Starting a business is an exciting adventure that can be very profitable and is also very satisfying. But if you don’t have a lot of money, sometimes it becomes a real challenge.
For this reason, today we want to explain to you how you can start a business or create a company in Mexico even if you do not have much capital.
And these tips will serve you whether you want to create a new business or if you are an established retailer and want to take your business from physical to digital.
And precisely so that the budget is not a problem, in Shopify, you will find an ally so that you do not have to worry about technical or code errors and can focus on the only thing that interests you: growing your project!
The 8 steps to starting a successful business or company
Use The Time You Have Available
No matter how ambitious your business goals are, you can still start a business in your spare time and fit it around your current life commitments.
Not everyone has the ability to quit their full-time job to dedicate themselves to developing something of their own, whether it be creating an online store in Chile, doing it in Mexico, Spain, or any other Spanish-speaking country…
But that doesn’t mean you can’t start.
For example, it is possible to start a handmade products business in parallel to a full-time job or start a blog that you later turn into a business. If you’re looking for more inspiration, here are seven more ways to start a business without quitting your 9 to 5 job.
Identify a Business Idea
Finding a business idea is something you can systematically approach by relying on time-tested approaches that have worked for other entrepreneurs.
Including strategies like:
- Exploit your personal interests. What do you like to do in your free time? Are there products you can sell that relate to your hobbies, or solve a common frustration you have?
- Research existing products. Examine product reviews to see if there are common complaints about popular products, and see if you can identify any gaps in the market.
- Capitalize on trends early. If you notice that a particular product seems to be popping up everywhere, or if you have a great idea to help make the most of a popular product, you could generate great business ideas.
Remember, all you need is an idea to get started. Many successful businesses launched with a unique product and expanded into complementary products from there.
Validate Your Business Idea
This may seem difficult, but it’s really just a matter of testing whether customers are willing to pay for your product before you spend too much time and money on it. No matter what type of business you’re starting, it’s important to validate your idea.
There are many ways to do this, some are simple and some are a bit more complex. Here are some tactical examples that can help you figure out how to gauge market demand before you dig too deep.
- Set up a store to take orders in advance.
- Launch a crowdfunding campaign.
- Create a beta version of your product or service to sell.
There are other ways to validate your product ideas, but when in doubt, start selling as quickly as possible.
Check out the case of PopSockets, a now ubiquitous way to confidently hold a smartphone in one hand. Initially, David Barnett designed PopSockets as a way to keep headphone cords from getting tangled.
It wasn’t until he saw the students in his class use their PopSockets. To better control their phones he realized the unintended value his customers saw in the product. That information helped PopSockets sell more than 35 million units.
Find a Business Name
Work to find a name for your business that makes it clear what you do is short and memorable and is not in common use in your industry. It is not an easy task, but it can be achieved with a little effort and imagination.
Name generators can help you come up with a list of unique ideas, and there are also many proven best practices for choosing your business name that can help you build your own list.
In general, a good name has some characteristics:
- Short and simple. Customers need to be able to quickly remember your name, and the best way to do that is to avoid long names. One or two words are ideal, although three or four short words can also work if they create a memorable phrase.
- If your market research shows that everyone in your industry seems to have similar names or is based on similar elements, you should avoid them to get a name that really stands out.
- In addition to avoiding similar names, you should make sure that no competitors are using the name you want for your business. To do this, do a free trademark search in the countries where you will be doing business, and be sure to also check Google and social media sites. (The same goes for URLs, so do a domain name search as well before registering anything.) Even if someone hasn’t registered a trademark, in many jurisdictions they could legally challenge you to use a name they’ve been using to do business in the same industry. If in doubt, consult an independent legal advisor for advice specific to your situation.
Make a Business Plan
Writing a business plan helps validate and formalize your idea. And can speed up the business-building process by inviting you to sit down and think things through methodically.
A classic quote that applies especially to the business plan development process is: “Plans are worth nothing, but planning is everything.” Many entrepreneurs say they rarely look at their plan once they’ve opened their business, but they’ll also tell you there’s value in thinking about and researching your idea as you develop your plan.
If you’ve never done it before, here’s a comprehensive guide to writing a business plan and a business plan template to help structure your thoughts.
When creating your plan, be sure to pay special attention to the competitive analysis and SWOT analysis sections. While nothing can replace validating your idea by confirming that people will pay for it, the research required to complete these sections can be further proof that you’re on the right track.
Understand Business Finances
The shared goal of any business is to make money, so fully understanding cash flow is an integral part of running a business.
Therefore, it is essential to have a clear vision of the total investment of your money, before spending a penny, as it will help you make important projections, such as when you will break even.
To make the process even easier, consider opening a bank account and having a credit card specific to your business, as keeping your personal and business finances separate makes it easier to prepare your business taxes and can also help automate some of the steps.
Develop Your Product Or Service
You’ve done the legwork and understand the finances, now it’s time to dig deeper into the product or service you’d like to offer.
To start a company that is well focused on the product or service you are going to offer. You could take one of three general approaches:
- Create your own product. Whether you’re creating handcrafted items or looking for an original product from a manufacturer. Developing your own product to sell can help you stand out in the marketplace.
- Customize an existing product. With print-on-demand options, you can add your unique designs and ideas to products including t-shirts, leggings, towels, backpacks, and more.
- Curate a selection of products. Dropshipping is a way to stock your store without creating a new product. So you can start selling almost immediately without having to manage inventory.
Research licenses and regulations
Nobody wants to be in legal trouble. Remember that your business is subject to the laws that govern business in your area. As well as the laws and regulations specific to your industry. For example, a food service company needs to abide by specific licenses and regulations to handle the products it sells. But must also pay attention to the legality of its marketing efforts and to the trademark, copyright, and other laws.
Invest time and money to get timely legal advice from an attorney. Who can guide you based on the specifics of your business, such as industry and geographic location, before you begin, so you avoid future headaches?
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