*Contributed by Rocky Chan.
As the SME industry is getting tougher and more competitive by the day, along with the rise of many business ideas and concepts unlike any other, your business should outsmart everyone else. It’s going to be a tough road, but coming up with a strategic business plan will surely take your business to a whole other level.
With endless possibilities for unique business ideas, it’s no wonder that small businesses are everywhere. The concept of designing a career that can grow with you while you work towards financial independence, as well as investing in yourself is a huge factor in striving to nail that business idea that can give you.
There are many things you can do to start a small business and eventually, grow it into a big one. Here are the initial steps you need to take to make that business dream come true.
How to Start a Small Business in Just a Few Steps
1. Do your research.
Having an in-depth knowledge and concrete idea of what you’re about to venture into minimizes the cost you need to shell out for your business concept.
Thorough research, focus group discussions, a lot of trial and error should do the trick of practicing until it becomes perfect.
2. Come up with a one-page business plan.
The key to a successful business plan is keeping it simple and low key, especially in its early stages. In doing business, you should be resourceful and prevent assumptions, as these may result in wasted efforts in the end.
Start small. When things get better along the way, it will be easier to put up a bigger idea and plan for everything else.
3. Work on a budget.
Be realistic about numbers. While it’s an imperative to keep costs as low as possible, you would still need to determine a sizable budget to get started and to cover unexpected but important expenses. Setting up a business should focus on profitability in the first 30-90 days.
Allot a spare fund if things go a little bit rough along the way to ensure that the business can still survive.
4. Define your business identity.
There are a few types of business structures that you can work on. Before considering one, you should define which structure fits your business goals and objectives. This applies to many factors such as tax implications, requirements, and the like.
It is also important to come up with a business name that gives your business its own unique branding, as your brand represents who you are and what you’re bringing into the industry. Make it simple, catchy, and equally relevant to your business.
5. Test sales and market your business.
Once you’re done setting up the basics of your business, it’s time to keep it moving through sales by promoting your business.
Make sure your business is visible on the web since most of your customers are situated there. Spread the word in the most inexpensive but creative ways you can think of.
Work on marketing strategies that you can see revenue from. Make sure you get what you pay for and acquire the best results for your business.
Starting a business in the Philippines is only the tip of an iceberg in developing a business that can dominate the industry in years. But as soon as things get smoother, it becomes easier along the way.
Aside from these five easy steps, there must also be patience, and a better understanding of your business needs to help you expand and level up your business in the long run minus the hassle.