Thinking about how to start a business should not be too stressful, because it is not always about finding the black thread or inventing something that no one has done yet, but about finding new ways to solve a need that already exists.
When starting a business we need a great adventurous spirit that drives us to take the leap, but we also require any possible help that will guide us because the path can be full of uncertainty.
Undoubtedly, your own business will be the one that makes you grow as an entrepreneur and as a person, but it never hurts to prepare yourself before taking on this lifestyle full of challenges that is entrepreneurship.
For this reason, we have prepared this guide for you, the most complete to undertake with advice, articles and other support that we are sure will help you to better prepare your path. Enjoy it, apply it and show the world what you are capable of!
First steps to starting a business
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If the idea of undertaking has already come to you, it is likely that you will not stop until that idea becomes a way of life for you because, think of something important: undertaking requires your passion and creativity, but also your commitment and perseverance to do turn your idea into a profitable business.
Check out this article in which we talk about the importance of developing your business well, that will be one of your first big steps.
What you need to start your business
In addition to the business idea, let’s talk about other elements that will give body and shape to your venture.
- A business name that works. Whether for a physical business or online, the name of your business provides added value and will be part of what your customer will recognize. We leave you this article to inspire you.
- Financial capital. You will need to have money available to undertake. We recommend you to have a specific support capital. You can review them in this post.
- A defined business model. It can be a traditional one or you can use one of the most used, to map all the resources you need.
- Meet the requirements of the SAT and the government. Take into account that you will need to register with the Treasury to issue invoices, —if your business will be physical—, and notify of the . Do not lose sight of this point and read the information carefully to know what is required.
- Define your primary resources. By this we mean that you think about what you will need in addition to an idea and capital. A primary resource, if you opt for an internet business, can be your online store; If it is a physical business, you should think about the location, the type of premises, warehouse or vehicle that you will need to move your products. Look at the option for creating and managing your online store and the applications it includes, it may be a good option to keep in mind.
It is recommended that you think that these are the first elements to start, but not the only ones, read on and discover more steps to achieve a successful venture.
Learn more…
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Define your type of business and what you are going to invest in
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Before you start selling, review all the options you have to start your business and bring your idea to life. If you already know your business model, it will be easier for you to think about what is the best way to make smart investments according to the objectives you are pursuing.
Within the business model you build, make sure you have a clear financial plan and know exactly what capital you have both for investment in supplies or stock, and for the daily operation of your business.
If you still do not define your model well and you want some business inspiration, we leave you three articles that may be useful to you.
After reviewing them, you can better think about your business idea, or finish defining it. Look for “how yes” to make what you are thinking possible.
Locate and know your market niche
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Once you are clear about the type of business you are going to start, think about two important things:
- your customers
- your market
Although your customers are part of the market, we recommend that you see them as separate elements so that you can focus deeply on each of them. First think that your customers will give you the route to follow in your business, they are the reason why your business will work or not, because if they are not satisfied it will be more difficult to move forward.
Knowing your client is a must that as an entrepreneur and businessman you need for the success of your business, so you can create the precise strategies to reach them, understand what they need and shape your business to satisfy those needs.
Don’t fall into the trap of thinking that your business is “for all audiences”, the more segmented and defined your customer’s profile is, the more likely you are to reach them and position yourself as an option within their preferences.
✨Take a look at this article
However, your market is the sector of the population that you are going to reach, that is, a segment of specific customers. But not only your customers make up the market to which you have to pay attention, your competitors, suppliers and other players also enter here who will determine where the sales trends of your products move.
Other factors such as the exchange rate, inflation, tax laws and government regulations, etc., are of vital importance in the development of your business. When you undertake, make sure you take all these aspects into account and advise yourself with professionals who can guide you.
On the other hand, you can also generate a market study that allows you to determine the general situation and trends that exist at the time of starting your business. For this we recommend this article that explains.
Give meaning and personality to your business
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Very well, so far we have talked about how to define your business idea, get to know your customers and understand your market, as well as what you need to start your business in Mexico, but now let’s think about how you are going to differentiate your business from your competition .
There are several elements that will allow you to differentiate yourself from your direct competitors, here we list four important points to create the personality of your business and we explain them below.
- Define your mission
- Give voice to your values
- Determine how decisions will be made in your company
- Create a value proposition
1. Define your mission
We can understand the mission of your business as the purpose it fulfills, why it exists and what moves the people who make it up day by day to continue working on that project.
Beyond a cliché phrase about being the best company at what it does, try to define your mission from a more holistic perspective; that is, think about things like why do you do what you do? Who do you help and how do you contribute?
In this article we will talk to you in more depth about and why it is vital for your business, as well as explaining some ways to generate it. We assure you that it is worth taking the time to understand your true mission and download it as a guide in your business.
2. Give voice to your values
The values within the business philosophy are understood as the set of principles that will guide the steps of your team to reach the objectives and have to do with the behavior, work culture and environment that is expected to be generated within your company in each work team.
Giving voice to your values goes beyond making a list of what you consider important, rather it is that on a day-to-day basis, the values that govern your company are reflected in each action and in the results that are obtained. .
Knowing and acting according to the values of your business allows you to better make difficult decisions. When a company culture is created with well-established principles, it is easier to detect when something in the organization is not aligned with it and when it is, which allows you to continue shaping teams and processes.
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Create a good plan before acting
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Planning is a key point for any project and when starting a business it is always better to take your time to analyze the steps you must follow, structure them and thus be able to make the best decisions about the course to follow.
The first thing we recommend is the creation of a business plan that gives structure to all the information of your enterprise. This document will help you, among other things, to:
- To establish objectives
- map strategies
- Map your resources
- Give you a clear vision of your company
So that you can create one step by step, we recommend this article:
Another important point that you must take charge of and keep an eye on during the development of your company is financial resources. Understanding what resources you have — internally and externally — will allow you to make good financial decisions that result in the best use of your money.
Creating a financial plan will save you many surprises along the way, you will be able to foresee your budgets, generate your strategies and direct all the business decisions you have to make in a better way.
Don’t leave without reading…
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Planning your activities and projects should be a habit that you develop when starting a business. The better you plan, the better division of tasks you will have and you will be able to get closer to your goals.
Making work plans for different areas of your business will allow you to be more productive, as you will learn to prioritize and divide activities, in addition to eliminating as much uncertainty as possible about issues that are relevant to you, both internally and with the environment that surrounds your company.
In this article we tell you.
📄 Note: take into account that the business world is constantly changing and that your planning may have certain adjustments throughout the processes. We recommend you to maintain some flexibility and not be so rigid, you can make the mistake of falling behind.
Define your business strategies
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Here comes one of the most creative parts that you will have to develop when starting your venture: strategies.
A strategy is understood as the set of tactics or actions that are carried out to reach certain objectives, as well as the way in which those tactics will be developed. It requires creativity to understand and choose the best path based on previously acquired data, which allows better decisions to be made.
A business strategy is then the set of those planned actions that you must develop so that your venture works, is profitable and maintains continuity over time, among other things, and being able to bring it to life will save you a lot of headaches. See how you can start putting one together in this article: .
And well, within this great business strategy it will also be necessary for you to point out issues that make your business stronger. It is good to mention that strategies are developed before starting a business,…
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