How to start a business 2019
What is business:
Business is a set of individuals working on a same task or job to achieve mutual goals. People invest on their assets to attain a high gain profit in return. Business may result in high profit or high loss. Where as in jobs, there is no risk of financial loss. Business requires assets, investment and a lot of hard work in starting to convert them into profit.
Many people take business as their career as they’ve a lot of money to invest. But the major reason why people want business is, business requires no qualifications, CV, applications and requirements for job as you’re the owner or CEO of your company.
Types of businesses:
There are two main types of business on the market. 1st one is Physical or Assets based business. This type of business requires physical location, building or assets and a lot of investment. 2nd one is virtual business or virtual company. This type of business requires a small just under 100$ or even no investment for starting the company.
Business in 21’st century:
As the time has passed, people and their work has been shifted online or virtual. People want to work for their jobs, shop online, and even learn online. Hence, the businesses have been shifted as well. Many online stores, taxi service, meat home delivery, online jobs, online earning and online work are offering these jobs, so you don’t have to go outside and find out what you need.
How to start an online business:
Starting an online business is not a rocket science now a days. You just need a website, a domain or so. For that, you can work from your home to control your business.
Step #1: Register a domain:
The first step to start a business is to establish the identity of your business online. For this, you need to register a good domain name. We’ll recommend you to register .com domain name for greater value of your business.
Step #2: Get web hosting:
Second most important step for starting your business by publishing your website online is to get a web hosting plan that suits your needs. You can buy web hosting from Servnet, Godaddy or Name Cheap. We recommend you to order a dedicated web hosting plan and avoid shared plans for faster website and best hosting for high traffic.
Step #3: Make a website:
After you’ve done with registering your domain and purchasing web hosting plan, its time to start making your website. You can write pages and publish your products on your website.
Step #4: Decide which products to sell:
This is the most important step for your business and career. You have to decide which product you’re going to launch or sale online. It depends on your customers and market needs. Think of a plan and clients to target depends on their interest and area of activity. Once you’ve a proper plan and most demanding product, you can publish them online with your business portfolio.
Step #5: Promote your business:
You can either promote your business or website by SEO or advertisement on Social media. You can create a social media page on Facebook and advertise your business and products on it. Hence, this way you can attract your customers and increase your sales and revenue. Facebook and Google usually charge between 2$-10$ for basic promotion of your post and products.
Step #6: Manage your employees:
Once your business starts to grow, you can hire some employees to automate your tasks and manage sales and support departments for your business. We recommend you to hire 3-5 employees in the beginning if your sales are less than 1500$ per month.
Why business fails:
Lack of planning:
One of the biggest mistake that business owners do is spending less time on business planning. They just want their business to be online quicker. Hence, their business may fail for this reason.
Ignoring customer’s needs:
One of the reason for business failure is to neglect the customer’s needs and just selling whatever you like. Customers always want their problems to be solved by your business. Always focus on your customer’s needs for resolving this failure.
If you’re not capable of controlling and managing a business, your business may fails due to poor leadership and mis-management. Remember, always a great leader can take a business to success or failure.