Gone are the days when people looked for 9 to 5 jobs as soon as they graduated. The youth of today is more innovative, creative, hustling and wants to take risks. They don’t want to work under someone but create their own products, goods and services.

However, a proper guide on forming a company is of utmost important in order to kick start your own venture. Worry not as we have you covered. Let’s learn 10 steps to start your own business.

1. Pen down your vision for company

Questions like What is the business? How do I serve the consumers? How do I get it? What do I get in return? Are some of the many crucial questions you should ask yourself and write it down.

It is no secret that your business 5 years down the line may be different, better or worse, than what you initially will dream of. Hence, perfect planning and execution should be your focus.

Pen down your vision for company2. Research well

7 out of 10 companies die not because they are out of funding, but because they have no market to sell. Having a proper market research, researching your target market is very important aspect. Go to https://www.circle-research.com/ to learn more about market research for your company.

3. Sell something unique

Now, this may not mean you will succeed only if you create an out the world extra-ordinary product or service. Make at least one good thing about your service your USP. It can be customer service or it can be problem-solving product. Make your product a “need to have” instead of “want to have”.

4. Go online

This is the Internet age. You don’t own a website and you lose a large part of your competition and customers. Get yourself a hosting, a domain name and design your website. Have a proper structure of website, get yourself a copywriter from websites like CustomWriting which will make people want to buy your product. You can also outsource various other aspects of websites to save yourself time.

Go online5. Get administrative

This section includes all the business requirements like loans, employees, legal work like filing trademarks, selecting accountant, logos and various other things. They form the heart and soul of your business. Anything wrong with this part and you are excavating grave for your business.

6. Automate your business

Artificial Intelligence and automation are the future. They are cheap, they are fast and they are reliable. Automation will help you in scaling up faster and create proper passive income for you. Depending on your type of business and scale, there are many software for various business activities like sales, marketing, accounts, salary slips which are available for small and medium businesses. Hike was able to automate huge part of its business and was able to reduce its workforce by 40{71b550cbed0aca3fea2335d26076176dc834a5ad6e765af844b2cea64fe7483b}, thus giving an extra boost to its bank balance.

7. Get social

You just can’t get full reachability for your business if you are not on social media. Businesses are built on social media in this Internet age so do not loose an edge over others who are not yet tapping the power of social media. Create a Facebook, Twitter, Instagram and Google Plus page for your business and start engaging with your prospects.

8. Refine and Re-evaluate your idea

You are not an expert to have the perfect business idea. Change with time and make changes to your business ideas and methods of execution.

Refine and Re-evaluate your idea

9. Collect data

Collect data for your prospects so that you can intimate them about your new products or services. Having a database handy is business half done.

10. Expand

Don’t miss out on other businesses, be it vertical or horizontal in nature. Collaborations and expanding to new areas or niches is a good idea down the line if you are doing well in your initial plan.

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