People like to be in control in anything they do. They like doing whatever they feel like doing and not getting orders from other people. We all like being our own bosses. That’s one of the biggest reasons why people want to become entrepreneurs. However there are some steps that you need to take into consideration if you want to be successful, which most people don’t and they fail in the end.

Everything starts from an Idea. The idea can easily skyrocket or bury very deep your business. It may be something innovating or something done by others already but with some small adjustments can become the best. Therefore you need to make it count and don’t listen to others. Some great businessmen created the most unusual products but now they have millions or billions in their accounts. In most cases people won’t agree with you because they won’t see the bigger picture that you see. Think out of the box and trust you creativity. Try though to be innovating and find a new idea. That will make people more eager to check it out than something they already know how it works, thus having more sales.

The next step is to think your Target Market. Your product will not be bought by everyone. Therefore you need to think which customers you need to approach. That will help you to make your product more attractive towards them. Every consumer has different needs; he/she is different based on his/her life and environment he/she lives in. There are few factors that you need to bear in mind. Sex, age, specific types of people and environment. First is it for men or women? Or is it for both? What are the ages you are aiming for? Is it for a specific type of people? Is it going to be locally or internationally available? These questions should determine your target market.

Except of narrowing down your customers, you also need to think about Competitor Analysis. Ask yourself: “What is already out in the market related to my product?” Especially if you are thinking about something that others created already. Do research on what are the best and worst features and services they provide and think of something on step ahead. The more you provide the better. These things will make you stand out from the crowd. To make these improvements you always need to think this: “Why should they choose me instead of others?”

Next you have the Partnerships and Deals. Make clear agreements with everyone if you are not alone in this. Also have a good lawyer to prepare all the paperwork that needs to be done. Partners will know what they have to give and what to expect from the business. In such cases you always need to think that you are not alone and you can’t change or do something without other partners or affiliates knowing about it. Talk with them and be possible as much as you can with their thoughts. The more open you are to ideas, the more they will be too. Try to find ways that will please everyone and agree for the success of all of you. You are grown men and women, you can work this out. Also some important deals you may need to make will be with suppliers that will provide you with their products in order to help you create your products.

At the beginning having Personnel might be unnecessary. On the other hand though, if the business grows, then only you and your partners won’t be enough. Therefore you will need to consider hiring staff for different kind of positions. Something to be aware of, people appreciate when there is a 24/7 customer service. The reason is that people may need to get answers about your business at unexpected times throughout the day.

Finance is another important issue and sometimes can be a downer, but you can’t avoid it. Are you the one and/or your partners funding the business? Do you have any sponsors? Are you going to promote other company’s products to give you money? There are different ways to get money for the company’s expenses, but sometimes can be a struggle. Find what works best for you and with the help of your lawyer make sure everyone related with the finance part has agreed before starting your business. Also always make sure you save money for an emergency fund because you never know what might go wrong and need money to fix the problem fast.

Something that you may need to spend a lot of money is Marketing. However you can’t start a company without promoting your products to the audience you are aiming for. Television, radio, posters, flyers and working with other related companies promoting one other’s products are few ways to show to the world what you have to offer. If possible create a marketing plan and that will help you a lot. Also social media like Facebook and Twitter are very helpful especially in our days and the best part is that they are free. For more information on which ones should you use read this article. The biggest mistake that most businesses do is not thinking their customers’ needs and/or problems. Sell the products as answers to their problems.

The next step is SWOT Analysis, which stands for Strengths, Weaknesses, Opportunities and Threats. Basically you need to evaluate these four elements according to your business in order to know exactly what to expect in both good and bad days. In that way you will be prepared for everything that may occur.

Finally you need to create a Business Plan, which will be a statement involving all the above and it’s going to be the structure of your business. That will give you a clear image of what your company would look like, so you know what to do and what not to do for better results. Whatever happens you need to go back and check your business plan in order to make the best possible decisions for your business.

Before starting your new business think every single section step by step and take the appropriate precautions. These steps will make your business more professional, you will have absolute control on what happens, how you want things to run and the chances to fail will be at minimum.

Share this article to inform more people and tell us your thoughts in the comments below: Did you find these steps helpful? What steps did or didn’t you take? Do you have any other steps to suggest?