Everything you need to know to start a business step by step

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Making a dream come true and bringing it to the real world in the form of a business is a challenge that requires effort, patience and, above all, a good idea. But before launching into the adventure of entrepreneurship, we must weigh up different variables - investment, viability, penetration capacity, etc. - that will help us evaluate the initiative.

So that nothing stops you on this path, below we explain step by step how to start your business :

Everything you need to know to start a business step by step
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Study the market
When you are about to create your own company, the first thing armenia number data you should investigate is whether the products or services you are going to offer will have a place in the market : is there saturation or, on the contrary, can we create a niche that has not yet been exploited? If we focus on the first scenario, we must evaluate the weight and penetration capacity of our proposal , since achieving a dominant position in established sectors is difficult.

Define your buyer persona
What is our end customer like? Do they need our product? What sectors do they operate in and what is their role within the company? To answer all of this, we must identify who our buyer persona is , that is, the fictitious representation or archetype of what our buyer would be. In order to have the clearest vision possible, it is necessary to draw these profiles through real data, based on your own databases, surveys and even personal interviews.

Be careful! It is important not to confuse them with our target . Although they are similar concepts, they are reasonably far from each other in terms of the variables they use to define themselves - for example, while the target analyses aspects such as purchasing power, the buyer persona identifies specific needs.

Benchmarking
It consists of a comparative study of the best products or methods on the market, taking as a reference the leading companies in our industry or sector. The advantages that this technique offers us are obvious: follow their example when it can contribute something to us and try to surpass it.

Other key points that benchmarking will provide us with are our improved knowledge of the sector and a higher level of self-demand .

Analyze the feasibility of the project
It's time to do the math. Take out your Business Plan - the one in which you detailed each idea, its commercial viability and the strategy to follow - and compare it with the conclusions you have just gathered. Do we need more investment? Perhaps we can count on the help of a business angel , although to achieve this our project must show good growth forecasts.