Hello, friend Summarized! This time we will discuss an article about the stages of taking concrete actions when starting a business. Are you planning to start your own business? If so, then you need to know the steps that must be taken so that your business can run smoothly and successfully.
5 Stages of Taking Real Actions When Starting a Business
Stages
The following are 5 steps to take real action when starting a business that you can follow:
1. Determine the Business Idea
The first stage is to determine a business idea that suits your interests, talents and abilities. The business idea is the most important thing because it will determine the direction and goals of your business. You can look for inspiration from various sources, such as hobbies, market needs, trends, or problems that are around you.
Case Example: Rina is a coffee lover who frequently visits various coffee shops in her town. He saw that there was an opportunity to open his own coffee business with a different concept from the existing one. He also started looking for unique and interesting coffee business ideas.
2. Doing Market Research
The second stage is to conduct market research to test the feasibility and potential of your business idea. Market research is the process of collecting and analyzing data about customers, competitors and the business environment. Market research will help you find out the needs, preferences and behavior of your customers, as well as the strengths and weaknesses of your competitors.
Case Example: Rina conducted market research by observing coffee shops in her city, conducting online surveys of potential customers, and searching for information about coffee trends on the internet. From the results of market research, he found that there is a high demand for coffee with local taste and authentic taste.
3. Develop a Business Plan
The third stage is compiling a business plan that contains a complete description of your business. A business plan is a document that describes your vision, mission, goals, strategy, products or services, target market, financial analysis, and marketing plan for your business. The business plan will be a guide and reference for you in running your business.
Case Example: Rina drafted a business plan using an easy-to-fill online template. He wrote about his business idea, which was to open a coffee shop under the name KopiLocal that serves coffee with local flavors and authentic flavors. He also wrote about his target market, namely coffee lovers who are looking for new experiences in enjoying coffee.
4. Looking for Business Capital
The fourth stage is to find the business capital needed to start and develop your business. Business capital is money or assets used to buy raw materials, tools, equipment, place rent, employee salaries, and other operational costs. You can seek venture capital from various sources, such as personal savings, bank loans, investors, crowdfunding, or government assistance.
Case Example: Rina seeks business capital by applying for a loan to a bank that provides low interest and easy terms. He also invites his friends to invest in his business by providing shares or profit sharing. Apart from that, he also took part in a business assistance program from the government which provides subsidies and licensing facilities.
5. Conduct Business Execution
The fifth stage is carrying out business execution, which means implementing your business plan in concrete form. Business execution is the process of producing and selling products or services, building relationships with customers, conducting promotions and marketing, managing finances, and evaluating business performance. Business execution is the most challenging stage and determines the success of your business.
Case Example: Rina executes her business by renting a strategic and comfortable place, buying quality coffee equipment and raw materials, recruiting and training professional and friendly employees, creating a website and social media to introduce her business, giving discounts and gifts to loyal customers, and make financial reports every month.
Conclusion
Those are the 5 stages of taking real action when starting a business that you can follow. By following these steps, you can prepare and run your business better and more effectively. Remember, business will not succeed without real action from you. So, don’t hesitate to start your business right now!
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