How to Start Your Own Business in 2024 in 10 Steps
Starting a business and being recognized as an entrepreneur has its perks and is a rewarding experience. With more people interested in entrepreneurship and the number of businesses rising each year, it’s only natural to want a piece of the pie. However, not many people know how to get started.
Starting a business is not as simple as it may seem. There are several prerequisite conditions to fulfill, and you cannot do everything on a whim. Sure, compared to the past, 2024 is a more favorable time to start a new business venture. But this does not mean you should start a business hastily.
According to a 2018 Small Business Administration (SBA) report, 20% of businesses fail in the first year, and around 50% fail in the first five years. These statistics highlight the importance of careful planning and consideration before investing significant time and capital into a business.
This blog post provides a detailed, step-by-step framework that entrepreneurs can use to plan their first steps into the business world.
Research, research, research! The first step lies in brainstorming business ideas. Take out a notepad and think about things you are interested in. Note down subjects or fields in which you might be an expert. Now is the time to think outside the box. Research any problems you find in your society and consider whether you can solve them. For example, sales meetings were usually held on Zoom, but there weren’t many platforms integrating business calling with the sales tech stack and CRM. Hence, Kixie was born to make sales calls easier.
Ask yourself: What is a problem or pain that people would pay to have solved? This question is at the heart of every startup business idea. People will only pay for things that solve an issue or benefit them. Once you have an idea, you must:
- Research the market.
- Find out who else has had the same idea and how they address it.
Take your time. Creativity and market research can take 1-2 weeks (or more).
Once you have a business idea ready, it’s time to start planning. Plan out all the details needed to get things off the ground. Start crunching numbers and figuring out details such as your business goals and your business map for the first year. This process can be arduous and draining, so seek additional help from friends, family, or professionals.
Understand the following:
- What you are selling.
- How you plan to sell it.
- How much you will earn (basic competitive market analysis and a financial game plan).
Develop a realistic budget that covers your startup costs and initial operational expenses. Explore funding options like personal savings, loans, investors, or crowdfunding. Be transparent about your financial needs in your business plan to attract potential investors. Carefully manage your finances to ensure sustainability during the initial stages.
Consider consulting with a professional accountant. Expertise Accelerated’s accounting and bookkeeping services are a fantastic resource, available at a fraction of the US cost and giving you access to some of the best accounting talent.
Decide whether your startup will be structured as a sole proprietorship, partnership, LLC, or corporation, or any other legal structure accepted in your locality. Once you have decided on a business structure, name your business and start the registration process. Naming is important for brand recognition. Secure the trademark for your business name to use it in commerce. Contact your lawyer to begin the registration process. Get all required licenses and permits and ensure everything is straightened out before proceeding.
Once your business is registered and your brand is ready, start marketing. Even if your product is not fully developed, you can start conducting field research with a prototype. Give out free samples or send products to online reviewers. Get the word out that you are entering the market.
Online marketing is crucial. Start a social media account and tease your product. Secure the domain name for your brand and commission a web developer to build a website. Platforms like Amazon can also serve as your storefront.
If your business can operate solo, great! However, most businesses benefit from a core team, even if it’s just 2-3 people. Recruit individuals who align with your business vision and bring diverse skills. The freelance and remote landscape offers talented individuals looking for opportunities. Consider contacting staff augmentation and outsourcing services to vet and hire affordable staff.
Forge strategic partnerships with other businesses or influencers in your industry. Collaborations can open new doors, expand your reach, and provide opportunities for mutual growth. Whether it’s a co-marketing campaign, joint venture, or supplier partnership, strategic collaborations can strengthen your market position.
In an era where customer experience is paramount, prioritize building strong customer relationships. Provide excellent customer service, gather feedback, and continuously improve your products or services based on customer insights. Happy customers become loyal patrons and serve as brand advocates, helping attract new business.
The business landscape is dynamic, and adaptability is key to survival. Regularly monitor market trends, customer feedback, and your financial performance. Be open to making necessary adjustments to your business strategy, whether modifying your product offerings, updating your marketing approach, or pivoting in response to market shifts.
Stay humble in business. Rapid and reckless scaling has ended many startup businesses. As your business grows, resist the urge to expand too quickly without careful consideration. Scale your operations in alignment with your resources and market demand. Focus on maintaining the quality of your products or services and ensure that your infrastructure can support growth without compromising customer satisfaction.