• Ssemujju Lewis E

Step-By-Step Guide To Starting A Business; 10 Things You Need To Know

If you are looking to start a business and are on the hunt for a few pointers and things to put in place, you are reading from the right source. We will break down the 10 most important things to consider when starting a business.

8 out of 10 adults wish to have a business set up by them, but only 4% of the newly started businesses manage to reach the 10-year mark. It is the nature of humans to want superiority, hence venturing out into things that will give them an edge over the next person.

In fact over 50% of the small businesses don’t even make it to the fifth year.

The start is always hectic, with tasks more incomplete than complete. That is the reality of starting a business, hence proving the vitality for adequate planning. Whereas the end goal is to grow, it is imperative to have direction, directing energies to the right tasks at the right time.

According to Kapil Vaishnani, Founder - Chairman of Litmus Branding Pvt. Ltd, most people wish to have their businesses off the ground; however, for most businesses that get started, only about 4% manage to mark their 10th anniversary, and only 50% manage to make it to their 5th anniversary.

Related: How to Register A Business In Uganda (The complete guide with everything you need to know)

There is no need to go around in circles when we can dive right into this 10-step checklist to transform your business from an idea generated at the ungodly hour of 3 am to the multi-national conglomerate.

10 Things You Need To Know When Starting A Business

1. Nature of the business

Before you draft a plan, you need to understand the kind of industry you will be a part of. Reconnaissance is an important part of the start.

2. Spin your business idea into a plan

You must be ready to go a step further than those who sing in their showers and imagine they can sell out an entire arena. So get out of your head and back up the idea.

No business can develop fully in the absence of a business plan. Writing a business plan can help you determine if your idea is feasible and provide direction. With a business plan, you will be able to know every next step that should be taken - Fred Chege

You ought to take a keen look through the requirements. You should have a business plan to guide you.

3. Identifying who your target customers

Do invest some time in finding out what your target audience demographic looks like. Then, all decisions you make as we advance from this will satisfy the needs of this target audience. Here, you'll be able to determine whether your business will be a business-to-consumer (B2C) or business-to-business (B2B) enterprise.

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"You need to clarify why you want to work with these customers – do you have a passion for making people's lives easier?" Desaulniers said. "Or enjoy creating art to bring color to their world? Second, identifying these answers helps clarify your mission. Third, you want to define how you will provide this value to your customers and how to communicate that value in a way that they are willing to pay."

It becomes relevant to start a business when you already know who your ideal customers are, where they are, what they do, what interests them, what their most preferred social media sites are, and probably their age. And perhaps you have to think about something that will pull their attention towards your product and ignore those of your competitors, yet they have similar or closely related products.