How To Start A Business From Scratch – The 10 Most Important Questions
Why Start A Business Now?
The perfect time
Now is the perfect time to start a business. There are plenty of opportunities out there. Starting a business may seem a little intimidating but it depends on the way you go about it. Since business is a term we are all very familiar with, it can be easier to set one up than one thinks.
Take control of your future
Many people have dreams of having their own business for many reasons. They want to make money and make something of themselves. Others want something to supplement their income. Whatever the reason you want to start a business, always begin doing it the right way and keep running it with good intentions.
One popular belief is that you need tons of experience, expertise, and knowledge to start a business. The opposite is true. While it helps to go to school and learn the tricks of the trade, it does not necessarily mean that you cannot start a business because you do not have a degree. The important things to remember are, you need to research, ask the right questions, and get the best advice you can.
1. Ask Yourself The Questions?
What are the right questions to ask? Below are ten questions to ask to get you started. Of course, there will be many more as you go, but at least you have something to start with. First, you should ask yourself, how do you start a business from scratch without experience?
Next is, what are some things you need to do to get started? The third question is, what are the legal matters you must know in order to get started? Fourth, what do you need to know about your target audience?
Moving forward, five is, how do you commit yourself to a market solution, not just a small idea? Number six is, how do you choose your industry wisely? Seven asks how do you build a buzz (also what is it)? Eight is what resources can you rely on? Nine is when will you know you need outside help? Last but not least, number ten is how do you put your strengths to work?[rml_read_more]
2. The Big Idea?
Think about what you already know about business. Use your personal & work experience as a guide. Maybe there are things you have witnessed or realized that was not part of your daily tasks which you can use for muse or inspiration for your business idea. For instance, have you ever listened to what others are saying while you are with friends, colleagues about problems or bugbears ? You may not even be aware of some of the ideas which could be floating around from your own life and personal experiences. Maybe you have heard complaints about what went wrong which could have been resolved with the right solution? Or maybe you’ve heard someone say, “I wish ‘it’ can be done this way”; or “i wish there was a solution for this” some of the greatest ideas have come from trying to solve a personal problem. All of these could be something you may have a or create a solution for.
3. What are some things you need to do to get started?
Research is the most important thing to do. First, ask the right questions. This is all part of the research process. You may research questions you need to have answers for if you do not know what questions to ask. It is okay to search on Google or Bing and quickly search for important questions to ask when starting a business.
There are many resources on the Internet our Buildily Academy offers many resources and curated videos that you can use to get started. Make certain your sources are reliable however. If you are reading an article or watching a video and you can sense the information is totally outrageous, then you can come to a quick conclusion that it is probably not the right source to use.
When reading any article or watching a video, however, make a note of the different points it makes. Whatever is clear and understandable is fine, but whatever you do not understand, take that point and do more research on it. See if what was written or seen was also said by somewhere else. Sometimes having a few people say the same or similar things can give you an indication the information may be something worth keeping in mind.
Another thing you will need to get started is legal advice. Never assume that what you learned where you work, what you have read or watched or what you think is okay is legal. Start off on the right foot and do business according to the law. You want to avoid being that person who did something illegal and now has a reputation as such plastered all over the World Wide Web. Check out our partners Seedlegals and Farillio for help on your legal arrangements.
4. What do you need to know about your target audience?
What are their interests? Do some research and see if there are any typical or general interests or trends the target audience has. If you already know them or know their interests, then you are ahead of the game. Of course, since you are the expert in your niche, or should be, you will know a lot about their interests already.
You can do some research on social media to find out what their interests are as well. Facebook has groups and so does twitter. Find a group related to your niche and observe it to see what people are talking about. Use this as ideas on what types of products or services to market as well.
The best tip for using social media groups to learn more about your target audience is not to join any group and post on there asking all kinds of questions. For instance, you don’t want to join a group and then ask everyone to give their opinion about their favourite game, or gadget. Just observe first, and then engage in the conversation as you would with a friend. Get to know people first, and then ask them questions here and there. It is all about patience.
5. How do you commit yourself to a market solution, not just a small idea?
You need to ask yourself certain questions before trying an idea to see if it works. What problems does your target market have? Once you can pinpoint the problem, then you can look for solutions. Most likely, you will not find any market without faults. There are plenty of problems that need to be resolved. Even the competition cannot resolve every issue out there.
Many entrepreneurs begin with a lot of “strong domain” experience but little to no business experience. Being in business is about finding solutions. That is what sets the strong businesses apart from the others. You do not want to sell just anything because you observe that it makes someone else nice profits.
You have to have a passion about it for one thing, and you want to give them something that will resolve an issue they may have. This issue can be from something they bought somewhere else, or it can be an issue they have had for a period of time and need a solution for it. There may not even be a problem, so it may just come down to differentiating your product from the rest.
6. How do you choose your industry wisely?
Choose something that does not just interest your target market. You should have an interest in it too. More than just a little interest, you need to like the products or services that are out there in the market. If you do not like the products or services the market has to offer, how will you feel when you are doing business with the people who are interested in them?
I would say you would not seem too enthusiastic to your customers and potential customers. People will pick up on that and it can break the business relationships you worked so hard to make. So please do yourself a favor and do not get wrapped up in an industry that you do not have an utmost passion about.
7. How do you build a buzz (marketing)?
You need to let people know who you are. This pertains to building relationships with your customers, and since you are new with the business, you will build relationships with potential customers. Spend some time before launching your big business idea learning more about your industry and the people who spend money there.
You can always try selling other people’s products first – as an affiliate marketer and learn something new about the products you sell them. When you have enough knowledge and you are talking about the product online (such as a blog on your website), this will help build a buzz as the people who read it will feel you know what you are talking about.
8. What resources can you rely on?
Networking is a great free resource. Talking to others in the industry and learning new things about it will be to your advantage, at Buildily we run virtual online networking events. You should also ask for advice. Before you jump right in and start asking for advice, however, break the ice with some small talk first. Get to know some people before asking a lot of business questions.
In fact, you can treat this more as a social outing because you do not want to only try to get information from people. This may actually turn them off and they will not want to give
Other than networking, you can also consider resources that are low cost instead of free. Sometimes Universities offer free or low-cost coursework, books, or seminars, at Buildily we have a Free Online Academy offering courses, videos and recommended books and offer an online Advice Accelerator Programme through Consult Ventures our Startup Advice Service in order to help you learn and develop your business skills. We would definitely recommend you review these resources look into this if you were not sure how to network.
9. When will you know you need to seek outside help?
There are three main instances when you may need outside help:
When you are trying to grow and expand
If you are having problems
Of course, there are many other situations but these are often the main ones.
It is generally a good idea that when you start you should create a business plan, our partner LivePlan provides one of the leading Business Plan Creation Tools on the market
As you should realize, you will need a business plan. When creating your business plan, it is always best to ask for help with it.
The business plan needs to meet certain criteria; especially if this is a business you need a grant for, or a small loan or funding. Banks and VCs that approve grants or look to invest want to see a solid plan before they take the risk to lend or give you money. It is the same thing when you or anyone else will invest in a company. You want to see their annual report, which gives you this information and more.
Investing in any company is a risk, but you should not want to take too much of a risk. You also do not want to risk that your business plan is of poor quality. Not just for your customers’ sake, but for the future of your business. All the financials and marketing need to be taken care of from the start. Otherwise, you will need to backtrack and it will waste a lot of valuable time which you could be spending making money.
If a business is in a prime position for growth, often this may be the time to bring in outside help from either taking on new staff, or seeling outside investment, there are many different options for funding your business our funding section highlights some of the main options and provides information about each one,
Problem-solving, gaining help through business mentor, advisors or other entrepreneurs can save you time and money get the help you need early can help ensure you say on the right track.
10. How do you put your strengths to work?
Think about what your strengths really are. Is it planning the business, giving creative ideas, or being the solutions finder? Maybe your strength is marketing, but whatever your strengths are, put them to work for you. Work on the strengths first and when you have mastered one, then you can move on to another. Otherwise, it will take you much longer to get things running smoothly.
Putting a business together takes time and patience. Do not try to put it together too quickly. You want to be focused and organized, as this will help you to be “well planned.” A business with a strong plan is more likely to succeed than something you just threw together in an hour.
For your Information
Now you know at least ten questions to ask. These questions are given to you for basic information and a foundation to get started.