The Mailbutler app is available in English 🇺🇸, German 🇩🇪, French 🇫🇷 and Spanish 🇪🇸

Business

10 Tips to Successfully Start and Run a Professional Company

Fancy starting your own company, but not totally sure where to start? Mailbutler can help with tips and tricks on starting a new company.

First published

23.03.2020

Last edited

11.08.2022

Read time

7 minutes


    By Tiffany

    Tiffany studied Language and Economics, and now likes to write about business topics and conduct interviews with interesting people. She spends her free time looking after her plants and with her dog.

    Starting a business, no matter how big or small, is not easy on your own. Taking the plunge can be daunting, but there are proper guides available that can help you start your own venture and gain success in its given time.

    According to statistics presented on Embroker, a startup given the time and resources can smoothly proceed to become a larger company, giving way to more offices exceeding 80 employees and generating significant revenue amounting to more than $20 million.

    Therefore, developing and implementing a successful multinational brand is a product of consistent hard work. Taking an approach that is more gradual than abrupt from start to finish is the proper course to take.

    It is considerably easier to strive for a small business startup and gradual expansion to become a multinational brand.

    10-Step Guide to Starting Your Own Multinational Firm

    Here is a ten-step guide to help you ensure your company’s future as a bigger brand even when it takes its due course of time.

    1. Do Relevant Market Research

    Starting a business starts with conducting thorough research of the market you would be entering. In order to become a successful business that needs survival stability for a longer time in a competitive market domain, you as an entrepreneur require precise knowledge of the market as well as the customers of the market.

    Carrying out a combination of both field and desk research will help you get a good grasp of entering an already active industry and making your place in it.

    2. Choose the Best Suitable Legal Structure

    A necessary step you are required to take when starting your business is to choose the legal structure your company will follow.

    It is one of the most important initial steps as everything else moving forward depends upon your official legal business structure. 

    Your company becomes capable of sharing financial responsibility according to one of the three main legal structures.

    All three of them are different from one another based on payment laws for tax and liability. The three main options are:

    • Sole Trader
    • Partnership
    • Limited Company

    3. Build a Solid Brand Image

    Businesses thrive when they represent their true objectives and goals through a strong brand image.

    A solid brand image is a validation of a trustworthy organization. It means an increased investment that can easily help you to reach that optimum business level. 

    Businesses internalize many operations and tend to get fixated on the fact that if they continue to work better, their businesses will grow. However, many external factors play a significant role just as much, and goodwill is one of them. 

    4. Create an Adaptable Sales & Marketing Strategy

    A strategic stance is the best way to approach a new business. Any business needs to be based upon solid strategic pillars that are guaranteed to work. 

    Thus, it is the right way to develop and implement an adaptable base of sales and marketing strategy that works with any policy change over the years it would take a small business to grow and expand.

    Gradual increase and business expansion can lead to many significant changes. Therefore, having a strategy that fixes your core basics throughout the business cycle is a successful one.

    5. Budget Your Business Finances & Investments

    Starting off small with the expansion goal in mind will be considered the right perspective to start a venture with. However, finally reaching that level and spending all your revenue and savings upon abrupt expansion is also not the right thing to do. 

    For example, you are in a clothing business, and you are doing well for a local brand in the industry for five years.

    But all of a sudden, you decide to open up five franchises around the country with your bestselling Han Solo Jacket.

    It is not a great strategy as you are opting for more than you can offer. The right way would be to open one franchise at a time.

    6. Opt for a Manageable Manufacturing and Supply Chain Facility

    Taking forward the same example as above, if you are a business that requires products to be stocked up and distributed to a multi-channel franchise, then it is highly likely that you would need a compliant manufacturing and supply chain facility.

    Or else expansion of your business will not only entirely halt your business functions but make your inventory and supply chain a more complicated process to work through in the future.

    7. Keep a Legally Smart Headspace

    Keeping a legally smart headspace while starting a business or even when you are thinking about business growth and expansion is a crucial element in a business cycle.

    You cannot go about natural ways to expand your business that might have some legal issues like paying taxes and interests on investment.

    8. Working with Branches, Subsidiaries, and Franchises

    As mentioned above, working with branches, subsidiaries, and franchisees can be tricky for a small startup to grow into.

    Therefore, it is in the best interest of an entrepreneur to first make sure its local management is up to the mark before it can further expand its affairs.

    9. Plan Globally, Implement Locally

    Your company should always have a centralized head office where you first started your business.

    No matter how much and where else you expand, locally, nationally, or even worldwide, always plan globally and implement your strategies and tactic having perfected them locally.

    10. Expand Only When the Time Is Right

    Finally, it is on you to make the final call as to when is the right time to head on with your business growth.

    Make the call the one time you feel your business is striving on its own, having earned all initial investments back.

    FAQs

    What are the top three keys to success in running a business?

    The top three keys to running a successful business are:

    • Conducting detailed market research. Understanding the market you’re part of is essential to your business success. You need to regularly gather information on your ideal customers, your biggest competitors, the expected growth and demand, the current market trends, etc. This data will help you create buyer personas, set clear revenue and profitability goals, and make smart business decisions in general.
    • Defining the four Ps of marketing. To be able to position and market your product or service, you need to be clear on the four Ps: product, price, place, and promotion. You need to determine how your product or service solves your customers’ problems, how expensive it is, where your customers look for your product or service, and what makes your product or service unique or better than the competition. This will help you create an effective marketing strategy.
    • Hiring the right people. Human capital is your company’s greatest asset. If your budget allows you, hire experts in the fields you know nothing about. Such employees will help you make more informed decisions and, ultimately, lead your business to success.

    How do you succeed when starting a business?

    To start a business successfully, you need:

    • Knowledge of the market you want to enter. Having a promising business idea is a great first step, but you must do your homework and understand the market you want to become a part of. You also need to be aware of all the risks and potential rewards of starting your own company.
    • An elaborate business plan. Having a comprehensive business plan in place will help you stay focused and organized. Plus, you’ll be able to consult this document whenever you’re faced with a difficult decision.
    • A powerful marketing strategy. At the beginning of your business journey, nobody knows who you are and what you have to offer. That’s why you need to develop a strong marketing strategy by building a detailed marketing plan, creating your buyer personas, identifying your goals, and choosing the right tools to measure your marketing success.
    • A great team. Starting and running a company is a lot easier with the right team. Make sure to hire skilled professionals who share your company’s values.

    What are the 4 most important steps to take when starting a business?

    The 4 most important steps to take when starting a business are:

    • Do relevant market research
    • Choose the most suitable legal structure
    • Build a strong brand image
    • Create a flexible sales and marketing strategy

    Conclusion

    All in all, workers believe in the entrepreneur that has hired them for their startup to flourish.

    But reality kicks in when it becomes clear that the process of acquiring business success and reaching that multinational level is a slow and steady process of constant hard work and will not happen overnight.

    Thus, with such revelations, it is better to follow a well-guided path to owning your very own MNC in the given time.


    Contributing Author

    Amanda Jerelyn is currently working as a Content Specialist at King Essay. Being an entrepreneur, she loves to offer her valuable opinion regarding business and organization needs.


    Do you want to boost your email productivity while starting your own business? Download Mailbutler for Apple Mail, Gmail or Outlook and see for yourself the advantages it provides!


    Would you like to become a productive person? Read this interesting article “11 Questions That Will Help You Become A Productive Person” from our guest contributor Matt East.

    Recommended articles

    Business

    How to Win as a Freelancer in 2021

    5 inspiring tips for you from an expert freelancer Nick Kyriakides, winner of the 2020 Freelancer of the Year award. Nick is a senior post-production artist working with clients like Adidas, Google, Pepe Jeans, and Huawei.

    11.01.2021

    3 min read

    Leave a comment

    Your email address will not be published.

    It only takes 30 seconds to get started

    It only takes 30 seconds to get started

    Try for free