How to start a business in 22 practical steps

Creating your own business is a rewarding opportunity to achieve a work-life balance while pursuing your passions, but it isn’t easy.

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Many business owners agree that the first year is the toughest. However, if you’re diligent when starting your business, you’ll put yourself in a much better position for success.

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Define your vision

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Drafting a mission statement should serve as the foundation for your vision. In a few paragraphs, identify your company goals and the high-level strategies you’ll use to accomplish them.

Research your market opportunity

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Take time to figure out the total addressable market (TAM) of your potential customer base. Estimating the current and future value of your business idea and setting reasonable goals can help you win a piece of the pie.

Research your competition

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It not only lets you see what’s out there to compare, but you can also see where your competition is lacking. This means finding the gaps, exploiting them, and reaping the benefits of your improvement on the market.

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