How to Start a Startup Business (Complete Guide Step by step)

You have a great idea and are now thinking about going into business. OK! But where to start? This is THE question every entrepreneur faces before starting their first business. But don't worry, here's a step-by-step plan to get you started on a solid foundation.

In general, many people aspire to become self-employed and/or own their own business, but only a few achieve their dreams. The observation is bitter, 80% of people who embark on entrepreneurship fail.

This then begs the question: why? Is it because they started their business when economic conditions were unfavorable? Were they too old or too young? Didn't they have enough money in the bank? In other words, did they start their business at the wrong time? In reality, there is no right time to start self-employment or entrepreneurship.

You simply have to start when the conditions are met with good economic context, good skills acquired, etc., and not rely on your age or your savings.

Fulfill the basic conditions of startup business

When considering starting a business, it's important to have a checklist to make sure you cover all your bases. So many businesses fail in their first year because passionate people with big ideas don't make sure it's the right time or place for their business.

Your business checklist should first include things like:

• The type of business you want to start
• A business plan
• A good location

And that's just the beginning. So, if you have the passion and a good idea, this is a good place to start. But, if you really want your business to succeed, it's important to know when is really the right time to take the leap.

Now, let’s check out some amazing tips on startup businesses or how to start a business. 

1 – Evaluate your idea on the market

It is not enough to have the idea of ​​the century, how good it may be; it is necessary to analyze its relevance to the current labor market, to concretely estimate whether it will be viable once it has been realized.

It is often in this first step that you will carry out a market study, evaluating how well the concept or the business idea can really meet a need.

There is already a geographic relevance to optimize the market in which you are placed.

However, the competition will also have to be analyzed, depending on the field of activity and expertise: launching a web communication agency in a large city may be more difficult to establish and find customers when the market is already saturated.

Because you also have to think about the long term: starting a business is not an isolated action over time, and you have to be realistic about the possibility of developing an activity that can prosper in the long term.

Here are some key questions to ask yourself to validate the idea:

• Does my business idea meet a real market need?
• Are there other companies that already meet this need?
• Who is my target audience, the profile of my typical customer, and how do I identify them?
• What is my target market, the relationship between supply and demand in this area and in this geographical location?

You can also do a more in-depth market study by carrying out surveys, by carrying out a more in-depth economic analysis of the existing markets in the field of activity concerned, or by consulting various statistics on consumption habits.

The opinion of others or seek feedback: When you start a business as in any project, outside opinions are often very useful. This allows you to have constructive feedback or a second thought on some decisions. You are often advised to expose your idea to loved ones, in the family sphere, with friends, or even with colleagues or professionals as part of a follow-up or support, to have a different perspective, and sometimes ask yourself questions that you would not have thought by yourself - or even, adjust certain ideas. 

2 – Choose a legal form of business

To start a sole proprietorship in Bangladesh, there are different legal forms, therefore different possibilities on the legal side of the company, which you can choose according to a certain business plan, for example, if you plan to quickly evolve towards a structure with or without employees.

3 – Make a business plan

Once the idea and concept of the business are validated, it is time to think about the concrete realization, which can be detailed in a business plan.

A business plan is a document that brings together several elements that will give a detailed presentation of the business project, including:

• An introduction and general presentation
• An explanation of the market context in which the company operates
• The mission of the company, what problems it proposes to solve
• A description of the target audience and customer profile, how to reach it
• The communication and marketing strategies 
• A timetable with objectives and achievements to be achieved
• An analysis of the competition, in the current market in this field
• Explain how the project stands out from others, what is the potential and added value of the company, and what makes the company's trademark

Financing / Procedures: The business plan is an important document since it will also allow you to present yourself to partners and institutions, for example in the context of a request for subsidies, request for financing, loan, credit, or any procedure. where it will be necessary to present the business project, while it does not yet exist.

4 – Make a financing plan or financial package

Financing a business that starts according to the project or the sector of activity—how and when to finance it is always important.

It is first necessary to anticipate and plan the expenses, what will have to be invested for the start-up of the company, whether it is the cost of equipment, supplies, licenses, rents, rental of equipment, vehicles, costs design, advertising, and promotion, etc.

Once you have established some figures to have a better idea of ​​the necessary financial investment, you must study and determine the means of financing.

Anticipate business taxes: An essential part to consider and estimate is the different taxes that you will have to pay each year on the turnover; however, you can also anticipate the fact of being able to declare certain eligible expenses to reimburse part of these taxes: thus, taxes are a part to be considered in the financing plan.

5 – Get started: take the necessary official steps

When everything is structured and established on paper with a solid business plan, it is time to take action, launch the business, and begin the legal procedures.

Business name: Depending on the activity and status, registration with a business name and number is not mandatory in Bangladesh, but in certain situations, it will be strongly advised to do so, as your business name may also be strategic in certain marketing contexts, notably for brand image. 

Similarly, the creation of a bank account for the company is not always mandatory but often recommended.

In certain contexts and areas of activity, it will also be necessary to take steps to obtain permits or licenses before being able to legally operate, such as in the retail trade or catering.

There are several strategies to follow that can support the start-up of your business, that can offer development assistance, construction of financing plans, obtaining loans and grants, networking, or even mentoring to offer personalized support with qualified and experienced professionals.

6 – Estimate realistic sales figures

You will need to make yourself known to your potential customers, but also to break into each step of the production and delivery of your offer.

Again, don't be afraid to knock on doors and ask questions of people who know your industry. A franchisee, for example, will contact another to find out their sales figures.

Some other things to keep in mind when thinking about a startup business

i) Get started when the environment is right

Although there is no ideal time to start your business, you will have a better chance of success if you are aware of the economic environment in which you operate.

Due to the present conditions, thousands of people across the country have lost their jobs. Small businesses had to close for months and some of them may never reopen.

If you are thinking of starting a business now, you have to take into account that you are currently in a recession.

Thus, it is not the best time to start certain types of businesses that require large sums of money from you.

But on the other hand, if you're looking to start a business with low overhead, like consulting on a subject you're an expert on, now could be a great time to start, especially if you find yourself unemployed.

It really all depends on your business idea and how it evolves in this new world. Only you know if the time is right to open your business, but you can use facts and research to back up your intuition to make an overall decision.

You need to know if people are spending money and where they are. It's also a good idea to consider the type of business you want to start and how it might turn out given the current state of the economy.

These days, when so many people are struggling financially, they may not want to spend their money on just anything, so you should do a good analysis of your industry before you start.

ii) Start when you have the skills

Some people try to do it all when they get into entrepreneurship, and that's not realistic. Being a leader who wears too many hats at once will not get you ahead.

There are so many components to a successful business, and you either need to have the skills to conquer them all or have the right team to work alongside you. One of the most important skills to have when starting your own business is business management.

Business management allows you to be a leader within your business, guide others, and drive every aspect of your business from the inside out.

Some of the most important business management skills include:

• Demonstrate leadership skills;
• Have great communication skills;
• Know what and when to delegate;
• Being able to make decisions;
• Have skills in problem-solving;
• Have technical skills.

These skills will help you manage the inner workings of your business while allowing you to choose the best employees to fill in the gaps.

iii) Start with the right team

Good employees will be the driving force that keeps your business running. Before starting your business, you will need to conceptualize the type of employees you will need.

Will you need to hire mostly full-time workers? Will they be able to work remotely? Are you ready to hire contractors? Can you go there alone? You need to think about these things before you start your business.

You may even realize that the right people are already in your life and may be ready to work towards making your dream come true from day one.

Understanding the different types of employees can help you know what type of benefits you should offer and whether you should offer a salary or contract compensation.

While it may seem easy to find employees, it's not always so easy to find the right ones for your business.

iv) Your finances don't matter

Reading through the stories of the greatest entrepreneurs, one quickly realizes that there is no correlation between economic conditions and the success of new ventures. Getting into entrepreneurship and succeeding does not necessarily depend on the financial means you have at the start.

v) Age does not matter

When is the right time to start your business? Of course, this is a very personal choice. But, if you are aware of the state of your finances, have the skills to run your business, and have the right team working with you, you can feel confident about starting your business and preparing it for the future. hit.

If you have the passion, now is the right time. If you're not, it definitely isn't.

To sum up

In conclusion, the life of an entrepreneur can be very rewarding. You will encounter many difficulties along the way, but do not be discouraged, and go for it. If you want to run a startup business in Bangladesh including an e-commerce startup, small or medium-sized business, or any other online business, the guide will surely help you. Thanks.