A Complete 15-Step Guide for new Entrepreneurs Starting a successful Business

Entrepreneurship is a gradual technique, that cannot be achieve overnight. You should consider sever persuasive initiatives if you decided to start a business. There are no fixed steps to be a successful entrepreneur. The steps and procedures vary from business to business and person to person. Only good educational background and strong financial support is not enough. You will also need good counts of experiences and patience to be an entrepreneur.

A business lies on factors like strong ideas, products, customers, sales and competitions. All these entities need to be present throughout company's timeline. Stable employee policies, backup capitals, technological optimization adds up advantages in a business. Here are 15 steps that will guide you forward to be a successful business entrepreneur.

1. Know yourself

Before searching for a business idea, all you need is to evaluate yourself first. Judge your own potentiality, capability and requirements. Estimate sustainability and prosperity of your future business. Brainstorming all these will be your primary task before proceed for the next level.

2. Got a strong business idea?

Once mentally determined, it’s time to search for a great business idea. If you have already fixed one beforehand, then you are few steps ahead. If still struggling for an idea, do some brainstorming. Figure out your strongholds that has general demands in potential market.

3. Clear out legal agreements among Co-founders

Legal agreements of co-founders should have proper clauses on goodwill distributions, and contributions. Capital flow, monthly compensation, leaves and other facilities should be in line. Complicated policies between co-owners can cause a great deal of damage to the business. This is one of the biggest reasons why numbers of startups fail to reach their success targets.

4. Secure business capitals

You need to arrange and separate out a suitable capital for your new business. Amount of capital varies business to business, but certain investment is necessary. The source of money can be from your personal savings or some other existing business you have. You can also borrow from your family, friends or any legal finance investors and bank loans.

5. Carry out market research

After fixing an idea, your next step is to carry out relevant researches. Your researches may include market survey, client questionnaires, online resource evaluation. One can also conduct relevant primary and secondary level researches at this stage.

6. Keep an eye on the market competitors

Research on other existing competitors in the market doing slimier business. Browse their company policies and go through their products. Analyze and discuss with customers to understand them

thoughts and reviews on slimier products. Be aware about patents, trademarks and copyright laws, and proceed with caution.

7. Document a business structure

Your market researches are useless without planned business structure. Build a solid business plan. Stating with the name of the company, your structure document lists several items. Contents like business description, operations and management strategies must be present. The list must add product design and development, cash flow, and market strategies.

8. Know your product prototype

The best way to forecast an upcoming business is to get customer feedback of prototypes. Get in touch with clients and stakeholders, and get product reviews in regular basis. Any feedback influences product quality, so, appreciate any sort of client feedback.

9. Get a favorable location to run the business

A preferable location can boost business. Depend on the business needs you might need appropriate office space. Majority of the target clients prefer physical work space. a successful entrepreneur always considers staff and client convenience. An idol workplace can provide that facility.

10. Complete all legal and government procedures

Next is to proceed with the legal procedures and paperwork. Here you need to determine the structural type of the business you want to start. Then register the company with country's local corporate law. Prepare required trade license, tax papers, trade permits and bank accounts. Get ownership of your product using copyrights, patents or trademarks, whichever necessary.

11. Product design and development

It’s time to focus on product. Develop your product at this stage. Use your resources and researches to manufacture products with greatest potential. Develop product in every instance possible. Hire potential specialists and workers to manufacture product. Look for convenient but innovative processes to achieve better production. Incremental development can be a key to success during product development phase.

12. Teamwork

Team work is mandatory. You cannot progress as a loner in a corporate world. A successful business always seeks for good teamwork. So, start building a team with potential members who can work for company's progress.

13. grab customers' attention

Whether advertisement through workshops or digital advertisements, grab customers attention. A business worth nothing without flow of transactions between sellers and customers. Create opportunities through developing a company website, workshop campaigns, social and digital advertising.

14. Know your employees

Hire potential employees who know their work. Human resource should focus on skills of a candidate rather academic result. Hire specialist whenever necessary. They will pay you back when time comes. Setup preferable environment for employees. Establish corporate culture which should also include fair rules and code of conducts.

15. Provide better client service

At the end of the day you cannot ignore customer's contribution on your business. So, it is necessary to consider customer satisfactory to keep the good will of a business. This is one of a very important aspect as far as a we talk about a successful business. Client business needs proper corporate correspondence. keep an eye on customer satisfaction. Customer correspondents of your business should always keep themselves ready to serve client. Your company must provide business transparency up to its corporate standard.

Conclusion

Entrepreneurship is tricky. There are sacrifices behind every successful business. The steps are necessary but are not the bible for success. One can customize steps to ease his/her way into the market. Besides, Business pattern changes time to time. So, keeping yourself up to date is the best option.

Author name : Forhad Hossain Founder and Managing Director of S & F Consulting Group since 2012. Expert on Company Secretarial, Company Law, Foreign Direct Investment (Fdi) Law, International Trade Law and so on.