How to Start and Grow a Business

Updated: Dec 6, 2020

Here are the general steps how you can start and grow a business:

Step 1 Make a firm decision and establish commitment.

Starting and growing a business isn't easy. It requires a lot of inputs such as hard work and passion. This is the primary reason why you need to make a firm decision to become a businessman (or businesswoman) and establish strong commitment to achieve you goals and objectives.

In this first step, you need to understand the benefits and downsides of owning a business and really take your time thinking if entrepreneurship is something you'd want to do long term.

Once you have decided to allot resources, such as time, energy, and money, turning back away from doing business is such a waste. To prevent this from happening, you need careful planning.

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Step 2 Organize your ideas.

The second step you can take toward entrepreneurship is to organize your ideas.

Writing down the following pointers are the just some of the basic things you need to consider as you organize your business ideas.

  1. What kind of business do I want to start? Do I want to provide services, to manufacture, or to do merchandising?

  2. What specific products or services to I produce or sell?

  3. Do I need a business partner or investors?

  4. What legal considerations do I need to look at?

  5. Do I have the technical knowledge and skills to succeed?

  6. Where would be my business location? Is there good traffic in my prospect location so potential customers can see my products and/or services?

  7. How much capital do I need? How much am I willing to risk for my business?

  8. Can I do my business part-time and without leaving my full-time job? Or do I need to quit my full-time job?

  9. What are the strength, weaknesses, opportunities, and threats (SWOT) of my business idea? (Take time to prepare your business plan. This cannot be overemphasized.)

  10. How many people/ staff do I need? How would I train them?

  11. Do I need to undergo specialized education or training before launching my business?

  12. Where can I find suppliers?

  13. How can I advertise or market my products and/or services?

  14. Is there a demand for my products and/or services?

  15. Who are my competitors? What strategies do they use in business?

  16. How can I deliver better quality products and/or services compared to my competitors?

  17. What creative or innovative ideas can I put into action to provide something new to my potential customers?

  18. Do I have future plans for expansion?

There can be more questions you need to ask yourself to ensure you are adequately prepared to launch your business.

Step 3 Putting your ideas into action.

After careful planning, you may now be ready to put your business ideas into action. Remember, that along the way your plans may need to be change in order to adapt to unforeseen circumstances as you operate your business.

This step can refer to the start-up phase of your business venture. You could be confronted with so many challenges during this phase as you discover what works and what doesn't.

Don't be afraid to revise your plan if needed and don't be easily discouraged. Just as they say, "Nothing worth achieving comes easy."

Remaining optimistic and objective can help a lot. Our emotions can easily disrupt our future if mismanaged.

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Step 4 Grow and expand your business.

After several months or years of operation, depending on the nature of your business, you may come to a point when you need to grow and expand your business.

Your motive to get a larger customer base can be primarily influenced by an increasing demand of your products and/or services. This is a good sign that you're doing a really great job. Congratulations!

In return, you have the opportunity to change or influence more people's lives and earn greater profit.

Growing and expanding your business can be laborious. Hiring and training more staff, finding new locations, delegating tasks, networking, and many others are just some of the additional tasks you need to do.

Final Words

Starting and growing your business isn't easy. You may need to do more than what I have written here. Do your own due diligence to obtain personalized and professional advice prior launching your business.

I am sincerely hoping for your success!

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