and keep in alert with the results

You have to confirm that the idea you generated is always a unique idea. If you have chosen one of the existing ideas in the market your business is still possible but needs a lot of effort to present it in a unique way. In order to this, you have to conduct market research. You have to use different types of data collecting methods. Do not stick to one or two methods. Trying different methods may help you in a way that you never expected. You can conduct direct customer interviews by building up a direct channel of communication with them or you can use telephones to interview the sample. Using only the secondary data or primary data, interviewing only the people you know may not make your research a useful one. You should have the ability to have a balanced portion of resources to be used here.

Getting the ideas of others is one of the best ways you can try if you in a thirst to develop your idea regarding the business. As different people see even the same thing in different ways people may point out different types of both plus and minus features of your product.  If you continue a close alert with the feedback results you may understand that there are some plus and minus features which have been spotted by the sample consumers haven’t been noticed by you even though you are the developer of the product and the sample consumers whom you choose to conduct your research may take the message of your product into the market which means they will act as the very first brand advocated of the product.

Always try to make the people whom you take as the sample speak. Listen with curiosity about the things they say and let them feel that you truly value their ideas. Always accept their feedbacks with a “thank you” even if the feedback is not giving a positive idea.

 

Pick a name to your business.

The business name is one of the most important factors which made your business a popular one. You should pick a name which is so attractive and easy to be remembered by the people out there and you should be careful enough to choose a name which is related to the target industry. The name should be relatively small and if you can create a logo goes align with the name that may help you a lot. The business name should be registered according to the laws and regulations in the country if you are having further intentions to make your business popular among the country or to take it into the international level.

 

Plan your work. (business plan)

"How

  • The business plan is an overview of your business from the start to the end.
  • Title page – the title page should include the name of the organization and the logo if you are having one.
  • Executive summary – this describes the thing included in the plan.
  • Business description – under this section nature if the industry, the type of the business and the future trend of the industry will be described.
  • Market strategy- a brief description of the target market will be given. How the product is going to be sold to the target market will be described in this section.
  • Competitive analysis- simply a SWOT analysis (strengths, weaknesses, opportunities, and threats) will be taken under this section. This analysis will guide you to get a proper idea of your competitors.
  • Operation and management plan- functioning of the operation and management procedures.
  • Finance factor

Going through this business plan may help you to take a deep idea about some topics which you did not put much attention before.

How to setup your own business from the scratch in 2020

Money!

Before starting the business you should decide the startup cost of your business. In the beginning, it will indeed be a good decision to keep the startup cost at a low level. With time pass you will find a good market and that will help you to hire or buy better types of machinery. If you try to start your business with the most expensive technologies that will adversely affect not only the short term but also the long term profitability.

After deciding the startup cost you should start financing the money. If you are having your personal investments then there is no problem but if you do not have something like that you have to take the help of other ways to finance the money. You can ask your family or friends to help to collect money or simply you can apply for a bank loan. If you are seeking a larger capital that cannot be bearded on your own then you can seek the help of a partner or can seek some other potential investors.

 

Develop the product and the business

There may be some areas of production that you are not capable of managing by all alone. Seek the help of an expert at such stages and make sure that you do not leave the full control of your product to the expert. Keep in touch with the developments of the product and if something is not familiar to you try to learn those things. If you are looking forward to sharing the responsibility of the business then the best solution is to find yourself a team whom you can easily cope with. Give them a proper idea about the business and the industry it operates before they join with you. Find a proper location to place your business if only you wish to give it physical existence. If you are conducting a virtual business you do not need to worry about the location.

 

Let people know! (advertise)

Advertising can do a huge impact on sales. A good advertisement can convey a whole new image to the consumers. You should start to advertise the product in a way that everyone feels they should try your product or service. The cost of paper advertisement and TV commercials may a lot of cost to the businesses which are still at the introduction level. So you can get the maximum benefit out of social media on this matter and you will love it. Be creative enough to design some banners with a clear idea about your product or service. If it is a product the label of the product is another important way of advertising the product. You can give sponsorships to the related events if you are expecting to have a bigger market share at once. Always stay alert with your rivals that will help you.

 

GROW!

Stop sticking just into one or two target markets and start to do more research and identify the potential opportunities to grow your business. Focus not only on attracting customers but also on retaining the attracted customers as both functions are equally important to the sustainability of the business. Always stay alert with your customers and try to keep them attached to the business. Always keep in mind why you started this. Never underestimate your capabilities and always keep in touch with the smooth functioning of the business.

The above steps will guide you to be a responsible boss of your own and start from scratch. What we should always remind ourselves is even though we work on our own we are still having a responsibility to maintain a quality work life. Self-discipline is power! A person who carries on his own business or an entrepreneur is someone who is having a strong backbone to manage everything by themselves. You should be a well-disciplined person in order to be a good entrepreneur as you create your own opportunities and there is nobody to supervise you. You should confirm that your actions may not cause any negative impact on others and society.

Success is something that can be achieved only with hard work and a bit of luck. Always update yourself with your goals. Be a successful and responsible boss of your own!

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