How To Start A Profitable Business In 2022

So you have a business idea that you've been thinking about lately. The only problem is you don't know how you are going to take this off the ground.

With so much uncertainty going on, you might even be wondering if launching a business might be the right path for you.

Don't worry. In this article, I'm going to guide you through the necessary steps on bringing your business to life.

1. Start with a business plan

Before you head on this journey, sit down and plan a clear path for your business. Having a strategy will help you understand what is it you need to accomplish before you start getting to work.

Get a notebook, start writing down the steps you need to take that will help you launch your business.

Pro Tip: Be as detailed in your business plan as possible but always be ready to pivot if things doesn't go as planned.

2. Refine Your Business Idea

Now that you have a plan, you want to make sure that your business idea reflects your plan. By now, you should know what is achievable and what's not in your plan.

You should also be thinking about what makes your idea a viable business. How would you be able to make a profit from your business. Remember, the goal of a business is always to make a profit. Everything else comes in second.

Without profits, your business won't be able to sustain itself nor your lifestyle. You would also not be able to afford to provide better services or better quality products if you aren't able to make a profit from your business.

So make sure your business idea is something that will actually bring in profits and money.

3. Planning Your Budget

You're not a robot. You still need to eat, pay your bills and set aside some money for rainy day.

So the important question here is, how much are you willing to invest to kickstart this business? Money is a tool, use it wisely.

Your initial investment will directly determine how fast you will get to launch your business. For someone with a bigger budget, you might be able to get help from designers, brand strategist to kickstart your brand.

Or if you are someone with a smaller budget, you might need to learn & do everything yourself from scratch.

Either way, feel free to book a free 30-min strategy session with me to kickstart your business.

Things that you need to invest in: Brand Design, Logo Design, Web Design, Packaging Design, Marketing Collaterals & Printing.

Business expenses: Products Costs, Employees, Web Hosting, Retail Store, Equipments (Cash Registers, Machines, Etc), Business Licenses.

Although there's no exact amount needed in starting a business, just make sure you have enough to cover all these and atleast 3 months of your business expenses before you start a business. You might not be getting sales immediately after launching your business.

Note: You can always invest in branding, design, website and etc later down your business journey. But investing it early-on might help you get your business up and running or get you your first sale much more faster.

Take a look at branding & website design services that I offer.

4. Understand Your Target Market

To start selling effectively, you will need to know who you will be selling to. If you are selling to everybody, you'll end up selling to nobody. That's a fact.

By understanding your target market, you will be able to launch much more personalized marketing campaigns and provide better services that caters specifically to your customers.

Ask yourself this, if you are someone that loves fried chicken, would you go to KFC or McDonalds? Both are fast food restaurants, but you might probably go to KFC for their fried chicken. (Just a metaphor, I live myself some McDonald's Spicy Chicken too.)

Create a persona for your target audience. Include important information like age, gender, hobby, habits, interest, hangouts places and etc. These are all different angles to help you make your brand stand out more to your customers.

5. Research Your Competitors

Find out what other businesses in your industry is doing. How are they finding success and how can you replicate that into your business.

They key is to look past the design of the business and see how their business operates. How are they getting customers, what sales channel are they on, what is their pricing strategy, how do they retain customers and keep them happy?