How to start my Project

Comprehensive Guide

If you are about to create a private project, you are required to answer several additional questions to get to know your capabilities and skills and thus be able to carefully select the most appropriate project for you, to answer the question of “How to start my Project” and the following questions.

What special skills do you have?
What field do you like most (where is your passion)?
Do you have practical experience?
The capital allocated to the project?
What is the lifestyle you would like to live?
Are you ready enough to be an entrepreneur? Or is it temporary enthusiasm nothing more?

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Project Idea

If you have a unique project idea, this is great you do not need to read the rest of the lines of this step or stage, and you can move to the third step. As for the absence of a good idea, it is necessary to read as we introduce you to the many ways that help you get an idea for a distinctive project that matches your capabilities and abilities. The ways are,

Have you ever needed a product and did not find it? If the answer is yes, then you can think about making this product to represent your new project.

A solution to a problem facing a segment of people is by creating or manufacturing a new product and selling it to the target segment.

Take advantage of other markets. People often get ideas for their projects from markets and countries (provided they are feasible in the local market).

Develop an existing product. There are thousands of products that are not developed yet, so adding additional options to them may increase their sales.

Market Research

Now that you have come up with a suitable project idea, the next step is to conduct research or market study to get to know closely the target customers for your project and their needs and desires, and thus you can offer products that meet the needs and desires of these customers.

You will also learn through market research about competitors and their products and the extent to match them to your target customers and selling prices, so you will have the ability to compete with them.

In addition, market research or study will help you build a clear and distinct business plan (the fourth step in the guide on how to start a private project).

How to conduct market research:

Preliminary research can be conducted based on several methods, including (personal interviews with a group of target customers for the project’s products, a survey of a sample of target customers by distributing papers containing questions or sending them via e-mail, focusing on a group containing a sample of target customers.

As for the questions that can be directed to the interviewees, they are:

Firstly, What do you like and dislike about the current product or service on the market?
Secondly, What are your personal suggestions for improvement of the product or service?
Thirdly, What price do you think is appropriate for the product or service?

After completing the collection of answers, you can get acquainted with the opinion of customers, their requirements, and desires, and thus you can choose products that are able to satisfy those requirements and desires at prices that are affordable to customers and thus easy for you to sell.

After that, you can conduct qualitative research by doing personal interviews with a small segment of customers to get to know more in-depth about customers and competitors, their products, plans, and prices, and thus you can start your new project on the right basis.

Writing a business plan

If you are wondering, how do I start a project correctly? You must keep the business plan in mind as an essential step that should not be ignored (as many do).

The project action plan highlights the incentive to set up the project and clarifies the goal of its implementation as well as the products it offers and what distinguishes them from competitors’ products, as well as explains the reasons and motives that make customers deal with the project.

In addition, the business plan analyzes the details of the commercial, industrial, or service project to make it more distinguished.

Also, the written business plan is accurately written and built on realistic foundations and assumptions, so that its owners succeed in obtaining financing to contribute to the growth and development of the project.

The following is an accurate view of writing a project business plan in an accurate and detailed manner:

Project name: On the first page, the project name is written in a prominent font, making sure that the project name is not used in the same field, in addition to making sure that it is a distinctive, easy, and related name to the activity.
Executive Summary: A summary of no more than two pages in which a brief description of all items or elements of the work plan is written, emphasizing that the executive description is the most important part of the complete work plan and is the first thing that falls to the eye of financiers or consultants.
Description of the work: – At this point, the type of work you want to start is determined, what is the state of the industry at the present time and how it will look in the future.
Market Strategies: At this point, the target market that you intend to implement the project is clarified, in addition to identifying ways to help you achieve the highest rates of profits.
Competitors Analysis: In this part, competitors are analyzed by mentioning them and identifying their strengths and weaknesses, in addition to clarifying how to outperform them.
The design and development plan: In this part, the products or services are identified and how to develop them, and then the special budget for development is determined.
Operations and Management Plan: In this part, how does the work proceed on a daily basis?
Funding factors: In this part of the project work plan, it explains how you will get the money, and when you will get it, in addition to the financial matters that you should consider.

Project financing

You may ask yourself, how do I start a project without having enough capital? Well, no problem, most of the project owners did not have enough funds to implement them, so they resorted to relying on various sources of funding to obtain the necessary funds. The following is an explanation of the most important of these sources:

How to start my Project

Self-financing

If you own a plot of land, a car, real estate, a quantity of gold, or anything of financial value, and you think that investing is the best option for you, you can sell that property to save money for the implementation of the project.

Borrowing

Some seek to obtain loans to complete the missing money to start their project, and because bank loans are forbidden by Sharia and are not suitable for their high-interest rates, good borrowing is the best.

Crowdfunding

Electronic platforms in which participants donate to projects, especially creative, innovative, and social projects. If you have a project that offers a creative or innovative product, your chance of obtaining funding through crowdfunding platforms will be high.

Businessmen and investors

Here comes the role of a clear and accurate business plan. Presenting it to a number of businessmen and investors may convince them to finance and invest in your project.

Commercial Partnership

It means the introduction of partners to invest in equal amounts or in varying proportions. Perhaps the commercial partnership is one of the ways that greatly help the flow of money, but it may cause major problems between the partners.

Therefore, it is necessary for the owner of the idea to be keen to choose conscious, educated partners. Other than defining the responsibilities and powers of each individual, with an emphasis on writing partnership contracts to ensure that everyone with the right has his right.

Staff selection

The sixth step in the guide to how to start a private project is to build a project team, which is a very important step, as the right employees take the project, and the unsuitable may take care of destroying it. So, be sure to assign a human resource expert to be able to pick out the best elements, in addition to that, you should offer good salaries.

Choose the most suitable place

Choosing a project site, especially in commercial and service projects, is a very dangerous matter, and failure in it means the failure of the project. Therefore, be sure to choose a place located among your target customers with sufficient space and equip it appropriately.

Get licenses

After choosing the right place, you must start obtaining the necessary licenses and work permits to start your business legally.

Start sales “How to start my Project”

After implementing all the previous steps, you can open your project to start selling and making profits. You will inevitably sell because you have carefully identified the target customers.

And knew what they needed from the products and provided it to them at the right price, but you still have to take care of marketing matters to gain new customers and keep them as permanent customers.

How to start my Project

Remember, that your hard work and effort will ensure that you achieve what you seek. Development plays a big role in the survival of your small business.