How You Start Your Business - 1019 Words

How to start your business? Starting a small business isn’t easy, but it isn’t impossible. According to the small business administration 99% of all businesses in the United States are small businesses and they employ 80% of the population, so many people have already succeeded in starting a business. But this doesn’t mean that starting a business is a walk in the park, according to Forbes 8 out of 10 businesses fail within the first 18 months. There is a lot of hard work required in starting a small business and many steps that should be taken to ensure that a small business would be successful. The first step in starting a small business is in the idea, if the idea isn’t good, the business probably won’t be profitable. The market is†¦show more content†¦After this, one must describe how one intends to compete with other businesses, stress what the business can bring to the table so that people will buy into it. Make an example of how effe ctive or unique a business is so it will have a large appeal to many future customers. The next issue is market analysis; this should showcase a large knowledge of the industry and will be used while trying to seek out investors. The market analysis will require familiarity with the market and its needs. According to Michael Kerr the analysis should include the current state of the market and predictions for future fluctuations in the business. Specifics are important in the analysis and anything that could impact the outlook of the market should be included in the analysis. It should also include the scope of competition and how much money consumers tend to spend on the service of product. A good business plan must emphasize how a business will be able to meet the particular needs of the market to the satisfaction of its costumers. Ones business must be able to highlight its competitive advantages. A meticulous market analysis will allow ones business to define its market strategy. Market strategy will be much easier once the entrepreneur has completed their market analysis, as this has allowed them to become familiar with all the challenges and opportunities that will be faced while building a business in their particular field. Ones strategy involves looking at the