There are several key essential steps to starting a business successfully. Here are three initial steps:
Step 1: Do Research
Having identified a business opportunity of idea, does your idea have the potential to succeed? What need is your business fulfilling? What problem is it solving? Who are you targeting? What competing products/services are already in the market? How is your product or service different?
Step 2: Make a Plan
Develop a Business Plan to guide your business from the start-up phase through establishment and into business growth. It is basically a roadmap for how to structure and grow your new business. It is also necessary if you plan to seek financial support.
Step 3: Investment
The amount of investment depends on the nature of the business. It can vary from a small amount from your own resources to a significant amount involving investors and/or financial institutions. Your business plan will help you to determine how much you need.
