Which steps are most important for getting a business venture off the ground? To help you make your business idea a reality, I’ve put together a complete guide that walks you through the steps of starting a business. – How To Start A Business In Port Harcourt
The guide covers every step I’ve discovered you need to start a business, from the paperwork and finances to creating your business plan and growing your business online.
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Let’s get started.
Every budding entrepreneur wants more visitors, more qualified leads, and more revenue. But starting a business isn’t one of those “if you build it, they will come” situations.
So much of getting a startup off the ground has to do with timing, planning, and the market, so consider if the economic conditions are right to start a company and whether you can successfully penetrate the market with your solution.
In order to build and run a successful company, you’ll also need to create and fine-tune a business plan, assess your finances, complete all the legal paperwork, pick your partners, research apps for startup growth, choose the best tools and systems to help you get your marketing and sales off the ground … and a whole lot more.
When I first started my business, I felt overwhelmed by the sheer magnitude of requirements, which is why I’ve summed up the process to make it easier for you.
In brief, the requirements for starting a business are:
- A business plan.
- A business name.
- An ownership or business structure.
- A business registration certificate.
- A legal license or seller’s permit (as well as other legal documents).
- A source of funding.
- A brand identity.
Without these elements in place, you unnecessarily risk your new business’s future. Now let’s go over these basic steps for starting a business. – How To Start A Business In Port Harcourt
How to Start a Business
- Write a business plan.
- Choose a business name.
- Choose an ownership structure.
- Register your business.
- Review and comply with legal requirements.
- Apply for funding.
- Create a brand identity.
Having a great business idea is only part of the journey. In order to be successful, you’ll need to take a few steps to get it off the ground. In order to refine your business idea and set yourself up for success, consider doing the following:
1. Write a business plan.
Your business plan maps out the details of your business, including how it’s structured, what product or service you’ll sell, and how you’ll be selling it. – How To Start A Business In Port Harcourt
Creating a business plan will help you find any obstacles on the horizon before you jump into running a business.
Pro tip: Remember that part of a business plan is telling investors or funders which specific items you need funding for. Be sure to list what you need to be funded, the reasoning behind items, and how long you will need funding.
2. Choose a business name.
Your business name is an essential part of your new business. It determines what you’ll call it on official documentation and on the business plan you’ll share with investors. Because your name will stem off your business plan and offerings, it’s best to create it after you’ve written a plan.
Pro tip: I bounced my business name off of friends and family I had so I could get an objective response on what they liked or didn’t like. Try including those you trust in the process.
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3. Choose an ownership structure.
Your business’ legal structure can impact what you’re liable for and the taxes you pay.
The most common types of business structures are sole proprietorship, partnership, limited liability company, and corporation. In the process of starting a business, you’ll need to choose the most appropriate one for you.
Pro tip: Speak to your accountant or consider even talking to a lawyer about your ownership structure so you can understand any potential pitfalls.
4. Register your business.
Registering your business is the next step after choosing an ownership structure. That way, you can ensure you’re operating within the most essential legal constraints. – How To Start A Business In Port Harcourt
Pro tip: I’ve found that customers who see an LLC or © after your business name will be impressed and more likely to trust you, because they know you’re following all the legal guidelines.
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5. Review and comply with legal requirements.
In addition to choosing a legal structure and registering your business, there are other requirements to follow to ensure your business is operating legally, including acquiring any business licenses and permits.
Licensure requirements depend on industry — for instance, if you’re planning to found a construction firm, you’ll need the appropriate construction permits. – How To Start A Business In Port Harcourt
Pro tip: This is another step that could really benefit from a lawyer’s perspective. Consider budgeting for an hour of their time to review your business plan to make sure you’re operating within the law.
6. Apply for funding.
When you’re starting a small business, getting loans from family and friends may suffice. However, larger ventures will require more capital.
Startup funding is essential regardless of the type of business you’re creating. Whether you leverage loans, grants, or family and friends, having solid funds will allow you to more effectively and economically launch your business.
Pro tip: Did you know that some businesses can get tax breaks on their home if they work out of it? I was able to get considerable tax breaks my first year just by working out of my home garage.
Consider whether or not you need a physical space to work out of, or if you can work out of your home remotely.
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7. Create a brand identity.
Once you have the first six steps squared away, you can focus on developing a unique brand identity for your business. Key components include your brand personality and experience, as well as visual elements like your logo, color palette, typography, imagery, graphic elements, and more.
Pro tip: Before you finalize your brand identity, make sure you’ve positioned your business in the market the way you want to. Check out this free guide on brand positioning.
As evidenced by this list, starting a business involves a whole lot of moving pieces, some more exciting than others.
Brainstorming business names? Fun! Filing taxes? … Not so fun.- How To Start A Business In Port Harcourt
The trick to successfully getting your business off the ground is to meticulously plan and organize your materials, prioritize properly, and stay on top of the status and performance of each one of these moving parts.
From registering with the government to getting the word out about your business to making key financial decisions, you’ll need to take a wide range of steps to start a successful business.
Now that we’ve gone over an overview of the steps, let’s go over each one in detail.
How to Make a Business Plan – How To Start A Business In Port Harcourt
- Use a business plan template.
- Narrow down what makes you different.
- Keep it short.
- Write an executive summary.
- Describe your company and business model.
- Analyze your market’s conditions.
- Explain your product and/or service.
- Outline all operations and management roles.
- Design a marketing and sales strategy.
- Detail a financial plan with business costs, funding, and revenue projections.
- Summarize the above with an appendix.
- Review section examples for inspiration.
Having a solid business plan can help your business stay on track, especially when obstacles arise. But before we go over the steps of writing one, let’s answer an essential question first: What exactly is a business plan?
A business plan is a living document that maps out the details of your business.- How To Start A Business In Port Harcourt
It covers what your business will sell, how it will be structured, what the market looks like, how you plan to sell your product or service, what funding you’ll need, what your financial projections are, and which permits, leases, and other documentation will be required.
At its core, a business plan helps you prove to yourself and others whether your business idea is worth pursuing. It’s the best way to take a step back, look at your idea holistically, and solve for issues years down the road before you start getting into the weeds.
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Below are the key elements in a business plan template, details about what goes into each of them, and example sections at the bottom. You’ll also learn tips for writing a business plan.
1. Use a business plan template.
Before you begin your business plan, download this business plan template. It provides an outline for you to follow and simplifies the process.
The first steps are to create a cover page and write a description of your business that outlines your product or service and how it solves a need for your customers.
The next step is to work on the company description, which provides details on how your company will be organized and includes the mission statement. – How To Start A Business In Port Harcourt
In the next section of the business plan template, you’ll identify your target audience or buyer personas. Through research, surveys, and interviews, you’ll understand who wants your product, why they’re interested, and what problem your offering solves for them.
The next step is to describe your line of products and services in detail, including the pricing model and the advantage you have over competitors.
From there, you’ll write down your plan to market and sell your product or service. You’ll also identify your growth plan and set targets and measures for your marketing and sales activities.
Then, you’ll determine which legal structure your business will have (LLP, sole proprietorship, etc.) and if there are any other legal factors you need to consider (e.g., permits, licenses, health codes).
Finally, financial projections will be made, and short-term and long-term goals will be set for the business.
Pro tip: Be sure to keep anyone who’s invested in your business aware of the business plan you are creating; they may have insights and suggestions you haven’t thought of.
2. Narrow down what makes you different.
Before you start whipping up a business plan, think carefully about what makes your business unique first.
If you’re planning to start a new athletic clothing business, for example, then you’ll need to differentiate yourself from the numerous other athletic clothing brands out there.
What makes yours stand out from the others? Are you planning to make clothing for specific sports or athletic activities, like yoga or hiking or tennis?
Do you use environmentally friendly material? Does a certain percentage of your proceeds go to charity? Does your brand promote positive body image?
Understanding your brand’s positioning in the market will help you generate awareness and sales.
Pro tip: Remember, you’re not just selling your product or service — you’re selling a combination of product, value, and brand experience. Think through these big questions and outline them before you dive into the nitty-gritty of your business plan research.
3. Keep it short.
Business plans are shorter and more concise nowadays than they used to be. While it might be tempting to include all the results of your market research, flesh out every single product you plan to sell, and outline exactly what your website will look like, that’s actually not helpful in the format of a business plan.
Know these details and keep them elsewhere, but exclude everything but the meat and potatoes from the business plan itself. Your business plan shouldn’t just be a quick(ish) read — it should be easy to skim, too, like the example below.
Pro Tip: If someone who doesn’t know a lot about your service can easily digest your business plan, you’re doing it right.
Now that we’ve gone over the first essential steps of building your business plan, it’s time to jump into the creation process.
4. Write an executive summary.
The purpose of the executive summary is to give readers a high-level view of the company and the market before delving into the details.
Pro tip: Sometimes it’s helpful to write the executive summary after you’ve put together the rest of the plan so you can draw out the key takeaways more easily.
The executive summary should be about a page long. It should cover:
Overview. Briefly explain what the company is, where you’ll be located, what you’ll sell, and who you’ll sell to.
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Company profile. Briefly explain the business structure, who owns it, what prior experience/skills they’ll bring to the table, and who the first hires might be.
Products or services. Briefly explain what you’ll sell.
The market. Briefly explain your main findings from your market analysis and product market fit.
Financial considerations. Briefly explain how you plan to fund the business and what your financial projections are.
5. Describe your company and business model.
Next, you’ll have your company description. Here’s where you have the chance to provide the following information:
- A summary of what your company does.
- A mission statement.
- A description of your business structure and business owner.
- A description of your location.
- A list of the marketplace needs that your business is trying to meet.
- A detailed account of how your products or services actually meet those needs.
Pro tip: When I wrote my business model, I considered what things I was already doing in terms of customer service that I wanted to be a part of my company’s culture. These then became key elements in my business model.
6. Analyze your market’s conditions.
One of the first questions to ask yourself when you’re testing your business idea is whether it has a place in the market. The market will ultimately dictate how successful your business will be.
What’s your target market, and why would they be interested in buying from you? – How To Start A Business In Port Harcourt
Get specific here. For example, if you’re selling bedding, you can’t just include everyone who sleeps in a bed in your target market. You need to target a smaller group of customers first, like teenagers from middle-income families.
From there, you might answer questions like:
- How many teenagers from middle-income families are currently in your country?
- What bedding do they typically need?
- Is the market growing or stagnant?
Include both an analysis of research that others have done, as well as primary research that you’ve collected yourself — whether by customer surveys, interviews, or other methods.
This is also where you’ll include a competitive analysis. In our example, we’d be answering the question: How many other bedding companies already have a share of the market, and who are they?
Pro tip: Outline the strengths and weaknesses of your potential competitors, as well as strategies that will give you a competitive advantage.
7. Explain your product and/or service.
Here’s where you can go into detail about what you’re selling and how it benefits your customers. If you aren’t able to articulate how you’ll help your customers, then your business idea may not be a good one.
Pro tip: Start by describing the problem you’re solving. Then, go into how you plan to solve it and where your product or service fits into the mix. Finally, talk about the competitive landscape: What other companies are providing solutions to this particular problem, and what sets your solution apart from theirs?
8. Outline all operations and management roles.
Use this section to outline your business’ unique organization and management structure, while keeping in mind that you may change it later. Who will be responsible for what? How will tasks and responsibilities be assigned to each person or each team?
Includes brief bios of each team member and highlight any relevant experience and education to help make the case for why they’re the right person for the job. If you haven’t hired people for the planned roles yet, that’s OK — just make sure you identify those gaps and explain what the people in those roles will be responsible for.
Pro tip: Consider making a job description template for each role so you can refer back to responsibilities as needed.
9. Design a marketing and sales strategy.
This is where you can plan out your comprehensive marketing and sales strategies that’ll cover how you actually plan to sell your product.
Before you work on your marketing and sales plan, you’ll need to have your market analysis completely fleshed out and choose your target buyer personas, i.e., your ideal customers. (Learn how to create buyer personas here.)
How to Find Funding for Your New Business
From the day you start building your business until the point where you can make a consistent profit, you need to finance your operation and growth with start-up capital.
Some founders can finance their business entirely on their own dime or through friends and family, which is called “bootstrapping.”
This obviously gives the business owners a ton of flexibility for running the business, although it means taking on a larger financial risk — and when family’s involved, it can lead to awkward holiday dinner conversations if things go wrong.
Many founders need external start-up capital to get their business off the ground. If that sounds like you, keep on reading to learn about the most common kinds of external capital you can raise.
1. Seed Financing
If you’re looking for a relatively small amount of money, say, the investigation of a market opportunity or the development of the initial version of a product or service, then seed financing might be for you.
There are many different kinds of seed financing, but the one you’ve probably heard of most is called seed-round financing. – How To Start A Business In Port Harcourt
In this case, someone will invest in your company in exchange for preferred stock.
If your company gets sold or liquidated, then investors who hold preferred stock often have the right to get their investment back — and, in most cases, an additional return, called “preferred dividends” or “liquidation preferences” — before holders of common stock are paid.
2. Accelerator – How To Start A Business In Port Harcourt
Accelerators are highly competitive programs that typically involve applying and then competing against other startups in a public pitch event or demo day. In addition to winning funding and seed capital, winners of these programs are also rewarded with mentorship and educational programs.
Although accelerators were originally mostly tech companies and centered around Silicon Valley, you can now find them all over the country and in all different industries.
Pro tip: If this sounds like something you’d be interested in, here’s a list of the top accelerators in the United States to get you started.
3. Small Business Loan
If you have a really rock-solid plan for how you’ll spend the money in place, then you might be able to convince a bank, a lender, a community development organization, or a micro-lending institution to grant you a loan.
There are many different types of loans, including loans with the bank, real estate loans, equipment loans, and more. To successfully get one, you’re going to need to articulate exactly how you’ll spend every single penny — so make sure you have a solid business plan in place before you apply. You can learn more about SBA.gov’s loan programs here.
Pro tip: Shop lots of lenders before committing to a small business loan — the right lender will be able to give you the best rate and terms.
4. Crowdfunding
You might ask yourself, what about companies that get funding through platforms like Kickstarter and Indiegogo? That’s called crowdfunding, which is a newer way of funding a business.
More importantly, it typically doesn’t entail giving partial ownership of the business away. Instead, it’s a way of getting funding not from potential co-owners, but from potential fans and customers who want to support the business idea, but not necessarily own it.
What you give donors in exchange is entirely up to you — and typically, people will come away with early access to a product, or a special version of a product, or a meet-and-greet with the founders.
Pro tip: Choose the right platform for your crowdfunding campaign type. Some platforms are more geared towards traditional investors, while others are for donations. Learn more about crowdfunding here.
5. Venture Capital Financing
Only a very small percentage of businesses are either fit for venture capital or have access to it. All the other methods described earlier are available to the vast majority of new businesses.
If you’re looking for a significant amount of money to start your company and can prove you can quickly grow its value, then venture capital financing is probably the right move for you.
Venture capital financing usually means one or more venture capital firms make large investments in your company in exchange for preferred stock of the company — but, in addition to getting that preferred return as they would in series seed financing, venture capital investors also usually get governance rights, like a seat on the Board of Directors or approval rights on certain transactions.
VC financing typically occurs when a company can demonstrate a significant business opportunity to quickly grow the value of the company but requires significant capital to do so.
Pro tip: A lot of venture capital financing is simply being in the right room with the right people. Make sure to network extensively if this is your approach to financing.
How to Create a Brand Identity for Your New Business
When you’re first starting a business, you’ll need to build the foundation for a strong brand identity.
Your brand identity is about your values, how you communicate concepts, and which emotions you want your customers to feel when they interact with your business.
Having a consistent brand identity to promote your business will make you look more professional and help you attract new customers.
Here’s what you need to do to develop your brand identity:
1. Design a logo.
Creating the right logo for your business requires careful thought and consideration. It should be representative of your brand’s purpose and target audience, while also being memorable and distinct from competitors.
To start, you need a deep understanding of your business’s mission, values, and target audience. Think beyond what your company does and truly examine why you do what you do and who you do it for. This knowledge will serve as the foundation for your logo.
Conducting market research and identifying current logo trends can help you understand what works well for others and strategize on how to stand out. Then, start brainstorming design ideas that showcase what makes your business unique.
For instance, you could try writing out a list of words that best describe your business and what makes it special and then use those words as inspiration to start sketching ideas and concepts.
Once you have some sketches created, pick which ones you think are the best and share them with stakeholders, colleagues, and buyer personas to gather feedback and refine your design.
After narrowing down a design, you’ll want to test its versatility and scalability to ensure it works well in different sizes and formats.
Pro tip: Check out this blog on designing your logo, and then try out different logo design features in Canva’s logo maker.
2. Develop a visual identity.
Your brand’s visual identity doesn’t stop at creating a logo — you’ll also need to establish guidelines for typography, color palette, imagery, and other graphic elements. The more consistent your brand is with its visuals, the more consumers will be able to recognize and trust it.
To get started, consider creating a brand mood board. Ask yourself: What kind of emotions do you want your brand to evoke? Is there a specific visual aesthetic that you want to emulate? This can help you gather visual inspiration that resonates with your brand.
Choose your color palette and typography wisely. Spend some time researching color theory, as color can have a major impact on how people perceive your brand.
Make sure your typography is readable and looks good across different sizes and formats. – How To Start A Business In Port Harcourt
Additionally, you should create other visual assets such as patterns, shapes, illustrations, and icons that pair well with your color palette and typography.
Pro tip: If design and color palettes aren’t your thing, consider hiring a freelance graphic designer on LinkedIn or Fiverr to help you create your visual identity and incorporate it into your logo and overall design.
3. Craft a tagline. – How To Start A Business In Port Harcourt
In just a few words, your tagline should encapsulate your brand’s essence and communicate its value.
Think of it as a written or verbal version of your logo. Both elements are created to immediately capture the attention of your audience. Even if consumers don’t remember anything about your product or service, they will remember a catchy tagline.
When crafting your tagline, keep it simple. You want your tagline to be memorable, so aim for a short phrase and focus on key benefits or unique aspects of your brand.
Also consider using techniques like alliteration, rhyme, or play on words to make your tagline stand out — just make sure it aligns with the rest of your brand’s voice and tone.
Pro tip: This is another element of starting a business that could benefit from someone with experience. A marketing consultant or a content writer could help you establish a compelling tagline with the next step of developing your voice and tone.
4. Develop your voice and tone. – How To Start A Business In Port Harcourt
Your brand voice refers to the personality that your brand adopts in its communication with its audience. It provides direction on what to say and how to say it, allowing you to differentiate yourself and cut through the noise.
A well-defined brand voice helps create a distinct and memorable identity for your brand, allowing you to connect with your target audience on a deeper and more meaningful level.
When determining the appropriate voice and tone for your brand, remember that consistency is key. Ensure that your brand voice and tone align with your brand’s values, mission, and positioning. Alignment between your brand’s personality and its communication style is crucial for building trust and authenticity.
Pro tip: Adapt your voice and tone to suit the preferences and understanding of your audience. Additionally, use emotion and storytelling techniques to engage your audience and resonate with them.
5. Create brand guidelines.
Once you determine all of the previously mentioned brand elements, establish a set of brand guidelines that communicate how to appropriately use them. Having these rules and standards set in place ensures consistent and cohesive messaging and representation for your brand.
Get started by defining the rules for using your brand elements across different channels and applications, such as digital and print media, social media profiles, web design, packaging, and any other relevant materials.
Show practical examples of correct and incorrect usage scenarios to demonstrate the do’s and don’ts of brand representation. This helps stakeholders and users understand the guidelines and their application. You can also offer your team templates or mock-ups to ensure correct implementation.
Once the brand guidelines are set, distribute them to internal stakeholders and relevant external partners. To make sure everyone’s on the same page, take the time to review the guidelines with everyone and consider conducting training sessions if necessary.
As your brand evolves, so should your brand guidelines. Continuously review and update them to reflect any changes or refinements. Keep the guidelines easily accessible and communicate any updates effectively.
Pro tip: A writing style guide is a great place to start when creating brand guidelines. Check out this blog on brand style guide examples.
Tips for Starting a Business
Ready to dive into a life of entrepreneurship? Here are the best tips for becoming successful in your small business niche. – How To Start A Business In Port Harcourt
1. Create a customer acquisition strategy.
Once you’ve registered your new business with the government and gotten the legal paperwork squared away, how do you go about, you know, acquiring customers?
Here’s the truth: A new company needs to start drumming up interest for its product or service even before it’s ready to ship. But there are a million different platforms and avenues you can use to drive awareness. So where on earth do you start?
It all comes down to your target customer. You won’t be able to acquire customers without knowing who they are. One of the very first questions you need to ask yourself is: Who wants what I’m selling? Who would find it useful? Who would love it?
To create a strong customer acquisition strategy, you’ll need to narrow down your target audience as much as possible.
2. Narrow down your target customer.
To find your target customer, you need to dig into who that person is and what kind of messaging would resonate with them. Using research, surveys, and interviews, try to find out:
- Their backgrounds, interests, goals, and challenges.
- How old they are.
- What they do every day.
- Which social platforms they use.
And much more.
Creating very specific buyer personas can dramatically improve your customer acquisition efforts. Read this step-by-step guide on how to create buyer personas, which includes buyer persona templates you can customize yourself.
Once you’ve picked a buyer persona or two, print them out, tack them onto your wall, and think about their interests and needs before making every business decision.
3. Build your online presence.
With your target customer and your brand identity under your belt, you can begin building the core marketing elements of your small business, which includes your website, your blog, your email tool, your conversion tool, and your social media accounts.
To dive deeper into these topics, read our beginner’s guide to small business marketing here. – How To Start A Business In Port Harcourt
4. Generate and nurture leads.
Once you’ve started building an online presence and creating awareness for your business, you need to generate the leads that will close into customers.
Lead generation is the process of attracting and converting strangers and prospects into leads, and if you build a successful lead generation engine, you’ll be able to keep your funnel full of sales prospects while you sleep.
What does a successful lead generation process look like? Learn more about lead generation here, and don’t forget to try HubSpot’s free marketing tools, our free lead generation tool that lets you track your website visitors and leads in a single contact database.
5. Set up your sales infrastructure.
By taking the time to set up your sales process from the get-go, you’ll avoid painful headaches that come with lost data down the line. Start with a CRM, which is a central database where you can keep track of all your clients and prospective clients in one place.
There are loads of options out there, and you’ll want to evaluate the CRMs that cater to small businesses. (Excel doesn’t count!)
6. Identify your sales goals.
Don’t get intimidated by sales lingo, such as KPIs and ROI. All this means is that you need to figure out what you need to make ends meet and grow: How much revenue do you need, and how many products do you need to sell to hit that target? Create a holistic sales plan to meet your goals.
7. Hire a sales rep.
When you’re starting your business, it’s tempting to do everything yourself, including taking on sales. However, making that first sales hire is crucial to scaling — you need someone dedicated to understanding your buyers and selling to them full-time.
When looking for that first sales hire, seniority should be less of a priority than how much sales experience they have on the front lines and whether they understand your business’ target buyer. From there, you’ll want a plan for building your sales development team.
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8. Get more out of your sales activities.
Efficiency is key. Put together a sales process, such as this helpful 7-step sales process framework, which works regardless of your business size. You’ll also want to automate sales tasks (such as data entry) or set up notifications when a prospective customer takes an action.
That way, you spend less time poring through records and calling the wrong prospects and more on strategy and actual selling.
9. Keep your customers happy.
Getting new customers in the door is important, but retaining them is just as important. You can’t ignore customers once you’ve closed them — you have to take care of them, give them stellar customer service, and nurture them to become fans of (and even evangelists for) your business.
While inbound marketing and sales are both critical to your funnel, the funnel doesn’t end there: The reality is that the amount of time and effort that you spend perfecting your strategy in those areas will amount to very little if you’re unable to retain happy customers.
This means that building a model for customer success should be central to your organization.
Think for a second about all the different ways reviews, social media, and online aggregators spread information about your products.
They’re all quick and effective, for better or for worse. While your marketing and sales playbooks are within your control and yours to perfect, a large chunk of your prospects are evaluating your company based on the content and materials that other people are circulating about your brand.
10. React quickly to customer issues.
People expect fast resolution times (some faster than others, depending on the channel), so it’s essential to be nimble and efficiently keep up with requests so that you’re consistently providing excellent service to avoid losing trust with your customers.
Pay attention to the volume of your company mentions on different channels. Identify where your customers spend the most time and are asking the most questions, and then meet them there, whether it’s on a social network, on Yelp, or somewhere else.
11. Keep track of touchpoints with individual customers.
Interactions with your customers are best informed by context. Keep track of all the touchpoints you’ve had with individual customers because having a view into their experience with your company will pay dividends in the long run.
How long have they been a customer? What was their experience in the sales process? How many purchases have they made? Have they given positive/critical feedback about your support experience or products?
Knowing the answers to these questions will give you a more complete picture when you respond to inquiries and will help you have more productive conversations with customers.
12. Create feedback loops.
From the moment you have your first customer, you should actively seek out insights from them. As your business grows, this will become harder — but remember that your customer-facing employees are a valuable source of information because they are most in tune with your buyers and potential buyers.
13. Create a FAQ page on your website.
Give customers the tools to help themselves, and scale this program as you grow. When you’re starting out, this might take the form of a simple FAQ page.
Over time, as your customer base grows, turn your website into a resource for your customers and enable them to self-service — such as evolving that FAQ page into a knowledge base or library that answers common questions and/or gives customers instructions.
Starting a business online is a little different from starting a traditional business. Here are some important steps for starting and scaling your business online.
1. Determine your niche and business idea.
Your business niche is the target focus area for your product or service. It’s important to choose a niche because customers like brands and businesses that specifically cater to their needs.
Most customers are more likely to purchase products or services from a brand that provides personalized experiences.
When determining your niche and business idea, first identify your target audience and specify everything from their age to their interests.
Then, use that information to figure out their principal need. If your product doesn’t resolve a specific need, your business will fail to get off the ground.
Pro tip: You should have a good idea of the market at this point. Use that knowledge to position yourself in a way that differentiates you from your competitors.
2. Conduct market research.
Conduct market research to understand what product or service you should offer, whom you should serve, and where you face the stiffest competition.
From physical goods to digital downloads, understanding your target market and competitors will help you determine how to best position your product.
Your research should help you create a strong selling proposition. In other words, what makes your business unique? Why should someone buy from you?
Pro tip: Sometimes, market research is as easy as calling around to competitors and getting a quote on services. Make sure your pricing is competitive but not so low as to be unsustainable.
3. Learn online business laws. – How To Start A Business In Port Harcourt
While online businesses may require fewer licenses and permits than traditional businesses, there are still legal requirements that you will need to adhere to. Be sure to check:
- What kind of business license (if any) do you need to start operations?
- What legal structure makes the most sense for your company?
- Are there any permits that you need to obtain?
- Are there any inspections that you need to pass?
- Do you need a sales tax license?
- Are there any specific regulations applicable to online businesses only?
- What are the laws regarding hiring contractors and hiring employees?
Pro tip: Check out this article for more information on starting an online business and navigating online laws.
4. Make sure your business is insured.
Depending on your business type, you may be required by law to be both licensed and insured. HVAC businesses have a lot of liability as they involve both plumbing and electricity. I spoke with several insurance agents before deciding on the best insurance for my business needs.
5. Create a website.
After handling the research, taking care of legalities, and honing your products or services, it is time to create your website. When creating your website, you will need to choose a strong ecommerce platform that will allow you to sell products online.
Pro tip: Check out Hubspot’s free CMS tool for website building here.
6. Set up shop.
Once your website is complete, it’s time to add products or services to your store. When adding your products, pay attention to product images and descriptions. Having a crisp image and a detailed but concise description will help your audience maneuver your website smoothly.
After you have finished setting up your store, it’s critical to ensure you offer a seamless shipping or delivery experience to your buyers. For example, you can use HubSpot to manage quality control before you ship products out.
Finally, you want to make sure everything is working before you hit the live button on your website. Make sure that everything is clickable and that all pages look good across all devices and browsers. Once you’ve checked that, you are ready to go live.
Pro tip: If you take credit card information on your website, you will need to abide by compliance laws that ensure the safety of sensitive data. Read more on credit card compliance.
7. Create a marketing plan. – How To Start A Business In Port Harcourt
You’ve created an awesome product, and now it’s time to get the word out. In other words, it’s time to grow your audience. There are numerous ways to reach your target customer, including:
- Social media: Use hashtags and paid ads to expand your reach.
- Influencer marketing: Send free samples to “celebrities” in your niche.
- Facebook groups: Connect with your target market on this platform.
- Google advertising: Put your products in front of people all over the web.
- Content marketing: Publish blog posts to bring organic traffic to your site.
- Word-of-mouth: Encourage customers to spread the word.
- YouTube videos: Start a channel to showcase your products.
Pro Tip: Google ads and LinkedIn ads regularly offer discounts or free ad money; consider using these promos to try online advertisements out.
8. Grow your business.
You’ve heard it said that in business, you’re either growing or you’re dying. Here are a couple of tips for growing your business online:
Reduce the amount of time it takes online viewers to receive value from you and your brand.
Answer the questions no one in your industry is answering — for example, a lot of companies won’t talk about pricing, forcing customers to keep looking for someone who will.
Create a dynamic website that changes with the times. Update your images and writing to reflect what’s happening with your business now, and ensure your website isn’t dating you.
Invest in content and SEO. They aren’t cheap, but they are really important for being found online, organically.
Pro tip: Check out this blog on how to become an SEO expert, according to HubSpot’s SEO team.
9. Watch your income and expenditures closely.
The first year of your business is an essential set point for discovering your overhead and your profit. Have a date in mind of when you want your business to start turning a profit and a solid plan for if you aren’t meeting that goal. Read further on potential exit strategies below.
Pro tip: Use a free business budget template to monitor your finances.
10. Plan for an exit strategy.
If you’re like me, you didn’t consider an exit strategy when thinking up your business. You probably assumed you’d run your business for the foreseeable future.
However, economic uncertainty or unexpected success can both impact the end of your business. In fact, 90% of startups fail, which makes it a wise choice to know under what circumstances you would close down your business.
You could also experience unexpected buzz and success and be offered a buyout. A good exit strategy will plan for this as well. What amount of money would make selling worth it?
Consider also how long you would have to run your business before considering offers. Some want to sell high and fast, whereas other business owners want to see where things go during a set amount of time.
An exit strategy could also include who you want to inherit your business, maybe family or an employee.
Pro tip: Check out this blog on the importance of having an exit strategy.
Next Steps: Getting Ready to Launch Your Business
I know from experience that being a small business owner isn’t easy, but with the right plan, you can set up your business for success. – How To Start A Business In Port Harcourt
Be sure to check and know your requirements, have a solid business plan, and submit your legal paperwork before you take your business live.
Once you have a solid business plan and the financing to execute your goals, you’ll be well on the path to launching a successful enterprise.
