If you find a good idea to start a new business, you maybe ask yourself what is the first step for starting a business. This question is important even when you want to develop your current business. It is very important to know the main steps of starting a business or developing a current business. So we have some vital activities that you shouldn’t miss them.
1. Market research
Doing market research is very important to have comprehensive information about the market, your target audience, competitors, customer needs, etc. You should clarify your unique value proposition for customers in this step. You also should clarify the differences between your products and services and your competitors.
In this step, you should analyze all aspects of the business. Your situation, opportunities, legal considerations, weaknesses, strengths, etc. To analyze all aspects consciously you should use some tools. SWOT is one of the best tools you can use to analyze everything and understand your situation in the market and even extract strategies. PESTEL is another tool that enables you to analyze different aspects of your business environment such as political, economic, legal, etc.
In this stage, you need to plan for everything. For example, you need to select your suppliers, select your distribution channels, expect your costs and incomes, and some other things. Some people prepare a business plan which contains all this information. A business plan can be a complex document to prepare. But there is another tool which is just one page and very easy to prepare. It is Business Canvas. Business Canvas is a very useful document to plan every aspect of your business.
Doing all steps are highly recommended and ignoring them can have bad effects on your business. If you are interested to get more information about that just follow Blue Businessman.