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  • How to Start Your Own Company

    Everyone has that one idea they would like to make into a thriving enterprise. For me, it started with Bright International, a business I founded years ago.

    By believing in my idea and sticking to my core values, the company I started with a £2,000 loan grew to an organization worth £11 million in less than two years.

    Although it hadn’t been all sunshine and rainbows, I consider this a testament to what can be achieved with the right attitude towards business.

    You, too, can turn your business idea into reality. This article will discuss the first steps to take to start your own company.

    Turn Your Idea into a Plan

    Are you into creating art? Do you want to start reselling goods? Do you fancy writing blogs? Whatever idea you have, you need to conduct market research first to determine how viable it is as a business.

    Find out more about the industry you wish to enter. Learn about the potential customers in that sphere – what they respond to, how much they spend, where they buy goods or employ services. Look at what your potential competitors are doing and how you can stand out. By understanding these, you can begin to shape your idea into something more concrete.

    Your business plan outlines the structure of your business and the direction you wish to take. It must include a roadmap, complete with milestone objectives and requirements. It will inform how you start, run, and grow your business from day one. When done right, your business plan can even help you find funding to help get you started.

    Secure Funding

    While not a requirement, a well-constructed business plan can help you secure funding for your enterprise. Even if you plan on using your own money, a business plan can still help determine your budget allocation.

    If you do plan to seek funding elsewhere, your business plan is critical. With it, you can apply for a small business loan from financial institutions or cooperatives, depending on the nature of your business and the industry it belongs to. You can also reach out to family and friends who may be interested in investing in a business venture. Sharing your business plan can help ease doubts.

    Crowdsourcing is another way for you to secure funding. You can use websites like Kickstarter and FundRazr to raise your finances to get started. These sites are also an excellent way to test your idea with the public. It can also help identify further opportunities for marketing and sales.

    Find a Location

    Businesses used to only exist in the physical world. Now, you have the option only to operate online. Or you can choose to take advantage of both avenues. It mainly depends on the nature of your business and the scale of your operations.

    Opening a bakery, for example, can work either way. You can open a brick-and-mortar store and serve your locality, or you can sell your baked goods just on the web. You can take on both at once if you have the time and resources – open a store and sell online.

    That said, choosing the location of your business doesn’t mean you can’t make the most of all avenues when it comes to marketing. Even if you only have a physical store, you should still market your goods or services online.

    Stay Compliant

    Whether renting out an office for your startup company or opening an online store out of your garage, there are rules and regulations to follow. Understanding these requirements early on will save you a lot of headaches down the road.

    Depending on your business, the industry, your location, and many other factors, you may need to deal with different building regulations, taxes, insurance, and more. Starting your own company usually requires registration with a regulatory body in your locality or country.

    Consult with your local council. Seek advice from other business owners. Find out about legal requirements and government mandates before committing any of your capital.

    You can even turn this into an opportunity since many governments offer incentives or similar programs to startups and small businesses.

    Conclusion

    Turning an idea into a profitable business and starting your own company can be both challenging and rewarding. You can do it by coming up with a solid business plan, securing your funding, identifying the best location, and staying compliant with regulations.

    If you want to learn more about entrepreneurial opportunities and other similar topics, explore the other resources in this blog. You can also send me a personal query at [email protected]. I’ve been fortunate to have founded successful companies like Fair Forex, a foreign exchange trading platform. Now, I’m committed to sharing my stories with my readers.