You have finally made the decision to start a business and pursue the path of an entrepreneur. You are overwhelmed and wondering where to start now that you’ve made the decision be an entrepreneur. We are here to help you get started on that roadmap! First, before anything else, you are going to need a concept.
Concept- An idea about a solution to a problem that can be provided by a business.
The easiest way to come up with a concept is to find a problem that is relevant in your life or in society today. Sometimes this is a physical or material problem. It can also be a major societal problem that you want to dive into. Once you have found the problem, then you can create a solution. Now that you have the problem and the solution, you officially have a concept and you are on your way to starting your business.
Start-up- A temporary phase where a person or organization is committed to testing a concept and developing it into a sustainable business.
The next step is to officially become a start-up business. The main idea behind this phase is that you need to test your idea and make sure it can be replicated. Is your idea able to be created over and over without a decline in quality? This is where you will find out if you have your final product or if you have to make revisions.
This is also where you need to start assembling your team. Depending on your business model, there are certain positions that will need to be filled. These could be higher positions like CFO or President, or just more basic positions such as sales, marketing, accounting, etc. Being able to hire good people who care about the company is hands down one of the most important aspects of success. You will only go so far as the people around you will allow you to go.
Business- A person or organization offering a product or service (a solution to a problem) that has a way to make money and people are willing to pay for what is offered.
You finally have your team assembled, product ready for use, and all the testing complete. You have arrived at the business step of the process and are making the transition from a start-up company to a company with real sales.
What do you need to do to make the transition smooth? The easiest way to explain how to do this is that you need to monetize your business. How are you going to earn revenue and create an efficient cash flow?What do your finances look like? Who is your target market? What is a user persona for your product or service? These are just some of the questions that need to be answered when making the switch from a startup to a business.
Marketing – promoting the buying or selling of a product or service
Once you have gone from a concept to a business, the last step that we will talk about is Marketing. You might have an amazing product or service, but it isn’t going to matter if no one knows about it. You can start your marketing by starting an email list, creating active company social media accounts, and purchasing Google ads to have your website rank higher.
These are all really important marketing channels, but let’s not forget about the classic Word of Mouth advertising. People tend to buy things based on recommendations from their friends or other customers so having them spread the word and leave good reviews on your site will go a long way. All of these marketing channels will lead you up the steps to your first sales. These initial sales can then lead to the business growth that you have been seeking.
If you are interested in learning more about how to start a business, please watch our OCEAN Genesis Entrepreneurship Training Promo below!