Hi everyone,
In my previous post, I had talked about if it was necessary to legally incorporate a business before starting operations. I know most people starting on a low budget may not do that, they probably just start anyway, as the business scales up, then they think of how to put a legal structure to the business. Without legal filing of the business, by default, you are a sole proprietor.
I think that the idea of starting a business without investing much money helps you to validate the business idea first. That way, you can test if the business will work or not before committing so much resources to it.
That aside, what are the other things to consider when starting a business? Please note that some of these are optional, it all depends on you.
I will list these below as :
1.) The Business name: Yes, your business has to have a name. You want a name that tells a potential buyer what your business is all bout. That way, they don't have to ask too many questions to understand what you do.
2.) Availability of the name: You have to do a simple google and trademark search.
3.) Check if the domain name is available: If it is not available, try a different name until you get the one that is available and still meets your goal.
4.) Website: You may or may not want to build a website at first. Hey, It's the digital age, never underestimate the power of the internet in leads and sales generation.
5.) Social Media: You need to have at least one social media presence. Pick whatever works best for you. Twitter, Instagram Facebook, etc. and yes, no forgetting skype
6.) Design a Logo: Your logo is part of your branding. So you should get one. You can either design this yourself or pay people to do it for you.
7.) Decide on a selling platform: There are many platforms where you can sell your services or products. Decide the one you want to go with.
8.) How do you get paid? Yes, this is the ultimate step. Every other thing will be useless if there is no means of getting paid. Thankfully, there are various payment platforms you can leverage on. Even though PayPal has got its own issues, there are others like stripe, Payoneer, bitcoin, and many more. Just find what works for you and start.
I know there may be more depending on the exact niche you want to venture into. I feel that the list above covers some of the basic stuff. I want to believe you have researched your market and have a product to offer.
The thing is starting and running a business involves so many things, but the idea is for you to start. Once you start, it then becomes a journey of scaling each hurdle along the way, which includes but is not limited to getting traffic, SEO ranking, and others.
I hope you enjoy this write up. Contributions are welcome too.
In my previous post, I had talked about if it was necessary to legally incorporate a business before starting operations. I know most people starting on a low budget may not do that, they probably just start anyway, as the business scales up, then they think of how to put a legal structure to the business. Without legal filing of the business, by default, you are a sole proprietor.
I think that the idea of starting a business without investing much money helps you to validate the business idea first. That way, you can test if the business will work or not before committing so much resources to it.
That aside, what are the other things to consider when starting a business? Please note that some of these are optional, it all depends on you.
I will list these below as :
1.) The Business name: Yes, your business has to have a name. You want a name that tells a potential buyer what your business is all bout. That way, they don't have to ask too many questions to understand what you do.
2.) Availability of the name: You have to do a simple google and trademark search.
3.) Check if the domain name is available: If it is not available, try a different name until you get the one that is available and still meets your goal.
4.) Website: You may or may not want to build a website at first. Hey, It's the digital age, never underestimate the power of the internet in leads and sales generation.
5.) Social Media: You need to have at least one social media presence. Pick whatever works best for you. Twitter, Instagram Facebook, etc. and yes, no forgetting skype
6.) Design a Logo: Your logo is part of your branding. So you should get one. You can either design this yourself or pay people to do it for you.
7.) Decide on a selling platform: There are many platforms where you can sell your services or products. Decide the one you want to go with.
8.) How do you get paid? Yes, this is the ultimate step. Every other thing will be useless if there is no means of getting paid. Thankfully, there are various payment platforms you can leverage on. Even though PayPal has got its own issues, there are others like stripe, Payoneer, bitcoin, and many more. Just find what works for you and start.
I know there may be more depending on the exact niche you want to venture into. I feel that the list above covers some of the basic stuff. I want to believe you have researched your market and have a product to offer.
The thing is starting and running a business involves so many things, but the idea is for you to start. Once you start, it then becomes a journey of scaling each hurdle along the way, which includes but is not limited to getting traffic, SEO ranking, and others.
I hope you enjoy this write up. Contributions are welcome too.
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