10 STEPS

10 STEPSON
ONHOW
HOWTO
TO
START
START YOURBUSINESS
YOUR BUSINESS
1. CONDUCT MARKET RESEARCH

Market research will

tell you if there’s an
opportunity to turn
your idea into a
successful business.
Starting your business involves
planning, making key, financial
decisions and completing a series of
legal activities.
2. WRITE YOUR BUSINESS PLAN
Your plan business plan is the
foundation of your business. It’s a
roadmap for how to structure, run
and grow your new business.
3. FUND YOUR BUSINESS
Your business plan will help you
figure out how much money you’ll
need to start your business.
4. PICK YOUR BUSINESS
LOCATION
Your business location is one of
the most important decisions
you’ll make.
5. CHOOSE A BUSINESS STRUCTURE
 Thelegal structure you choose for your
business registration requirement, how
much you pay in taxes and your
personal liability.
6. CHOOSE YOUR BUSINESS NAME
 It’s not easy to pick the perfect name. you’ll
want on that reflects your brand and captures
your spirit, you’ll also want to make sure
business isn’t already being used by someone
else.
7. REGISTER YOUR BUSINESS
 Once you’ve picked the perfect business
name, it’s time to make it legal and protect
your brand.
 If you’re doing business under a name
different that your own, you’ll need to register
with the government too.
8. GET FEDERAL AND STATE TAX ID’S
 You’ll use your employer identification
number (EIN) for important steps to start and
grow your business, like opening a bank
account and paying taxes. It’s like a social
security number for yoyr business. Some but
not all states require you to get a tax ID as
well.
9. APPLY FOR LICENSES AND
PERMITS
 Keep your business running smoothly by
staying legally compliant. The licenses and
permits you need for your business will vary
by industry, state, location and other factors.
10. OPEN A BUSINESS BANK ACCOUNT
A small business checking amount can help
you handle legal, tax and day – to – day
issues. The good news is it’s easy to set one up
if you have the right registrations and
paperwork ready.
MASTER SELF
 Is a broad term that covers many
aspects of your personal and
professional life. Developing Self
Mastery can mean working on many of
these areas. (If so, it may be best to
focus on one or two areas at a time, so
you don’t become overwhelmed).
DEVELOPING SELF MASTERY
 When you have developed self mastery you have the
ability to control yourself in all situations, and you move
forward consciously and steadily towards your goals. You
know your purpose, and you have the self-discipline
needed to do things in a deliberation, focused, and
honorable way.
 Self-mastery also means mastering your emotions,
impulses, and actions, and is vital if yoou want to achieve
your goals in life.
AREAS OF YOUR LIFE TO
DEVELOP TO SELF-MASTERY

1. Goals
2. Willpower
3. Attitude
4. Focus
 AREAS OF YOUR LIFE TO DEVELOP TO SELF-
MASTERY
GOALS
- Self Mastery starts with a vision of how you want your life to
be.
-Think about people you know how have incredible Self-
Discipline. Chances are that they know exactly where they
want to go in life, and this vision gives them the strength to get
there.
WILLPOWER
-Is an essential part of Self-Mastery. It’s what pushes you
forward to take action, even if you’re feeling scared on
hesitant. Willpower is also what keeps you moving towards
your goals in the weeks or months ahead.
ATTITUDE and EMOTION
-Your attitude and emotions play a major role
in Self-Mastery. Those who show strong Self-
Mastery don’t let their emotions control them-
They control their own emotions.

FOCUS
-Start by working on your Concentration.
Focus on one task at a time, and slowly increase
you level of focus.
 MASTER
OPPORTUNITY
A - COMPELLING REASONS
B – RIGHT IDEA
C – HOOSE YOUR MARKET
D – IFFERENTIATE OR DIE
E – STIMATE YOUR SALES
F – IT VALUE
Go – MASTER OPPORTUNITY
COMPELLING
REASONS

People typically do
business with you because
your value proposition is
stronger than offered
competitors.
Here are several of the
most compelling reasons
that people might
choose to do business
with you.
Brand Reputation or Earned
Trust
It doesn’t happen overnight, but if you can build a
business and brand that people trust, half the battle
is complete. When comparing options in a
particular buying scenario, people tend to lean on a
trusted name when all else seems equal.
From day one, focus your small business marketing
on establishing credibility and the reputation you
seek. If you want to be known as an elite customer
service provider, for instance, ensure that you
deliver a quality experience that easily stands out
from what people normally get elsewhere. The more
consistently you solve problems from targeted
buyers, the stronger your image of 
credibility and expertise gets.
An Elite Solution
 An elite solution is one in which the
product and service deliver a
combination of benefits far superior to
most alternatives. A certain portion of
the market in most industries only
wants one thing – the best possible
solution.
Convenience or Efficiency

 A convenient location and an efficient purchase

process are key factors to satisfying busy or
rushed customers. A compelling reason to present
your business through ecommerce is because of
the convenience it offers. You can attract people
who prefer to order from home or on the road
without having to visit a store. Kiosk locations are
another way current businesses expand their reach
and offer a convenient solution.
A Safe and Comfortable
Experience
 People are emotional creatures. You have
the ability to attract buyers by appealing
to a number of emotions. Showing
empathy for the problems your buyers
face and addressing them in your
business is a great place to start. Beyond
that, many people prefer a safe and
comfortable buying experience versus
one that is uncertain, complex, frustrating
or risky.
Other Factors That Attract
Buyers

 In addition to these major reasons people buy from

you, consider the following as other opportunities
to attract buyers:

 Clear communication

Low prices
Local community involvement
RIGHT IDEA
Is a starting point for
any current or future
entrepreneurs. It is
essential because it is
the beginning of a new-
life of a business and a
life of an entrepreneur.
Below you will find the list of 6
ideas that merge two concepts
(utilizing your practical skills
and presenting them online) and,
thus, double your chances of
success.  
ACCOUNTANT SERVICE
 Though there are so many accounting
software that will help you track your
budget, people need someone
whose expertise in tax law or any related
issues is unquestionable. So if you are a
licensed accounting professional, your
service is highly likely to be on demand.
Actually, accounting, tax preparation,
bookkeeping and payroll services belong
to the industries with the best start-up
statistics.
ONLINE PERSONAL
TRAINING  
 If you can teach people to stay in
shape then there is no need to limit
yourself to a tight schedule in the
gym on the position of a fitness
trainer. Instead, you can apply your
knowledge to become a personal
fitness trainer online. All you need to
do is to prerecord the course and
sell it online.
 WEB
DEVELOPING
 Another job that requires low investment
but promises a high profit is a web
developer whose work is usually
multiple-projects-based so whatever task
they do, from enlarging the thumbnails
on the client's video to answering the
calls, they need reliable tools to keep
time tracked accurately because these are
their billable hours.
FOOD MAKING AND
DELIVERY
 The small business based on food
making (the ideas range from jam jelly and
fruit toffee making to offering delivery
home-made food to offices) are a steady
growing market. You can choose between an
option to franchise the established brand and
offering your own menu. To make your
menu visible and facilitating paying for your
service, you absolutely need a website or
presence on specialized platforms.
MARKETING PHOTOGRAPHER
SERVICE
Any business requires visual content
so the service of a photographer is on
rising demand. So if you know how to
give a savvy view to a product, have
strong troubleshooting skills and can
cater to various clients' needs, announce
your presence either on your own site or
through photo stocks or professional
platforms, and launch your business.
 SOCIAL MEDIA
COACHING
 If you are a person who has the talent of
convincing in addition to deep knowledge of
branding, marketing and social media, you can
try a career of a social media coach whose
service is closely related to marketing manager's
job responsibilities. Companies need experts
able to teach teams to manage campaigns,
outreach communities, amp up the brand, offer
the social media strategy and optimize the
content for the increased traffic.  
HOOSE YOUR MARKET

If you try to sell your products

and services to everyone in the
world, you will waste both time
and money.
When you choose a market,
you should consider five main
factors:
HOW MANY CUSTOMERS
ARE IN THE MARKET?
A market can be huge
but dominated by only
a few players. Or a
market perceived to be
global can be
dominated by a few
regions. You must know
CUSTOMERS PAY FOR
YOUR PRODUCTS OR
SERVICES?
The prices you charge for your
products and services will be
influenced by your customers’
ability to pay. Put another way:
not every market is the same –
the profit margins of businesses
in some large markets are tiny,
even if the market size is huge.
HAVE THE NEED YOU
SOLVED?
Customer behaviour can
change, and it’s important
that you understand both
their existing behaviour
and how you must adapt to
the changes.
HOW MANY COMPETITORS
ARE COMPETING FOR YOUR
CUSTOMERS’ BUSINESS?
If the market is over-saturated with
competitors, it will be both difficult for
you to stand out and also difficult to get
funding. More importantly, if you reach
for a broad market, you will need more
financing than if you pick a more
targeted, niche market. Understanding
your competition is critical to success.
HOW DOES YOUR BUSINESS
COMPARE TO OTHER
COMPETITORS?
 Ultimately, once you’ve defined your market,
identified a need, and assessed your competition,
you should evaluate whether the value
proposition you provide is robust enough to cut
through the noise and be attractive to your
potential customers. Keep in mind that 
price isn’t value – it’s very difficult to compete
on price alone. Features are also not value –
that’s why you rarely see Apple touting features
of its products (in most cases, the products of
Apple’s competitors are more feature-rich).
 IFFERENTIATE OR DIE

 Product differentiation is probably the most visible.

It includes actual physical and perceived differences,
of which the latter can be acquired through
advertising. Product differentiation may take the
form of features, performance, efficacy (or the ability
of the product to do what it is purported to do),
meeting specifications, or a number of other criteria.
This is the general area that most B2B marketers —
and probably most consumer marketers as well —
spend the majority of their time and money.
Service Differentiation
 Differentiation of service includes not only delivery and
customer service, but all other supporting elements of a
business such as training, installation, and ease of
ordering. To many, these seem like the simple components
of a business — the blocking and tackling or the
foundational elements that do not require sophistication.
But think about a business like McDonald’s. Like their
Big Mac or not, they know how to differentiate on service.
With very few exceptions, you will get the same product
and the same service at a McDonald’s in Texas that you
will get in Georgia, Connecticut, or California. And in
each location, the fries will be cooked the same, have the
same amount of salt, and be served up equally as fresh
from the fryer.
Distribution Differentiation
 Channels of distribution can also be an
effective means of differentiation.
Distribution can provide coverage or
availability, immediate access to expertise,
and greater ease of ordering, and higher levels
of customer or technical service.
Relationship Differentiation
 An often overlooked means of differentiation is
through company personnel. Employees,
associates, or team members with customer
interface can provide and demonstrate
competence, courtesy, credibility, reliability, and
responsiveness. Responsible for executing day-
to-day client-facing communication, they are the
linkage between the product and customer. If
that linkage breaks down, the business is
destroyed.
Image/Reputation Differentiation
 Some businesses set themselves apart by their
image either as part of another differentiation
avenue or as a separate strategic path. Normally,
image is created by other forms of differentiation
such as high levels of service, superior product
quality, or performance.
 Image is controlled and managed by symbols used
in communications, advertising, and all types of
media — written, digital, and audio, as well as the
atmosphere of the physical place where customers
encounter the business. This is not limited to retail
businesses only.
Price Differentiation
 Successfully competing on price requires
recognition that every customer has a
different price they would be willing to
pay for your product. Segmentation and
differentiation allows a business to come
close to maximizing the potential revenue
by offering each segment a differentiated
product at a different price.
Factors to Consider for Differentiation
 A difference is worth establishing when it meets at least
one of the following criteria:
 Valuable: the perceived benefit exceeds the cost

 Important: delivers a benefit critical to success

 Distinctive: unique or offered in a distinctive way

 Superior: better technology, faster

 Emotional: ties to a core emotion — love, hate, desire

 Communicates: understood and visible

 Pre-emptive: cannot be easily copied

 Affordable: customers can pay the higher price

 Profitable: contribution (margin times volume) exceeds

cost of difference
 STIMATE YOUR SALES
 If you have more than one line of sales, show
each line of sales separately and add them up.
If you have more than 10 or so lines of sales,
summarize them and consolidate. Remember,
this is business planning, not accounting, so it
has to be reasonable, but it doesn't need too
much detail.
 Here are some tips to get you started:
Develop a unit sales projection
 Where you can, start by forecasting unit sales
per month. Not all businesses sell by units, but
most do, and it's easier to forecast by breaking
things down into their component parts.
Product-oriented businesses obviously sell in
units, but so do a lot of service businesses. For
example, accountants and attorneys sell hours,
taxis sell rides, and restaurants sell meals.
Use past data if you have it
 Whenever you have past sales data, your best
forecasting aid is the most recent past. There are
some statistical analysis techniques that take past
data and project it forward into the future. You
can get just about the same results by projecting
your two most recent years of sales by month on
a line chart and then visually tracking it forward
along the same line. Statistical tools are a nice
addition, but they're rarely as valuable in a
business plan as human common sense,
particularly if it's guided by analysis.
Use factors for a new product
 Having a new product is no excuse for not having a sales
forecast. Of course you don't know what's going to
happen, but that's no excuse for not drafting a sales
projection. Nobody who plans a new product knows the
future--you simply make educated guesses. So break it
down by finding important decision factors or
components of sales. If you have a completely new
product with no history, find an existing product to use
as a guide.
 For example, if you have the next great computer game,
base your forecast on sales of a similar computer game. If
you have a new auto accessory, look at sales of other auto
accessories. Analysts projected sales of fax machines
before they were released to the market by looking at
typewriters and copiers.
 IT VALUE

Value is the name of the game, and it

is critical for the market you are trying
to serve that they understand your
value proposition instantly. The quicker
your customer can understand the
value, the more you know your product
has achieved product-market fit.
Product-market fit
 is the golden rule for any startup –
entrepreneurs need it or their concept
will fail. However, defining product-
market fit can be challenging for some
startups, as it takes time and requires a
deep understanding of your target
market.
 For those looking to
achieve product-market fit
quickly, here are three tips:
1. Understand your customers' current
needs and foresee future ones
 Learning the needs of your customer takes time and
experience. If you don't know your customer, you won't
have much luck figuring out the product-market fit. To
get a better understanding of your target demographic,
you should spend time with your customers, write for
industry news outlets, attend industry tradeshows, and
find a mentor in the market to help you learn the ropes.
Doing so allows you to gain invaluable connections and
gain an inherent sense of the industry needs. Developing
a deep understanding of the problems facing your
customers enables you to relate to them better and
ultimately helps builds trust and credibility.  
2. Focus on one significant value
proposition
  Narrowing your feature set down to the one
feature that is a game changer is difficult, but it
an absolute necessity. To determine which
feature you should initially focus on spend time
with customers, analyze major emerging trends
in the industry, and examine areas where
competitors fail to solve problems. The ancillary
features can come later as your customers will be
willing to wait if your product solves one major
pain point they are facing.
3. Build Credibility
 The best way to build credibility is to
offer up a story. Customers want to
know how your product or service is
going to make sense for them, and the
easiest way to do this is to inject their
needs into your brand's story. 
7 P’s of Business
Plan
1. Product
An article or substance that is
manufactured or refined for sale.
It is anything that can be offered to
market to satisfy the desire or need
of a customer.
2. People
Human beings in general or
considered collectively.
3. Price
The amount of money expected,
required, or given in payment for
something.
4. Promotion
 Refers to any type of marketing
communication used to inform or
persuade target audiences of the
relative merits of a product, service,
brand or issue.
5. Place
An office or location where main
business transactions are executed
and its records are stored.
6. Positioning
Isa marketing concept that outlines
what a business should do to
market its product or service to its
customers.
7. Packaging
 The wrapping material around a
consumer item that serves to contain,
identify, describe, protect, display,
promote, and otherwise make the
product marketable and keep it clean.
Packaging is more than just your
products pretty face.