How to Start a Business from Scratch

How to Start a Business from Scratch

January 8, 2018

It feels like the right time of year to talk about starting new things. For many, starting a new business is an item on the resolutions list for 2018. However, moving that wish from the paper to reality is a long and very complex process, especially if you've never done it before. 

 

 

It would be impossible to explain what it takes to start a business from scratch in just one blog post, but I will give 4 simple steps to follow as your frame and in the next few weeks we will expand on each of them to give you a better idea what to do. Don't miss any of the posts in January if you are planning to start a business in 2018 and you are not quite sure where to start from. 

 

Step 1. Research and Plan

 

Starting a business because you think you have a great idea is the best recipe for failure. You need to know that you have a great idea and you can only do that through extensive research. The best practice includes primary (where you go out and ask questions directly to people) and secondary (where you read information and studies that have already been made by someone else) research. What are the questions to find answers to?          

  • What is the problem in the market? (Market Gap)

  • Does my product service/product bring a solution to that problem? How? (Market Gap Solution)

  • Who are the people who need that solution? (Target Market)

  • Are they willing to pay for it and how much? (Product/Service Feasibility)

  • Are t