Everyone, at some point in their life, dreams of owning their own business. The idea of being your own boss is extremely appealing and makes you feel empowered explains Peter Decaprio. However, most people’s dream never becomes a reality because they are afraid to take the leap! They come up with every excuse in the book for not starting or growing their business. Most times, what holds them back is that they don’t know where to start or how to do it. Doing research online can be confusing when you’re looking for something simple like “how to run a startup”. Can you imagine how overwhelmed someone would become if they were trying to find information on how to run a specific type of business?
The truth of the matter is that there are specific steps that you need to take if you want to run a successful business. We at I’m In the Black Blog have decided to create an ultimate “How To” checklist for growing your startup into a rich and thriving business!
So, here it is, our Ultimate Startup Checklist:
1. Find an Honest and Reliable Accountant –
Having a mentor or a guide who has been there before can save you from the stress of doing everything on your own. That’s why finding an accountant is one of the most important steps in this list. But not just any old accountant will do, you’ll need someone who understands small businesses and knows how to grow them. They should be able to show you the ropes so that the numbers work out in your favor.
2. Find Your Target Audience –
No business can survive without a defined target audience. You’ll need to know who you’re selling to and how your products or services benefit them. You need to know who your customers are, where they live, and what their preferences are so that you can cater specifically to them. Knowing these things will help you find opportunities on how you can best reach out to them and establish a strong customer base. And it’s no use having an online store if people don’t visit it, right? You should also be able to identify the real reason why some of your potential customers aren’t buying from you. This enables you to modify prices, marketing strategies, etc., accordingly until more customers start buying from you.
3. Know Your Legal Requirements –
No matter what your business is, there are legal requirements that you need to know about and follow says Peter Decaprio. You’ll have to do a lot of research online so that you can comply with all the laws set by the government or other organizations in your industry. Some examples would be paying taxes, getting a business license, etc., The more thorough your understanding of these things are, the better off you’ll be as an entrepreneur because it will keep you out of trouble and save you money! And don’t think that consulting an attorney will set you back financially either; they’re not all as pricey as people make them out to be! Check if they offer free consultations because most do (but it’s critical that you choose an honest lawyer who won’t take advantage of you).
4. Perform Market Research –
This step is crucial because it will give you a clear idea of your industry’s market trends, the number of potential competitors you’ll have, and your business’ relative position within its field. According to Peter Decaprio you can research online or talk to other entrepreneurs but whatever way you go about it should yield similar results so that you know what direction to take your business into. Knowing this information ahead of time will help reduce risk and prevent disorientation caused by competition.
5. Develop a Strong and Stable Website –
With technology advancing every day, people are using their smartphones more than ever before to surf the web! So if you want to compete in today’s market and run a successful business, you’ll need an aesthetically pleasing and functional website that is compatible with mobile devices. This way more people will be able to see your store or service and you won’t miss out on business!
6. Offer Something Unique –
If there’s one thing I’ve learned from running my own online store (eCommerce Fuel Store) it would be this: One of the most common problems when selling products online is competition. There are thousands of other stores just like yours offering similar things so your customers have many options to choose from. That being said, having a unique product may not automatically guarantee sales but it will certainly help! Your product should stand out from the rest of the crowd so that it catches people’s attention and makes them want to know more about it. This will not only help you establish a loyal customer base but also prevent your competitors from stealing them away!
There’s no doubt that starting an online business can be intimidating for first-timers but it will all be worth it in the end! So don’t let these six steps intimidate you. Follow them and I guarantee you’ll be on your way to realizing your entrepreneurial dreams says Peter Decaprio. If anything, follow as many of these steps as you can, even if they seem unnecessary at this point; there may come a time when they become essential for your business’ growth (the most important thing is to never give up!).