How to Start a Small Business

In these times, with the advancement of technology and the migration of businesses to the online space, there is a marked tendency to promote entrepreneurship. Many young people try to find business alternatives to ensure a prosperous future, likewise, many adults have been adapting their strengths to consolidate a business model that allows them to generate income. 

There is an important difference, between how a business was started before and how it is now that the digital age exists. Today, marketing strategies have evolved and represent an iconic incentive that drives sales and the consolidation of small or large businesses in the digital space. At this time, you can think of alternatives and creative ways to start a business, even on the web you can get a significant number of guides, courses and tools to start a small business, and above all, sustain it over time.

One of the obstacles to undertake in decades after the massification of the internet, was to obtain financing. That was the reason why many businesses could not be realized and were left in projects. However, at present the figure of the bank as a provider of loans to consolidate business ideas is no longer so decisive. There are loans for entrepreneurs , through a loan intermediary company, which are becoming the most important financing option for the modern entrepreneur, due to their speed of response, low interest rates, and the best, without paperwork.  

Steps to follow to start a small business

To start a small business, it is important to make it clear that there are two fundamental stages that produce a series of activities that are important to fulfill. These stages are: the planning stage and the execution stage. The planning stage includes constituting the idea in a project, from the name to the development of the business plan. And in the execution stage, the beginning is with the search for financing, until the opening of the business. Next, let’s see the basic and elementary steps to realize a small business. 

Planning stage 

Study of pre-feasibility

This consists of a market study in a concrete way, in order to have a clear perspective of the behavior of the commercial environment and consider if the idea that one has is feasible or if it is necessary to adapt it or think of something with greater opportunity.

Choose business name and location 

The choice of a name is important, from the beginning, as well as the location. When starting a business in the online space, entrepreneurs commonly state that they are not a physical store, that is, that sales are made through online transaction mechanisms. Obviously, the business is physically located, but not accessible to the public. 

Define your target market

This point is essential, it is necessary to define the set of consumers that are part of the target market intended by the business that you want to start. But it is not only defining it, it is studying it and adapting to certain preferences or fashions immersed in that audience.

Analyze the competition

You have to know the competition, their capabilities and their behavior, it is a strategic requirement to make a good business plan. 

Make the business plan

It is the guide to start and manage the business. In addition, it is the cover letter in front of possible investors, lenders and other financial possibilities. 

Execution stage

Search for financing 

A business can start from scratch, but driving sales and income is a matter of investing in image, in marketing to position, which is why financing is strategic. This financing can be achieved through Credy’s entrepreneur loans. 

Establish list of providers 

Depending on the nature of the business, you have to consolidate a list of suppliers, with business characteristics that suit your undertaking.

Formalize the business

Registering your business is a step that must be carried out, it is a requirement to obtain the operating license, in addition to registering your brand. From the formalization of the business, the promotion strategy begins and of course, the opening to the public.

It is important that the business plan establishes how the company is going to operate. If it is an online store, all the steps indicated in this post must be fulfilled. The registration of the business allows to specify a billing system that consolidates a level of transparency with the client. That is why legality and registration with the institutions of the country from which it is started is the only way in which it is possible to establish a transaction system, and as the business evolves, improve the shopping experience. the client’s.

Leave a Comment