Business

Fifteen Steps to Work through When Starting Your New Business

Start with working through the twelve steps below when you are first starting your own new business in Hong Kong.

Step 1: Always start with a business that you believe eventually you will get paid for.

Step 2: Start something that you already possess at least a few years of experience.

Step 3: Define exactly what success means for you as a person.

Step 4: Focus on a single niche.

Step 5: Determine whether you are going to consult, sell a product, or provide a service.

Step 6: Write down a business plan.

Step 7: Write down a marketing plan, or exactly who are going to be your customers.

Step 8: Learn the problems almost all small business owners are facing, and look for the solutions.

Step 9: Learn how to do problem solving, decision making, project management, and time management.

Step 10: Practice your coaching skill.

Step 11: Practice your public speaking and presentation skills.

Step 12: Learn from the maestros in your industry.

Step 13: Company registry i.e. Register your business.

Step 14: Grow your business by finding new customers and selling your product, service, or consulting.

Step 15: Be ready to get investment or funding from angel investors.

Let’s assume your company provides consulting service in one of the niches. For your business to survive, it must make revenue, and you must be able to find new customers and sell your consulting service to them. As the founder and owner, you must ask yourself the questions below.

How do you execute your marketing plan to acquire new prospects? Assume the prospects are not ready to buy for the first time.

How to quickly detect the intention of the prospect, and get rid of the “no-buy”? Both your prospect and you need to get right to the point and start meaningful conversations before you run out of time.

What are the step-by-step actions you should take after knowing the intention of your prospects?

Why can’t you market to the prospects as if they were consumers or corporations?

How do you help your prospect to make the buying decision so you can make it to the top of their to-do-list?

How do you convert more than half of your prospects who have already indicated no to your product, service, or offer?

What is exactly going on inside the mind of a small business owner (for a business-to-business deal) or a consumer (for a consumer product) when making a buying decision?

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