Every university student has the power to change the world. Only a student can see the world from different perspectives.
18+ students can move along their way legally. So, if you are a student then you have the enthusiastic power to launch your startup legally while continuing your study.
If you have reached this article that means you are curious about how to start your own business.
To start a business, an entrepreneur has to go through a few steps. Before explaining each step deeply, I would like to recommend you to read this article comfortably, so that you can better understand each step.
If you will have any problem to understand any of these steps, then feel free to ask in the comment section, I will clear it.
The step by step process of how to start your own business:
- Makeup your Mindset:
Brainstorming is the first step to start a business. Whether you have to see an opportunity to start a business or you have to have a passion to create opportunities, You should determine your ability.
It doesn’t matter what skills you have or whatever academic study you do. You are still able to make decisions by going beyond it but you should choose the business field according to your current circumstances.
Let suppose, you are studying in the IT field. It might be possible that you have the skills of web development, software development, graphics design, SEO, etc. When someone has any of those skills, he/she thinks about the only freelance business model.
It’s totally up to your vision, how you see yourself in the future. If you see yourself as a freelancer in the future for a lifetime then go for it. In the future, you can make a freelance team and can build a successful IT firm.
But if your vision is to do corporate level business then stay out from the freelance business and start thinking about a product development that can fix people’s needs.
- Raising your capitals:
Once you have developed a product, it’s time to raise your capitals. It is necessary to backup your business.
Most of the time students raise their capital from their pocket money to start a business. But if your savings are not enough to support your business then you can take student loans from the bank or find business investors for your startup.
If you have got an established and supportive family then you should ask for money from your parents.
Without a proper team, a successful business can’t imagine. So, you can build a team with a partnership and you can raise capital from them to initially start your business.
- Target a market:
Now you have a product and business capitals. It’s time to target a market where your product is going to be sold.
Targeting a market means selling the right products to the right place.
Just imagine if you are selling fish to the cloth market, how many people will buy your fish! Someone? Even nobody will buy your fish! Just because, there is no connection between buying fish and cloths together.
If you are selling fish fry then there is a great chance to create a business there!
Do you know why?
Because there is a strong possibility in the crowd having keen on eating fish fry. It might be possible they will like eating fish fry while shopping for their clothes.
- Segmentation of your market:
After targeting a market, segment it based on demo-graphical merits and demerits.
Separate different areas of your target market.
Measure what areas have most of your targeted customers.
You can run a survey by asking the business owners who are already doing business there.
Create an end-user profile by using the data of the customer’s age and their behaviors.
According to your product, narrow down your customers to the super-targeted customers
- Selecting the first 10 customers:
If you can sell your product once that means you can sell your product a thousand times. That’s why you should select the first 10 customers to sell your product for the first time.
It’s up to you whether you select randomly or by doing some research. Selling is a different thing. You can consider there are two types of selling systems.
a) Selling to educated customers
b) Selling to uneducated customers
Educated or uneducated customers do not mean academically literate or illiterate customers.
Here I mean for educated customers are, the customers who are aware enough about your product, and uneducated customers are, the customers who are not aware enough about your product.
I recommend you not to struggle to sell your product to the uneducated customers. Instead, you should select 10 educated customers to sell your product with less effort.
- Test your product:
Before start selling your product, make sure you know your product very well. Knowing your product very well means you must know the strength and weaknesses of your product.
You don’t know whether your product is going to be bought or to be rejected. So, testing your product properly is the most important part of your business.
Once you know about your product, you should test it for different customers. Observe your first 10 selected customers’ opinion about your product.
Recycle the process of selecting your customers and testing your product to them.
- Running marketing Campaign:
Now it’s time for business! Once you have done the previous steps properly, you can start your business.
Whether you have chosen to do local business or online business, you will have to run marketing campaigns.
If you have enough budget to market your product then simply hire a marketer otherwise educate yourself on marketing.
Running a marketing campaign depends on your business nature. Sort it out yourself which works for your business.
For every business, digital marketing is necessary for the twenty-first century. You can optimize your local business through local SEO.
You can also run ads campaign on Facebook, Twitter, Instagram, Youtube, Pinterest, and adword
- Measuring your growths:
Without a result, the examination is worthless!
Measure your all activities and marketing campaigns. Observe how people are accepting your product and it’s quality.
Record data of your business activities. Analyze your business data regularly and create your next action plan accordingly.