How to Start a Business: A Step-by-Step Guide

India offers a conducive economic environment for startups and is now the third-largest startup economy after China and the US. Studies revealed that about 44 Indian startups became unicorns in 2021, bringing a total of small unicorns to 83.

This post has outlined different steps of starting a successful business to help you start your business on the right foot. 

Have a Viable Idea

A successful business begins with a good idea. The first thing when starting a great business is figuring out what people need and coming up with the best solutions at an affordable cost.

For example, in the early age of smartphones, people complained a lot because the devices\’ screens used to crack at the slightest drop. And in response, entrepreneurs decided to solve the problem by manufacturing protectors. 

On top of solving prevailing problems, you also need to ensure that you have a ready market. Studies show that about 42% of new startups fail because their products and services are not market-fit. 

Write a Business Plan

A business plan is a document that explains strategies for implementing your business\’s goals and its growth formula. While putting together a business plan often seems like an afterthought, it is a critical first step in getting a company off the ground. Entrepreneurs who write a formal business plan are more likely to succeed than those who don\’t.

Moreover, a well-thought-out plan can be a powerful tool in securing funding and attracting key partners.

Review your Finances and Budget

As a new business owner, you must consider how you\’ll finance your business and what options will be available during financial emergencies. Most startups begin with small capital, and many business owners opt to bootstrap for a start. 

However, cash flow is one of the most common reasons many startups fail, so you may need to take out additional capital, especially when you notice that your business is rapidly growing. 

Outline your one-time and ongoing expenses before approaching angel investors or applying for loans.

Also, make a budget for indirect expenditures related to your business operations, including marketing, sales promotions, advertising, and trade shows. Even though these costs are essential for your business, you can reduce or eliminate them if your budget is tight.

Here are a few financing options that small businesses can use to raise capital:

• Self-financing
• Investors
• Crowdfunding
• Small business grants and loans

There is no universal rule for financing the growth of your business, and these ways do not rule each other out. Furthermore, you can try your luck on reliable betting sites like Parimach. Play European roulette at Parimatch today, and stand a chance to win huge cash. 

Decide on the Structure

Every business needs a legal framework. The type of business you select affects your liability, tax obligations, annual documentation filing specifications, and capacity to raise capital.

Here are the standard business structures for startups:

• Sole Proprietorship
• Partnership
• Limited Liability Company (LLC)
• Corporation (C Corp or S Corp)

There are advantages and disadvantages to each type of business entity, but the most critical factors revolve around taxation and personal liability.

Create Your Brand

As of this point, you\’ve established a business plan, secured funding, and selected a site and structure for your company. You\’re nearly ready to take on your first customer, but most people have no idea who you are or what you do. 

That\’s where your company\’s brand comes in. Branding is the lifeblood of any new company, and the success or failure of that venture heavily depends on its ability to do so.

You can follow the following branding tips:

• Pick your business name, design your logo, and make a style guide for your brand
• Buy a good domain name, and develop a user-friendly site
• Set up and improve your ranking on Google My Business, Yelp, Facebook, and other most-followed social platforms.

Build a Great Team

Before you open your small business, you\’ll probably need to hire some help. While most entrepreneurs take on too many roles to save cost, this can lead to problems with quality control.

Successful business owners know that to run a business effectively, they need to focus on their skills and find ways to give other duties to people who are good at them.

However, it can be hard to hire people for a new company. Most experts prefer going to more established companies, and you may end up with employees who are new in the field. Alternatively, you can extensively search for favorable candidates and elaborate your goals to them. 

Take the time to write out each role\’s job descriptions and duties. This will help you build your team. Think about the key performance indicators (KPIs) you\’ll use to measure how well that position is doing. 

Launch Your Business

The first few months are critical. Talk to customers and find out what they think. Also, ask happy customers to write reviews about your business online. How you plan your next steps should be based on your information and feedback. You may realize you need to improve your quality, change what you\’re selling, or rethink who you\’re trying to reach.

Bottom Line

Setting up a successful business is a dream for many.  This guide has outlined steps to help you start a great business. However, starting a small business is more demanding than most think. It’s now up to you to implement these steps and create the next big thing. 

Africa is arguably home to the fastest-growing forex market in the world, with an estimated 1.3 million traders now active in the region, according to Finance Feed.

Within the continent, South Africa and Nigeria continue to lead the way, with both nations constituting a large percentage of the total number of forex traders. Other prominent FX African nations include Namibia, Angola and Tanzania, with the total number of traders likely to increase incrementally in the coming years.

But does the FX market really offer a viable investment opportunity for young African investors, and what are the best ways to leverage this opportunity?

What Opportunities Exist in the Forex Market?

There are numerous ways in which the forex market is advantageous from the perspective of African residents, whether they regularly invest in other markets or are simply looking for an additional stream of passive income in the wake of Covid-19.

For example, this market offers unparalleled leverage to investors, with even reputable brokers offering leverage of up to 100:1 in some instances. This enables investors to open and control potentially large positions with a relatively small deposit, creating an accessible market that can still be highly profitable.

This advantage can be enhanced through the provision of a forex account that offers a welcome bonus, which affords traders free capital and allows them to take their first real money plunge into the marketplace.

Of course, major currencies pairings (which pit the USD against assets such as the GBP, Euro and Japanese yen and account for around 68% of daily trades) are also highly liquid.

This means that they can be easily bought and sold in the real-time marketplace, creating an opportunity for traders to profit and speculate even in challenging conditions.

Make no mistake; this also increases daily volatility, creating more frequent and sizable price fluctuations that traders can leverage successfully to their advantage.

How to Get Started in the Forex Market?

To succeed as a forex market trader, your first  step should be to learn about its functionality and the underlying laws that govern change.

You can learn this through various online resources and seminars, creating a genuine sense of determinism that recognises the underlying laws and triggers that impact price shifts on a daily basis.

From here, you’ll need to bridge the gap between theoretical knowledge and practical trading experience, using a so-called “demo account” to achieve this objective. This type of account is accessible for a period of between three and six months, while it essentially creates a simulated, real-time marketplace where you can hone your strategies without risk.

This is a crucial part of the learning process for young Africans, especially as it enables them to experiment with variable currency pairs and exotic assets that include the South African rand.

We’d also recommend keeping a trading journal when starting out, so that you can track your successes and failures and learn from these over an extended period of time.

According to Mazi, the lady had taken to social media to share that she hates seeing people hungry. He then chose to put her to a test and the actions that followed by the lady made him realize that she’s genuine.

The said lady offered him help in ways he didn’t expected so he decided to offer her N1 million.

Mazi tweeted,

“Three months ago, I entered this lady’s DM to tease her. She did a post about hating to see people hungry. So, I told her I was hungry to send me money. Babe legit asked me for my account. Asked if 20k will help me. I told her of course.

I was confused.I checked her out. She was not following Gburugburu. I told her but I was in the UK. Told her I was a student. Quickly, Babe calls her friend in Manchester and arranged to send me £50 so I can eat. Ahh! She told me that her friend can make food and bring for me too.

Shuo! This one don’t even know Mazi. I said ok. So I asked for her number so I can call her to thank her. Babe refused o, said na just make I eat be her problem. Then I knew she was genuine. I told her I was in class and would send her my account details later.

A Nigerian businessman who’s known on Twitter as Mazi Gburugburu, recently took to his page to reveal his plan to reward a lady because of her quite surprising act of kindness after he teased that he was hungry and needed money.

Aunty, you are one in a million. If you permit me, I will tag you but if not, we will leave it like that. That 20k will now be 1m that I will give you. Never stop being who you are. Keep helping people no matter how evil most can be. You never can know when you will host angels.”