If you wanted to start a business, what would be the first steps in doing it with the lowest possible cost?
Business requires a great idea and if you have that GREAT IDEA or that Killer IDEA - money does not matter in the long run. As you get a lot of sponsors and organization to support you with all those funds to make your idea a reality or a real product. Coming to the point on the first steps in doing Business with the lowest possible cost then here I've listed some of the pointers to keep in mind and get you started with your Business.
1. Market Research
When you start your Business the first and the primary step is the market research. Have you done your homework? Do a quick check on the market you are targetting its pros and cons, the customers you are targetting, to place/area/locality where you intend to the Business - Are all these things favorable in doing the Business. We need to be very cautious in terms of market conditions as well if it's favorable or not. Assuming you have positive market conditions and things are looking promising then proccedd with your Business plan.
2. Get feedback
Feedbacks are always good and it reflects or gives you a different perspective of looking at things. Think feedback as a measure that allows you and your Business to grow further. Feedback is given by experts and experienced people always count so make sure that you have taken that feedback on your Business - The feedback could be anything tied to your Business idea, market, customer etc...and based on the feedback look at the ways in improvising it in your Business plan.
Image Courtesy: portalberni.ca
3. A quick check on finance & cost involved
I've listed this point so that You can look into the contingency funds for your Business. Ask this question from where are the emergency funds going to come? If there is a real need of an emergency fund where do we get it from? We would not want to fail if the Business requires emergency fund due to any unforeseen circumstances. So do a quick check on your finances, all the cost involved and do make sure that you have the contingency fund plan in place - it's very important to have to overcome any difficult situation.
4. Start Building the team
Things are looking look and are favorable - start building your team. The success of any Business is dependent on it people. So you need to have the right people on board who are highly motivated and is equally aligned with their and the organizations' goals. A highly motivated team will definitely lead your Business to success no matter what comes and goes these people will always be there to support you and your Business. Hence build a team that is equally aligned with Business goals and is highly motivated is a must to have a criterion to be fulfilled before you start the Business.
These were some important pointers that you should consider before the first steps in doing Business with a low budget. Apart from that, I would also recommend and as stated in my first paragraph - focus on the "KILLER IDEA" and if the Business idea is great things are definitely going to fall in place for you. May it funds, market, customer -everyone will follow when you have a product which outstands in the Market. Take the example of Apple products - when it entered into the market people just got berserk wanting to have Apple products. So have most of your focus on the, "GREAT/KILLER IDEA" for your Business.
Fresh work =)
As a follower of @followforupvotes this post has been randomly selected and upvoted! Enjoy your upvote and have a great day!