How to open your own business

1 step. Idea Every businessman should have an idea, otherwise what kind of business can we talk about? It is not necessary to come up with something new and supernatural, you can take an existing idea and find in it cons that can be improved. Releasing a product or service to a mature market is much easier than creating a new one!

2 step. Market analysis

After determining a business idea, it is necessary to analyze the current market situation. How much your product or service will be in demand for and for which target audience.

Also, market analysis will provide an opportunity to see the quality, prices and customer service of your future competitors.3 step. Planning

Create a business plan and write:
– Costs;
– Promotion strategies;
– Prices for goods / services;
– Planned income.

So it’s easier for you to store information and easier to set goals and objectives.

4 step. Business Registration

Depending on your field of activity, you can use LLC or IP.

5 step. Taxes and Reporting

Decide in which tax system you will work, the amount of tax and the method of payment will depend on this.

6 step. Testing ideas

At this stage, you need to make a test sale of your product or service, spending a minimum amount of money on advertising. Testing will help to feel the demand in practice.

7 step. Business development

After the adjusted plan and test sales, it is necessary to carry out the following work based on your field of activity:
– Improving the site;
– Expansion of staff;
– Increase in stock.

8 step. Scaling

After the successful development of your business in one city, you can try to expand your geography, or master a funny direction.

Example:

Selling digital technology? Open repair service

Business Performance Options
– If net profit strayed from the zero mark (excluding taxes and equipment), then the generation of money is going on and the business is afloat. If below zero, then perhaps additional investment is needed.

– If sales were planned at 500,000, and the figures are about 100,000, then it’s time to review the work and sales plan.