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What you need to do before getting into the market

While starting a business of your own from the ground up can look like a painful process, the truth is, it's not. It is a subtle art of leg work and management that, when implemented properly, can take a lot of the pain out of the process.

Yes, you will have to give it everything you have. It will demand a lot of commitment and hard work. But getting started 'the right way' is all about checking a few boxes.
Here is a checklist you need to go through before starting your business.

Do your research
It does not matter if you have 134 business ideas or none. Do extensive research before finalizing an idea and making a business plan. It helps determine the viability of your plan. Is there a market for your business? Does your idea help people solve a problem? Who is your competition? What is your USP (unique selling point)? You need to have answers to all of these questions beforehand.

Make a business plan
Coming up with a good business idea is just half of the work. You need to make a full-fledged business plan with financial projections, initial goals, and the target market. Be brutally honest with yourself. Do some SWOT analysis and try to make the best possible business plan with the ideas and resources you have.

Come up with a name

The name of your company is the first bit of information that reaches your customers/clients. Try to come up with a name that best describes what you do. A name that creates an impact on others. Reach out to the professionals, a branding agency will guild you through the process with a way forward strategy.

Manage finances

If you are looking for investments, get after them. You need to have an amount that will set up the business and keep it running for six months to a year. On the other hand, figure out where your living expenses will come from for the first year that you are in the business. It can be someone's support (parents, spouse, etc.) or money that you have saved up over years. You need to be secure on both of these fronts.

Register your business with the proper authorities. Go to a legal department and inquire about the process. Consult a lawyer and an accountant. Take their help in setting up the business in a way that has no loopholes. Talk to them about the structure (sole proprietorship, corporation, etc.) of your business and get your due local and state licenses.

Go through legal formalities
Hire an attorney and take his help in legally setting up the business. Acquire specific business licenses if you need them. Acquire an EIN (employer identification number). Open up a business bank account. Inquire about every legal detail and go through all processes that help you go legit. You need to do these things by the book.

Make a team
You need to have the right team for your business to blast off. Make a team (it can be co-founders and a bunch of employees) and assign them responsibilities. Put them down in writing on a legal piece of document. You don't want disagreements inside the company after the wheels start turning. This is what ruins a business.

Set up shop

Now that you are registered, it time to set up shop - both online and offline. Set up a website and social media accounts. Rent an office space in a geographical location that will allow your business to grow. The location is critical as this is where you will meet your clients. All aspects of your 'shop' need to be attractive and convenient for consumers to reach you.

Start generating revenue

As soon as you are set, start generating revenue as soon as possible. Many businesses fail because they keep waiting for things to be 'perfect'. Be smart. Penetrate the market as soon as you are set and keep trying new strategies.

Learn and grow with the market instead of crafting that one perfect strategy that will make you rich overnight. Get a mentor and network 'with the right people' to help generate a steady revenue stream.

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