How to start a business by Tech gadgets4u

But starting a business isn’t easy. There are lots of steps involved, from coming up with a solid money-making idea to raising money, creating a brand, advertising, and lots more. The University of Phoenix survey found that a third of prospective business owners said they are held back because they need more education or training, or because they don’t know enough about running a business.

So in this tutorial, I’ll break down all the steps involved in setting up a business, from the initial idea through to the business launch. By the end, you’ll have a much clearer idea of what’s involved in setting up a business and how you can get started. It’s a big topic, so I’ll also be linking to other tutorials that go into more detail on particular areas.

Of course, every business is different. Depending on the type of company you are starting, you may be able to skip some of these steps (for example, if it’s an online, home-based business, you won’t need to find a location and may not need to hire employees). You may also decide to complete some of the steps in a different order. Think of this as a general template for starting a business, and feel free to tweak it to match your own particular requirements.

So if you’re ready to learn how to start your own business, let’s get started!

1. Come Up With an Idea

The first thing you need when starting a business is a good idea. Even if you have something in mind already, don’t skip this section: you don't need just an idea, but a good idea.

After all, research in both the U.S. and U.K. shows that about half of all new businesses fail in the first five years. There are many reasons for that, but one important one is that many founders just didn’t hit on the right idea.

So what constitutes a good idea?

Well, it doesn’t have to be something completely new (although it’s great if it is!). What it does have to be is somehow better than what’s already out there.

For example, let’s say you want to open a café in your local town. There’s nothing new about that, but it could still be a decent business idea if you refine it a little to find a new angle.

Think about it: If there are already five cafes in town and you open another one, why would people become your customers? For it to work, your café would need to offer something different from the others. Maybe it will have a quirky concept, an innovative design, a great location, or will offer food or drinks that people can’t get anywhere else.

You also need to consider whether you’re the right person for the job. Do you have some particular skill that others don’t have? Maybe you make the best mango smoothies—or maybe you have the savvy approach to hire the best mango smoothie maker in town.

And do you have the necessary passion for this idea? Does it excite you so much that you’ll be willing to work 27 hours a day to make it a success?

This tutorial on generating startup ideas offers a good framework for coming up with a solid business idea: