Determine Your Reason
It is always beneficial to be aware of the reason you are launching your business, and it would be wise to be aware of the differences between personal and industrial reasons. If your business is focused mainly on the industrial reasons, it surely will always be better and bigger than a business which focuses on the personal reasons, since its only goal will not be fulfilling personal expectations, instead, it will focus on being a business.
Think About Franchising
Opening a franchise of an already existing company is much easier than starting a business of your own from scratch. With a ready brand, notion, and a business model, all you could ever require is the funding for your action and a nice location to benefit even more.
Invent Your Business Name
No matter what industry or product you have chosen, it is crucial to understand the interpretation behind your concept. You should definitely avoid diving deep down into your business without having a proper plan and a nice name that is both unique and self-reflective of your business.
Simplify Your Intended Clients
Many people try to dive deep into launching their business without even spending a single second to think about who would be their clients and why those clients would be happy to be involved in this business with them or why those clients would choose them at all. You need to be clear about why you would like to do business with these clients.
Create A Business Plan
The moment you have defined your business idea, you should question yourself with some crucial questions, such as; what is the aim of your business, who are your clients, what are your ultimate objectives, how will you handle the funds, and many more. All these questions can actually get easily answered with the help of a well-structured business plan. Many mistakes can be made while trying to construct a brand new business if you do not create and follow a business plan. You have to know your targeted client base. Who is going to do business with you and why? What will you do if you cannot prove that there is even a little bit of demand for your idea?
Handle The Market Research
One of the most important aspects of creating a business is handling the market research well. Researching through the market helps you recognize the intended clients, their demands, choices and actions as well as the industry you have chosen and your possible competitors as the business world is just like a race. That is why it is highly recommended for you to do a competitive analysis to better recognize the opportunities and risks. It is always better and more beneficial to have products or services that are various from the competition.
Acknowledge A Getting Away Approach
It is nothing but beneficial to consider everything about your business plan including the risks and disasters while thinking and dreaming about the good things. Which is why, having a getting away from business plan to secure yourself in case of an emergency or disastrous situation is necessary. Even though it is never fun to think about the negative aspects, it is crucial not to forget them and get too excited and hyped up with dreams.
Examine Your Financial Situation
No matter what business you’re starting, it has a price and especially during these days, it is going to be expensive. So you should be thinking about how you are going to handle all the financial situations. Do you already have enough money to cover the start-up costs or will you need someone to lend you money? If you are thinking about making a fresh start by quitting every income source you have now to follow your dreams, do you have what it takes to cover up for your own expenses as well as your business’ until you start to make profit? As many freshly started businesses fail because they never consider these risks while being too focused on their dreams, this is a warning for you to examine your finances.
Consider Your Funding Options
There are, in fact, couple of options for you to fund your new business. You should analyse, consider every risk and decide which one is the best for you and your business after a good brainstorm. You might get business loans, which are often difficult to get; business grants, which have requirements for you to fill since they do not require to be paid back; investors, who can provide a lot of money for you and your business but probably demand some rights on your business; crowdfunding, which totally depends on the society you’re living in to provide you with the financial needs you have. They all have their own risks and benefits, so it is pretty much up to you to decide which one is the best, for your situation.
Starting a business is not and has never been easy. But it is not and has never been impossible, either. With good mind work put into the planning, it can be made easier for yourself. Before stating a business, you need to figure out your passions and what you are good at. Then, you need to make effort on that subject. If you are not sure where to start, there are numerous workshops in Istanbul and you might consider them before starting a business. For instance, if you are interested in, you could join the cooking workshop with the Ottoman cuisine chefs.
Frequently Asked Question
How can a person start a fresh business with no money?
-Actually, you can start a business with no start-up funds ready. You should be putting your mind and energy on the business plan, so that you can figure something out that is unique and has popular demand, in order to rise up in the market in short time. While putting your mind and energy on the planning of the business, keep working in your usual job in order to reduce the risk of being bankrupt. After developing the idea and the plan of your business, the first thing you have to do is to be creative about fundings. As we have mentioned in our article, there are many ways to fund your business, and you should choose the one that is the best for you and your business.
How can I come up with a unique name for my business?
-Easiest thing to do, is to Google your ideas after brainstorming because if there are other things that have the same name you have came up with, it means that you can eliminate it and think again. This process will probably eliminate 90% of your ideas and you will soon be left alone with the one and only option. Make sure that the name you choose is easy to spell, and interesting. After you have found the name, make sure to make a trademark search about it, and then see if you can get the domain as the name as well. You might consider hiring a name consultant but considering that this is a new business, spending money on a name consultant does not make so much sense, at least not financially.
What are the biggest challenges I might face while starting a business?
-Making a business plan and obeying it, finding good employees to hire, shortage of cash flow, coming up with a unique product or service, working more than you ever thought, knowing how to fire bad employees, and maintaining the balance between work and life are some of the crucial challenges you might and most probably will face.
How can I protect my amazing idea?
-Even though ideas are unique and belong to every single person individually, once they’re out of your mind, it is hard to keep them in line since anyone can claim it. To avoid this, the easiest thing you can do is to get a patent for it and secure it for yourself.
What do I do to check if the invention idea I have is already invented or not?
-Easiest thing to do is to Google it but you can also visit patent or trademark offices in order to be a hundred percent sure.