Question :
Hi,I was just wondering what steps I would need to take to start a business please ? I have no Qualifications as of yet but have come up with a brilliant idea through my passion for learning in my own spare time. I currently run a Facebook page selling my own items for the last 3-4 years, doing it 5 days a week & only 4 weeks break during Xmas holidays. This page has been quite successful and at times very busy so I feel like I have what it takes to run a real business. Any advice would be appreciated,Thank you for your time.Ngarita

Question submitted 10/10/20 @ 06:55am
Industry: Start-ups
  • Up

    Hi there,

    Great question and it’s awesome to hear that you’ve already been running it for a few years. I’m sure the knowledge and experience you’ve gained so far is massive. So there’s a few ways to approach it based on what you are looking for. If you are looking to register a business to formalise things you could start by looking at resources like this https://www.newzealand-incorporation.com/?gclid=CjwKCAjwlID8BRAFEiwAnUoK1Ss_No8GBEbHdIFHg6rLqjwO1OYStm1MK7hO704jzAvjLhKRGhy7_hoCOVgQAvD_BwE

    If you are looking to scale your idea, reach more customers and make more money I’d recommend digging into some of the following:

    1. Get crystal clear on who your target customer is and the problem they face (you may have this)
    2. From here, how large is your potential audience? (i.e. how many people do you expect to buy the things you are selling?) https://www.forentrepreneurs.com/calculating-tam/
    3. Once you can start to get an understanding of the opportunity, I’d recommend then looking at what costs are involved for you to reach that goal. A simple framework to help you frame your growth could be something like ‘the lean canvas model’.
    4. If you follow some of the above steps that should help you gain some understanding of your future potential & what’s involved etc.

    While doing this it’s important to have a clear goal too. What do you mean by real business? What does success look like for you?

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