by Swati Bucha on 23/02/2017
Starting your own business – but have no idea from where to begin from. Worry Not! In this blog, we’ll help you with the steps that will take your entrepreneurial desire through the stages it needs to become a full-fledged business.
Every business starts with an idea. You yourself are the best person to know your inherent talent. Discover it. Once you have a list of all the good business ideas, narrow the list down to one or two. Do a quick research for the existing businesses and think about the ideas on how your business is going to be different from theirs. If you think your business can deliver something other companies don't, you are advised to create a business plan.
Prepare a business plan:
Now that you have the idea in place, you need to ask yourself a few questions:
What purpose will your business serve? What are your end goals?
Who will be your target audience?
How will you finance your business? How much investment do you need to get started?
If your business is related to goods, how will you source it?
At what price will you deliver your goods/services? How will you deliver it?
How will you take feedback from initial to improve your business?
How will you advertise and increase awareness about your brand? How will you grow your business?
You should answer all of these questions in a business plan. A business plan is a roadmap for your business that sketches goals and details how you plan to achieve those goals. A well-written and a comprehensive business plan might help you figure out the potential obstacles your company might go through and ways to overcome those.
This will also help you assess whether you should sell online. Amazon has options to handle fulfilment, delivery, feedback and advertising, which can give more time to work on other aspects of your business.
Assess your finances:
Starting a business needs money, so you need to determine how you are going to cover those costs. It is wise to investigate potential grants, apply for a business loan, raise funding from the crowd, or seek investment from angel investors.
Determine your legal business structure:
Before registering your company, it is advisable that you decide what kind of entity it is. Your business structure legally affects how you file your taxes. You can register for a sole proprietorship if you are planning to own the business by yourself. If you want to start your business with two or more people, you can register for partnership. You may consider forming a corporation if you want to separate your personal and company's liability. However, one of the most common structures for small businesses is the Limited Liability Corporation or LLC. This structure has the tax benefits of a partnership while allowing the legal protections of a corporation. Once you have decided on the legal structure, register with the government before taking up the next step.
Build your team:
Unless you want to be a one-man army, you’ll probably need a team. You can either hire a third party vendor for building up a team or hire on your own. Depending on the resources and funds you have, choose wisely.
Brand yourself and advertise:
Before you start to sell, let people know about your brand. A website and social media profiles are important. Use social media to spread the word about your company. Create a logo that can help people identify your brand. Also, making a detailed marketing plan would be effective for your business. If you are planning to sell on Amazon, you can use its advertising services to increase your visibility.
Grow your business:
In an offline model, you’ll have to identify the market, store products in a warehouse, brush up on your selling techniques, learn a few marketing tactics, and finally, if everything goes well, you’ll be able to do a business.
However, in an online scenario, all you need to do is look for an online marketplace like Amazon on the Internet and register yourself. After registering and submitting all the required documents, you can launch your online store and wait for your orders to come.
Neither you require a huge investment, a physical store, nor take the hassles of marketing and storing your products in a warehouse. Fulfillment By Amazon will take care of your storing, packaging, and shipping needs. Our plethora of third party services like Imaging, Cataloguing & listing, Amazon Boost, Advertising optimisation, Training, and Amazon Fly would take care of the marketing and advertising needs.
So, if you want to start a business with limited resources, it is advisable that you start selling online. When you sell online, you get the benefit of reaching out to the masses (both national and international), measured results with online marketing, and unlimited selling hours. The flexibility of selling 24*7 gives online selling an edge over offline selling because you can comfortably do so from your home or office.
So, what are you waiting for? Want to go big and sell online? Register Now