starting a business from scratch

You will agree with me that starting a business from scratch is not very easy. I have made the process easy through these 9 simple steps.

I learned how to start a business from scratch many years ago. I did not understand the impact that will make in my life until about a decade later. It was an engineering drawing board business. That business made me a lot of money. But beyond money, it became part of the foundation and experience I have in business today. As a result, starting a business from scratch is no longer a problem for me.

In this article, I am sharing the same process I use anytime I am starting a business from scratch. With it, I have created several businesses that are at various success levels.

Let us dive into the 9 steps to starting a business from scratch.

Find a problem

I have heard many people who say they have not been able to start a business because they have not found a business idea. I will tell you what I tell them;

Do not look for a business idea. Look for a problem that plagues as many people as possible; who are willing to pay to make that problem go away.

That is simple, right?

The more entrepreneurs start businesses from a “problem standpoint” rather than “ideas standpoint”, the more viable businesses we will have.

Design a unique solution

When you find that problem, the next obvious step to take is to design a solution to the problem.

Seriously…

The fact is that you do not even need to “design” the solution. You can decide to find another place that problem exists. And then, check what solution was created for it.

Here’s what you do next:

You can then tweak the solution to match the culture and prevailing circumstances in your locality. In that way, even though you did not design the solution, you are the one who provides it in your city or country.

Test the market

The next thing to do is to test your market.

Why?

To see how people are going to react to the product or service you have designed to be the solution to their problem.

This is how you do it:

Rather than advertise to everyone in your city, create an advert that targets only a section of the city. It is best to target the literate segment of the city with your product or service.

Name the business

At this stage, you have tested the market. It is now time to give the business a unique name. Don’t make the mistake of naming the business wrongly.

Here’s the catch:

The name must be pronounceable, short, easy to spell and so on. It must also be available as a domain name. For a comprehensive report on getting a world class name for your business, click the link below.

Click Step-by-Step Guide to Choosing a World Class Business Name & Brand

Register the name

The next step is to register the name to make it a legal entity in your country. There are various forms of business registration available. The most popular are Sole Proprietorship, Partnership, and Limited Liability Company. For more information go to your country’s business registration agency.

Brand, Market and start selling

Immediately after the name is approved by the business registration authorities of your country, the next thing is to start a branding process. It is worthy of note here that branding is NOT the logo. The logo is just a part of a whole complex process. So, get a logo, choose what colors you need your brand to be associated with, choose a website theme and you are almost all set. Post your products and services on

So, get a logo, choose what colors you need your brand to be associated with, choose a website theme and you are almost all set. Post your products and services on online forums while your website is being developed. Create articles for distribution to sites that can promote your business. Daily do this and other things that can inspire sales.

Attract team members

At this time, you should have started attracting those who will work with you. And you should be getting set to absorb them into the business.

But hold on:

Before doing that, ensure the terms of your working together are written down and duly signed. I have done a comprehensive work on what you need to do before going into a business partnership. Click here to get it. You need to find team members who are smart in and can handle things like finances, marketing, and systems driven operations.

You need to find team members who are smart in and can handle things like finances, marketing, and systems driven operations.

Set systems

Systems ensure that humans do what they need to do irrespective of how they feel. Systems are therefore the best measure of productivity since humans are “feelers”.

Set systems around hiring and firing, financial management, marketing, operations, projects, and so on. After setting up systems, it is important that there is enforcement. There should also be a punitive action for non-compliance and reward for habitual compliance.

Grow

With systems in place, keep finding ways to increase patronage and your capacity for meeting demand. In startup language, this is popularly called “scaling”.

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With these 9 steps, anyone, including you can start a business from scratch.

Do you have any questions or concern? Post them in the comment section and I will reply right here. All the best.