How to create your own business without failure?

Running your own business is a stressful but good career and life choice. It demands your patience and passion. Start by expecting to live your work until it is established, so it can get off the ground.

We have made a research, we spoke with the experts and here is their advice to young entrepreneurs who are ready to be their own boss:

1. COME UP WITH YOUR BUSINESS IDEA.

The first step and it could be the most important to start a small business is coming up with a winning business idea. Ideally, you’ll develop a business venture that interests you and meets a need in the market, now you could be thinking: Which could be a great winner business idea? What is the beginning? or Do I have the skills, time, and money to achieve that goal? We know it could be a little bit hard, but do not worry, a great way to do this is by identifying a problem that frustrates you. Is there an issue that you continually encounter that you wish someone would solve? That could be your next business venture; Or think Do I have any special skill or knowledge and how it could help to resolve an issue on our daily? 

2. YOU’LL BE FOLLOWING YOUR PASSIONS.

Many entrepreneurs start their own businesses to follow their dreams and fulfill their passion. Following your dreams will fulfill you in a way that working for someone else may not do. You are in charge of creating your business from the ground up, so you can shape your company to be something you’re proud of and that you may even be able to pass on to your children as your legacy.

3. WRITE A BUSINESS PLAN.

Next, you’ll write a business plan. A business plan will help you gain clarity as you’re getting started, and it will help tremendously if you decide to apply for small business financing in the future. Put your concept on paper and refine it nonstop. 

4. DECIDE ON YOUR BUSINESS’S LEGAL STRUCTURE.

Choosing the correct legal structure is an important part of running your business. If you want to get started quickly and with as little hassle as possible, a sole proprietorship may be right for you.

With this type of business model, you don’t have a partner or executive board to answer to, so you’re in complete control of all the decisions. Keep in mind, though, there is no legal separation between you and the business; you’re responsible for any debts and lawsuits that the business incurs.

5. CHOOSE THE NAME CAREFULLY.

Aim for a distinctive name to stand out from the crowd. Once you have one in mind, check it’s not already listed at Companies House or on social media channels, domain name directories, and intellectual property registries, because you don’t want to start building your brand from day one, and then find your business name used elsewhere. 

6. CONSIDER YOUR VISUAL IDENTITY. 

Your personality and business values should be expressed through your branding and design. This is about more than just your logo, you should consider your brand color palette, typeface, photography, tone of voice, sound, and motion.

Settle on something that works across all your communication and sales channels. You could ask yourself, is it flexible enough to look fabulous on Instagram as well as packaging or a physical space, such as a pop-up shop? 

It will help you to create an image of your company to identify it and differentiate it from the others.

7. DETERMINE YOUR COST OF OPERATION. 

You will need a solid business plan to present to any investors and the best place to start would be with determining your basic cost of operations. 

This will outline and help you determine how much money is needed to produce the product or offer the service you intend to offer or produce. It includes production costs, shipping, taxes, worker’s wages, rent for workspace, etc. Knowing your cost of operations will be vital to determining if your business will be profitable since you will need to make more than this baseline to remain in business. 

8. COME UP WITH A MARKETING PLAN.

Marketing is crucial for building a successful business, but too many business owners go into it without a plan. This lack of planning often leads them to spend a bunch of money without seeing any real results. Or worse — something does work, but they have no way to recreate it.

That’s why it’s essential to start with a marketing plan. A marketing plan will outline how you plan to get the word out about your new business. It will typically include:

• An overview of your marketing goals.
• A description of your target market and customer.
• A timeline of tasks to be completed.
• Important metrics to track along the way.