Is a four-letter slur in Spanish deployed at stadiums capable of sinking El Tri’s World Cup fortunes for the next two cycles?
The post How an anti-gay chant could silence Mexico's World Cup fortunes appeared first on Buy It At A Bargain – Deals And Reviews.
A commission set up by seven-time world champion Lewis Hamilton to increase the representation of Black people in U.K. motorsport has delivered its recommendations to bring about change in the industry.
The post Lewis Hamilton's commission delivers recommendations for change appeared first on Buy It At A Bargain – Deals And Reviews.
Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.
Anyone can start up a business. No college degree, huge bank balance, or corporate experience necessary.
All you need is a great idea, the right systems, and the drive to see it through.
Since you’re already searching for ways to learn about how to start a business, odds are you already have an idea and the drive. What you need to know is how to start building your future empire.
In this article, I’m going to discuss the exact steps to start a business so that you can put the right systems in place.
I’ll walk through each step in much greater detail below. Here, I want to give you the bare-bones cheat sheet for how to start a business now.
First, refine your idea based on the needs and demands of your target customers, along with your preferences.
Next, you’ll create a business plan. This is a crucial part of the whole process, so you have to get this right.
After sketching out your business’s entire framework, do market research, and collect feedback from friends, mentors, and family.
Then you need to tackle the legal side of things. Get started early in case there are any snags. This includes deciding your business structure, registering your business, getting the necessary license and permits, and setting up bank accounts.
At this point, you have your idea and a plan to make it come to life. You can then use it to arrange for the required capital to launch your product or service. Follow this up by building your team and finding a location if you’re opening a physical store.
Finally, focus your efforts on generating more sales and growing your business, which is also what you’ll find yourself doing for most of your career.
That’s a few years of business distilled to a couple paragraphs. Let’s take a closer look at each step. Of course you should feel free to skip steps if you have already locked down the basics.
Every business begins with an idea. If you already have one, congratulations! You can proceed to the next step. If not, you need to start brainstorming.
Here are a few tips to come up with a great business idea (I made a list of over 25 home-based businesses as well):
At this stage, you can also conduct surveys and collect perspectives by meeting people and asking for advice. Researching ideas online is another excellent way to come up with business ideas.
The whole point of conducting market research is to understand typical consumer behavior, pain points, and relevant market trends in your chosen niche. This is a sure way to determine how your potential startup might fit into the existing industry landscape.
Try to find the answers to the following questions while doing market research:
One of the best ways to gain genuine insights is to speak with consumers directly. Take surveys, make questionnaires, and do one-on-one interviews.
Another free resource you should absolutely use is Google. Say you are starting a business that sells shampoo to men. I’d search “shampoo for men”, “men’s hair care”, along with other terms and phrases in the space. Then I’d take a hard look at the first page of results for each keyword.
What are the top websites (not paid ads) doing? Who are they speaking to? How do they position their products and services?
Asking simple questions like these can give you a ton of insight into the market. You can also plug keywords into tools like Ubersuggest to find out how many people are searching for these terms each month.
Researching your market is an ongoing process. What you find out today may change tomorrow.
I put this as Step 2 because you want to get started early, but you should be constantly trying to understand the trends in your space.
I always make sure to get the legal stuff out of the way early. This way, I don’t have to worry about anybody else taking my big idea, ending up in a bad partnership, or getting sued because of misinformation.
Determine your business structure first, as it’ll dictate the legal and tax requirements you will have to meet. Your options include sole proprietorship, partnership, limited liability company (LLC), and corporation.
Enlist a tax professional’s services, as every structure has its own set of tax requirements, or use an online business formation service.
At this stage, you’ll also have to choose a business name and register your business. Find out whether your chosen name is available for registration in your state and within the digital space. You want availability as a:
If a specific name isn’t available, you can always consider permutations of the name. Make sure your domain name and business name aren’t impinging on any registered trademarks.
There is a quick checklist of other things that you’ll need:
It’s best to consult a lawyer to cover everything you need. You can always work out things on your own, but sometimes it’s best to ask an expert.
Many people question the purpose of creating a business plan. After all, if you already have a vision for your business, why write it down?
When you create a business plan, you describe every aspect of your business in a formal document. You put everything into words.
In the words of Benjamin Franklin, “There never was a good knife made of bad steel.”
It’s precisely why a business plan is such a crucial part of any business. It defines your thoughts and research and exactly what you need to do to make a business a success.
This helps put things into perspective and allows you to identify areas to streamline future processes.
Let me clarify: Your business plan doesn’t need to be 100 pages long. It only needs to be readable and include the main components. Such as:
Do a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) of your business, too, to gain insights and identify ways to achieve your goals.
As the industry and market are always changing, you’ll find yourself revising your plan frequently. Periodic revisions and refinement of your business plan ensure that your business remains competitive in the long run.
There are many ways you can get the resources to start your business. Below, I’ve discussed some of the best ways I found raising capital is easy and effective. You can choose one or more that work best for you.
Bootstrapping your business is a long process, but it gives you full control over your business. You can also leverage personal relationships by asking friends and family for a loan or to invest in your business.
There’s no disputing the power in numbers, especially when it comes to raising capital. Crowdfunding gives you direct access to small investments that can add up to something massive.
Check out Kickstarter or Indiegogo, or Google a list of the most popular crowdfunding websites. Crowdfunding is more for a physical product than a service.
Venture capitalist investors look for proven teams that require a capital investment of $1 million or more, which is why you need some traction before approaching them.
If you feel you don’t have such traction right now, you can instead apply to online platforms like AngelList and Gust to find potential investors who would be interested in your project.
Grants.gov is an online directory of more than 1000 federal grant programs that can supply you with the capital to kickstart your project. Although the process is long, you don’t have to give away any equity.
Applying for a bank loan is easy, but you should do so only if you really need a bank loan and if you’re eligible. You can head over to the Small Business Administration to look for loan opportunities.
Nothing feels better than seeing your idea come to life. The only problem is creating a product takes a village–if not a city.
You’ll have a different set of requirements based on your product or service. For instance, if you want to develop an app, you want someone with the technical know-how, whereas if you’re going to mass-produce an item, you’ll need a manufacturer.
Product simplicity and quality should be your top priority. Rather than creating the cheapest product, focus on developing something that catches someone’s attention. You can further streamline the process by keeping in mind the following tips:
For service-focused entrepreneurs, the game is slightly different.
Your primary focus should be to have the necessary certificates and educational requirements. Search online job portals and freelance working platforms to find opportunities. Upwork and ProBlogger could be great places to start.
What’s the best way to scale your business and achieve all your organizational goals?
Have a good team.
One of the critical aspects of a growing business is delegating responsibilities to other people, whether a partner, employee, or freelancer. Here are a few tips to help you find the right team members:
When your team members understand your vision and their role in helping you achieve it, they’ll make fewer errors.
If you are just starting out, you’ll probably be interested in the some of the really great free project management software out there. These aren’t free trials, and you’ll be able to make sure everyone is on the same page–no extra cost to you.
Welcoming people to your team involves several processes, ranging from screening people, carrying out interviews, and having proper forms. This will help you create a more competent team.
Great company culture is all about respecting and empowering employees through training and mentorship.
You don’t need futuristic decor or ping-pong tables (if you can afford that, that’s great!) but you do need a positive atmosphere where everybody feels welcomed and appreciated.
One in four businesses that starts within the next 12 months will have a 100% remote workforce. But if you decide to open a brick-and-mortar retail business, you need to focus on getting the right location.
Here are a few things you should keep in mind:
Research the history of the location as well. If other businesses have tried and failed in the space, find out why. And of course, always keep the cost in mind. Expenses like rent, cleaning services, insurance, and parking fees need to be considered.
Start by listening to your potential customers to know their wants, needs, likes, and dislikes. Next, learn the art of asking for a commitment without being too pushy. In other words, don’t force your customers into buying goods from you, or they won’t return.
Moreover, you have to prepare yourself for hearing “NO“ too. Sad, I know.
People listen to your elevator pitch despite having no intention to buy simply because they’re polite. If they don’t end up buying from you, don’t get disheartened.
Grow your customer base and put out advertisements to find an audience to fit your business. At this point, you’ll also have to figure out the right sales funnel and strategy to generate leads and convert them into paying customers.
Sales and marketing are critical to building a successful business. Check out some of these free customer relationship management tools that help you stay organized as you grow your contact list.
You must have a growth plan if you want to earn and scale your business. Luckily, there are about a million ways to grow your company.
I’d highly recommend utilizing the power of social media through organic, influencer, and paid campaigns. Email marketing works equally well to create and nurture a dedicated customer base.
One of the key aspects of long-term growth is to have a dedicated customer base and reduce customer churn. All the efforts you put into nurturing your existing customers can be useful in the long run when they act as your repeat customers, ensuring revenue in the long run.
We’ve covered everything you need to know to start a business. Now you can prepare for the exciting adventure in front of you.
Taking the first step can feel a bit scary, but don’t fear. Take the plunge and launch your business–it’s a lot of fun!
Of course, you’ll find challenges and roadblocks along the way, but as long as you remain dedicated and driven, you can learn from your mistakes and climb higher up the ladder.
Don’t wait any longer!
Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.
Online shopping is hotter than it has ever been, and I don’t think it’s going to slow down. If you’re planning to start an online store, your timing couldn’t be better.
Yes, a lot of people are trying to get into ecommerce right now, but that shouldn’t stop you. Many of the most successful online stores were only founded a few years ago.
The sooner you take the initial step, the faster you can build your brand and grow your business.
In this post, I’ll give you a step-by-step guide that shows you how to start an online store. You can go from zero to your first sale with as few mistakes as possible.
Want to skip the details and get a quick cheat sheet? Here you go.
You have to decide what you want to sell and how you’re going to get the products. And while you’re at it, you must also consider the product’s prices, your target audience, and whether or not there is an audience for your product.
After all, why would you want to sell a product nobody wants to buy?
You can choose a product that metaphorically “scratches your own itch.” Or you can also consider buying a product that already exists, improving it, and then doing a better job of marketing it. This is sometimes known as dropshipping.
I would personally recommend the second option for first-time entrepreneurs as it considerably lowers the risk out of selling.
If you agree, head over to Alibaba.com to find suppliers for your chosen product. While Alibaba is one of the more popular marketplaces, it doesn’t mean that there aren’t frauds on the platform.
To make sure you deal with genuine suppliers only, look for the Gold Supplier icon. This indicates that a particular supplier has signed up for a paid membership. Therefore, it’s less likely for any fraud to have the Gold Supplier icon on their profile.
If you decide to go forward with the supplier, make sure you order sample products to determine the quality you should expect. Don’t forget to discuss payment terms and other details so that you and the supplier are on the same page.
With the products in place, you’ll have to figure out a good name for your brand and check whether a domain name is available.
Buying a domain name is easy. Getting the domain name of your dreams can take more time.
Consider your domain name as a long-term investment, and try to come up with the best you can. Here are some strategies to use if the domain name you want is unavailable.
Next up, you have to set up your online store platform. Consider selling your products on either Shopify or Amazon—both are equally good.
Finally, work on optimizing your site by including targeted keywords in your product descriptions. This is an excellent way to drive more organic traffic to your website rather than partaking in more cumbersome marketing strategies.
If I’m honest, though, you’ll still need to look for other ways to promote your shop, such as on social media platforms like Facebook and Twitter.
Okay, let’s run through each step in more detail. Feel free to skip ahead if you’ve completed the early steps:
Since you’re going to set up an online store, you’ll need a product. The very first thing you should do is decide what you’re going to sell and who you’re selling it to.
Many first-time entrepreneurs make the mistake of not putting enough thought into deciding their niche, which includes the product’s price, the audience to whom the product is aimed, and the market opportunity.
Don’t make this mistake.
Always remember your product matters the most—both in terms of quality and relevance. You have two options here: you can either create something you need or source something from elsewhere, make it better, and then market it.
I’ll recommend choosing a niche that isn’t already dominated by a few brands.
Let me explain this with the help of two scenarios.
You‘ll either place an order online from sites like Sony, Bose, or Beats. Or maybe visit the physical stores of these brands.
You’ll likely Google “decorative lights for bedrooms“ or “buy decorative lights with free shipping.”
Do you see the difference in your behavior?
Niches dominated by a few brands aren’t really profitable for first-timers. Trust me, customers don’t even think about alternatives as their brand loyalty kicks in almost immediately.
Instead, it’s much better to stick with niches and products that don’t have a couple of specific brand names associated with them.
You can also use Amazon to check out the competitors in your niche. Try to identify common features that could help you improve your product.
For instance, you can have thick paper notebooks or reinforced steel for bottles. Basically, stuff that will help improve the quality of effectiveness of your products.
Next, you’ll need to work on sourcing the products.
Alibaba.com is one of the most popular marketplaces when it comes to sourcing products. Many people in the ecommerce industry already use this site, so it makes perfect sense for you to source your products on this platform, too.
But how do you go about this? Let’s assume you want to sell steel bottles.
Search for “steel bottles.” You’ll now see a list of suppliers selling all kinds of steel bottles at different prices.
Next, you’ll have to contact a few of them to see whether they would be a good match for you. You first need to figure out your requirements before you get in touch with them. Otherwise, you’ll be wasting everyone’s time.
The way to distinguish genuine sellers from frauds is to look for the Gold Supplier mark. Gold Supplier is a paid membership for suppliers on Alibaba.com, which indicates that the business is serious about trading with other international companies.
Take a look at this screenshot:
It shows that this particular supplier has been a Gold Supplier for three years. Since they have to pay for this recognition, you can be sure that they will be serious when negotiating with you.
You must discuss payment terms and minimums and other things so that every detail is explicitly clear to avoid misunderstandings in the future. I’d also recommend ordering sample products before you place a big order to get a better idea of what you’re going to get and the shipping times.
Now comes the exciting—and at times frustrating—part of starting an online store: Choosing an appropriate name.
Once you start looking for options, you’ll realize how the best names have already been trademarked and website domains already registered.
It’s like hitting one dead end after another!
But don’t give in just yet, as finding a good name is an effort well worth the pain (and tears).
Here’s a quick checklist you should follow:
Take my domain as an example. NeilPatel.com is short, concise, and reflects my brand. You do not have to use your name. That was just a choice that was right for me.
The good news is there’s an option for you to get a domain without having to pay the registration fee. Most web hosting services offer users a free domain—provided you choose a company that provides this feature like Bluehost or Wix.
I highly recommend this method, as you get free .com domains with full ownership that’ll make you look more professional and credible to your visitors. Plus, if you’re already going to purchase a web hosting plan, why not select an option that offers you a free domain?
Purchasing a web hosting plan, typically as a one, two, or three-year contract, is necessary. Think of the free domain as a bonus to your investment.
The next crucial step is setting up your ecommerce store on a platform that’s easy to use and offers good customer support.
Shopify and Amazon are two of the most popular and user-friendly e-commerce sites.
You can also use WordPress + WooCommerce if you want. But that’s best for times when you already have a blog with a large audience. This way, you won’t have to put in an extra effort to drive traffic to your ecommerce store.
Shopify has over 218 million buyers from 175 countries. So you can imagine the number of people who trust this ecommerce site.
You can start the 14-day free trial to get a feel of Shopify’s features. If you decide to move forward with it, you’ll upgrade to the paid plan.
The first step is to enter a store name, which will also become the default URL to start your trial. For example, if you want your Shopify’s store name to be JoshBeans, your URL will be joshbeans.myshopify.com.
If you buy a custom domain (joshbeans.com), you’ll be able to get rid of the ‘myshopify’ part.
Complete further instructions as asked. Then you have your own Shopify account.
To customize your store further, visit the Shopify themes page and select an option that’s on-brand with what you sell.
What’s more, you can talk to a Shopify Expert if you need help with the technical aspects of setting up your store or find yourself stuck at a specific place.
You also have the option to display your products on Amazon.
Go to Amazon and scroll down to the bottom of the homepage. Select Sell on Amazon.
Sign up to become an Amazon seller. You can sign up as an individual seller or a professional seller. In my opinion, it would be better to become a professional seller if you’re in for the long haul.
After setting up and verifying your identity, you can start with listing your products. Before this, make sure you go through the details of the selling process on Amazon.
Then click on Inventory followed by Add a Product. This will open up Amazon‘s catalog, where you’ll have to search for the product you want to sell.
You can also create a new product listing if you can’t find a suitable option.
And that’s it! You can now start selling your product on Amazon.
Before you can start listing your products, make sure you have high-quality photos of them, preferably on a white background. Similar to this:
If you think customers will come to you just after you launch the website, we have news for you: Not going to happen.
Instead, you need to optimize your website to attract traffic through search engines by targeting SEO keywords in your product descriptions.
Write good copy for every listed product, taking care to mention their USPs and describing them explicitly.
This will involve you focusing on two primary areas:
The above two tips are instrumental in improving your search terms and reviews, enabling more people to see your products on the platform. This will translate into more sales and revenue for you, which is exactly what we want.
Congratulations! You now have your online store up and running.
From figuring out what you want to sell and sourcing it to choosing a reliable ecommerce site to display your products, you are now an expert when it comes to launching an online store.
But don’t celebrate too hard—you have to next work on spreading the word about your store to get customers to purchase your product or service. When the money starts rolling in, I’ll be expecting a party.
Here’s wishing you all the luck!