How to Start Your Own Business
Starting a business can be incredibly exciting. You’re sharing your creativity with the world and doing something in which you're passionate. Throughout the journey, you might realize you didn’t consider certain things or think it all through. There can be details you overlook or issues you don’t fully understand how to tackle. Luckily, there are so many resources available to you to help guide you on your journey, even if you don’t have any experience at all!
Starting a business doesn’t need to be complicated, and it all depends on the product you plan on putting out there. You don’t need to follow the steps provided below, but it may help you understand how to evolve your business and grow.
Find a business idea
What will be your niche? What is the product or service you will be selling as your primary focus? Trends are a huge key to understanding if your product or idea is something that appeals to others. The next important idea is to understand if your product or service is a trend, fad, or a growing market.
Fad: A fad is common for a short period of time and then dies away. A fad can be profitable if the introduction and exit to the market are ideally timed, but this can be difficult to predict and a recipe for trouble.
Trend: A trend is a longer-term path that a product’s demand tends to be going. It doesn’t rise as quickly as a fad, but it lasts longer, and, it generally doesn’t diminish as quickly.
Growing: A growing market has seen consistent growth and shows signs of a long-term or permanent market shift.
With your business idea and an understanding of the demand, the next step is to evaluate your competition, especially what others are doing and how you can do better. Usually, if there are many competitors, it means that the market is well established. It proves that there is undoubtedly a demand for your product but you should differentiate what you offer to attract customers.
Choose a business name
Your business name is much more important than you think. It’s an aspect of your business that will show up everywhere. Maintain a straightforward and centered approach: find a name for your company that expresses what you do, is brief and unforgettable, and isn’t in use in your market. Be creative because this is one way you can stand out from competitors in your market. You don’t want a name that’s too wordy and takes time to say. So, when people mention the name, it’s not stretched out and awkward in a conversation. It’s important to make sure there aren’t any other business names that have already taken the name. Use Shopify or GoDaddy to make sure the domain is available.
Where are you going to sell your product or service?
There are so many ways you can sell your product and put it out there for others to see. Again, it all depends on your product and how you would like to promote it. Redbubble is an easy and straightforward way to sell your designs and artwork in various forms that the company produces itself, such as t-shirts, pillows, stickers, phone cases, and more. Etsy is another platform that gives you easy access to selling your products, although you manage the quantity and format you sell to customers.
Maybe you want to take it up a notch and make your business more personal and distinct. Making your website is an excellent way to do so. Many companies use website builders like Wix and Squarespace to design their website the way they want. Don’t be intimidated by building your website. You have total control as to how it will look, and it takes time to have a final website that you think is perfect for your business. Wix is incredibly understanding of this idea as they have Wix ADI that will generate a pre-designed website for your business where you still have some control over the template.
It’s easy to overthink prices for your products, but at the end of the day, your prices should be what you reasonably think they’re worth. With businesses that relate to selling works of art, artists evaluate the effort they put into their work and what they believe their actions are worth. If potential customers think it’s “overpriced” or not worth it, then they don’t need to buy it. You are in complete control of your prices, so set them at whatever you think they’re worth.
More steps can be taken when creating your own business, but remember: they aren’t always necessary. You don’t need to understand finances or create a strict and detailed business plan. It all depends on what you’re selling and how you want to go about doing so.
Check out these resources if you want to do more research into starting up a business:
To read about a few extraordinary small businesses and their journeys amidst the pandemic, check out Race to a Cure’s supporting small businesses series:
Having your own business is fun and exciting, so don’t stress out over it and focus on sharing your creativity with the world!
Article Author: Alizeh Qaiser
Article Editors: Victoria Huang, Edie Whittington