Having your own business can be exciting. But how do you get started?
There are so many business ideas. There also seem to be many choices you have to make while opening a business.
What’s a young entrepreneur to do?
Here are four steps of the entrepreneurial process to help you start running your own business.
1. Think of your business idea(s).
Every business starts with at least one idea that motivates an entrepreneur to take action. But a business owner can still struggle to know which services or products they can offer to potential customers.
That’s why it’s important to take some time to think about possible ideas you might have for your new business.
Begin by considering your personality, interests, and skills. For example, baking might seem like one business idea. But there are different ways to turn baking skills into a business.
You could create delicious snacks and desserts and sell them to customers. Or, you could start your own YouTube channel and teach your followers how to bake different treats.
Selling your own creations can work for bakers who want a direct connection with their customers. Having a YouTube channel is a great choice for bakers who enjoy shooting videos and want to have a bigger audience.
Be sure to take time to think about what type of business best fits your personality and lets you successfully share your product or service.
Need some help with coming up with an idea? Try out our free business idea quiz!
2. Imagine your perfect customer.
Now that you have a clear idea for your business, it’s time to think about how your business helps certain customers. All entrepreneurs want to have as many customers as possible.
But there’s no such thing as a business that can help every single person. Think about the kind of person who would need or want your product or service.
Going back to our baking example, most people enjoy some types of snacks and desserts. But possible baking customers have different interests and needs. Some customers want to learn about baking. Other customers are looking for healthier ways to enjoy their favorite treats.
That’s why it’s important to think about the needs and wants of your perfect customer.
Ask yourself these questions about potential customers.
- What is my customer’s biggest problem or the biggest wish?
- How can my product or service help solve this problem or make this wish happen?
Also think about your perfect customer’s interests, personal traits, beliefs, and other qualities. You could give this customer a name to give you a clearer idea of who your products and services help.
3. Set up your business.
Come up with a list of possible names for your business.
Have a family member or friend help you check online and elsewhere to see if the business name you want is available. Get someone you know or a business professional to help you set up the type of business you will run (examples: partnership, sole proprietorship, LLC, nonprofit, etc.).
Also, make plans for how you will sell your service or product. Decide how much time you will spend on your business.
4. Open and market your business.
Set up a website and at least one social media account for your new business.
Create an email address so you and your customers can communicate with each other when you’re not face-to-face.
Decide how and when you will promote your business.
Start by getting the word out to friends and extended family members that you have a new business. Tell them who your business helps and/or entertains.
Decide if you will offer any discounts, sales or other special offers to customers.
You should also think about how often you will post about your business on your business’ social media accounts.
Consider if you want to promote your business on your personal social media accounts, too.
Final Thoughts About the Entrepreneurial Process
Congrats! You’re now ready to officially start running a business. You have:
- A great idea for a product or a service
- An idea of the types of customers who will buy from your business
- Plans to set up your business and
- Marketing and promotion ideas
The entrepreneurial process continues with your running your business and learning new ideas about your industry along the way. Good luck!