How to Start a Business in 2018 – Step by Step Guide

Are you interested in starting a business in 2018? Find here a step by step guide on how to start a business.

Now, the first thing which comes to mind is what business to start. Though there are plenty of options available, you need to decide on a business idea which is profitable and most importantly it fits your experience and interest

We have compiled a big list of selected business ideas which are diverse in nature and profitable if run properly

Check Our Business Ideas section if you are looking for ideas.

What You Need to do before Starting a Business

Business Structure: Firstly, you need to decide on what kind of business structure to set. You can start as a proprietorship, partnership or even forming a private limited company.

Market research: Do extensive research whether the business is a viable one or not.

Business Plan: Though commonly much ignored, having a properly researched business plan is most critical to the success of a business venture. If you are looking for investment to potential investors, it is a must.

Branding: In the initial stage of business concentrate on some basic branding opportunities like a website, business logo, social media business pages, visiting cards, etc.

Website: If you are serious to be successful in business in today’s world, a website is a must. Check our detailed guide to making a website here.

How to get Funding for Starting Business

Apply for a bank loan:  Read our step-by-step guide to maximize your chances of approval.

Get funding from the government: The government operates various initiatives to help start-ups get off the ground.

Credit Cards: Use Credit Cards for Short Term financing

Setting up Business

Set up a Company: Learn how to set up a company.

Bank Account: Open a business bank account.

Get Equipment: You will need some equipment to start your business. Computers, printers, furniture are more or less essential in any form of business.

Location: If you are not starting from home, you can think of a rented business space as buying an office space is costly

Compliance & Regulations

Protect your business with the help of intellectual property laws.

Tax laws: Knowledge of tax law is essential.

Get Insurance so that your business remains protected from unknown disasters

How do I source suppliers and wholesalers?

Choose your suppliers after considerable research. Following are the most popular ways of finding suppliers:

  • Trade fairs and exhibitions
  • Find manufacturer of your product who can supply you in large scale.
  • Overseas Sourcing can be a good choice for products which are costly in local purchasing.

Recruitment

First-time entrepreneurs normally commit a mistake of recruiting manpower without much research. Take your time and don’t rush into recruiting employees in your organization. Follow the basic steps while recruiting as follows:

Job description: Write in detail and describe the job in detail. It goes a long way in attracting the right individuals with proper expertise. Check whether the job demands full time, part time or freelance engagement.

Prepare right Interview questions: List down the right questions to be asked in the interview.

Employment laws: Check local employment laws so that you don’t face legal problems in future

Training: Ensure the employee gets an initial job orientation program. Try to have a set up continuous training programs for employees.

How do I begin to sell my products?

Firstly, decide the unique selling proposition of your product. How is it different with others in respect of product features and benefits, pricing, packaging, etc. When you go into the market with clarity what your product offers, the result is sure will be better.

Fix up the pricing strategy as you need to pay commissions to people who are involved in the selling process.

Also, decide on the distribution strategy for maximum visibility of your product to consumers.

And finally, promote your product as much as possible both online and offline. Networking is most critical in the offline promotion and for online a website is a basic requirement. You can find a step by step guide to creating a website here.