Ever looked at a new app or a website and thought to yourself, “I could have thought of that.” Often, the simplest ideas are the most popular. Maybe you have one of these ideas yourself. It’s tempting to go into business for yourself, but consumers are often unsure of how to approach this. When you’re young and inexperienced, the concept of “starting a business” sounds like something complex, reserved for those with advanced degrees and years of experience. Fortunately, this is not the case. There are a few simple steps that you can take to launch your business and help investors take you seriously.
Create a Plan
The first step in any successful business is to create a business plan. This plan outlines what you intend to do, who your target market is, how quickly you expect to see growth and a few other key ingredients. Creating a business plan can seem a little daunting at first, but when you think it through logically it’s not particularly challenging. The main question to ask yourself is “what do I want to do?” Are you going to change the way people communicate? Offer a service in a more efficient manner? Regardless of what you choose, the business plan shows investors that you’ve thought through the entire plan.
Once you’ve got a plan, the next thing you’ll need is money. You’ve got two avenues you can use to secure financing. You can get a secured loan or an investment. Which option you choose will depend on your confidence. Do you have all the resources you need to execute the business plan on your own? If so, consider getting a secured loan. These loans are backed by your assets, maybe a car or a home, or any other assets you have. An investment, on the other hand, doesn’t require security. What it does require is equity. Instead of paying interest on your loan, you’ll be giving a portion of your business to the investor. This is valuable if you need some input from a successful business person, but isn’t always a great choice if you’re looking to be self-sufficient.
Now that you’ve got a plan and the money to put your idea in action, it’s time to capture the attention of the public. There are many ways to go about this, and it really depends on what your business is. If you’re selling a product, you can consider crowdfunding or host a giveaway. This type of attention can drum up a lot of business. Some companies don’t even make a lot of money on Kickstarter, but the free marketing they get is enough to propel their business into the green.
Another way to get attention is through brand ambassadors. You can partner with businesses who sell products or services that can be used in conjunction with yours. For example, if you create a product that can kill weeds, you can give some away for free to yard maintenance companies. In exchange for the supplies, they can offer your products to their clients. These kinds of partnerships are mutually beneficial and can strengthen your new company.
No matter what you decide to do, remember to always keep your eyes open for opportunities. Sometimes, relatively small ideas can turn out to be the foundation of your business.