Starting a business: Some
Ideas
You can
start your own business but you should have patience to read the article to avoid
certain issues.
Before starting a new
business, just think of your reasons.
They may including
B.
starting a career
that has the flexibility to grow with you,
C.
working toward financial independence,
D.
investing in yourself.
Remember not every small business is positioned for
success. In fact, only about two-thirds of businesses with employees survive at least two years, and about half survive five years. So you may
be in for a real challenge when you decide to take the plunge, ditch your day
job, and become a business owner. The stage is often set in the beginning, so
making sure you follow all of the necessary steps when starting your business
can set the foundation for success.
Here
are 10 steps that are required to start a business successfully. Take one
step at a time, and you'll be on your way to successful small business
ownership.
Step 1:
Do Your Research
Most
likely you have already identified a business idea, so now it's time to balance it
with a little reality. Does your idea have the potential to succeed? You will need
to run your business idea through a validation process before you go any
further.
In
order for a small business to be successful, it must solve a problem, fulfill a
need or offer something the market wants.
There
are a number of ways you can identify this need, including research, focus groups, and even trial and error. As you
explore the market, some of the questions you should answer include:
- Is there a need for your
anticipated products/services?
- Who needs it?
- Are there other companies
offering similar products/services now?
- What is the competition like?
- How will your business fit into
the market?
Don't
forget to ask yourself some questions, too, about
starting a business before you take the plunge.
Step 2:
Make a Plan
You
need a plan in order to make your business idea a reality. A business plan is a blueprint that will
guide your business from the start-up phase through establishment and
eventually business growth, and it is a must-have for all new businesses.
The
good news is that there are different types of business plans for different
types of businesses.
If
you intend to seek financial support from an investor or financial institution,
a traditional business plan is a must. This
type of business plan is generally long and thorough and has a common set of
sections that investors and banks look for when they are validating your idea.
If
you don't anticipate seeking financial support, a simple one-page business plan can give
you clarity about what you hope to achieve and how you plan to do it. In fact,
you can even create a working business plan on the back of a napkin, and
improve it over time. Some kind of plan in writing is always better than
nothing.
Step 3:
Plan Your Finances
Starting
a small business doesn't have to require a lot of money, but it will involve
some initial investment as well as the ability to cover ongoing expenses before
you are turning a profit. Put together a spreadsheet that estimates the one-time
startup costs for your business (licenses and permits, equipment, legal fees,
insurance, branding, market research, inventory, trademarking, grand opening
events, property leases, etc.), as well as what you anticipate you will need to
keep your business running for at least 12 months (rent, utilities, marketing
and advertising, production, supplies, travel expenses, employee salaries, your
own salary, etc.).
Those
numbers combined is the initial investment you will need.
Now
that you have a rough number in mind, there are a number of ways you can fund your small business, including:
You
can also attempt to get your business off the ground by bootstrapping, using as little capital as
necessary to start your business. You may find that a combination of the paths
listed above work best. The goal here, though, is to work through the options
and create a plan for setting up the capital you need to get your business off
the ground.
Step 4:
Choose a Business Structure
Your
small business can be a sole proprietorship, a partnership, a limited liability
company (LLC) or a corporation. The business entity you choose will impact
many factors from your business name, to your liability, to how you file your
taxes.
You
may choose an initial business structure, and then reevaluate and change your
structure as your business grows and needs change.
Depending
on the complexity of your business, it may be worth investing in a consultation
from an attorney or CPA to ensure you are making the right structure choice for
your business.
Step 5:
Pick and Register Your Business Name
Your
business name plays a role in almost every aspect of your business, so you want
it to be a good one. Make sure you think through all of the potential
implications as you explore your options and choose your business name.
Once
you have chosen a name for your business, you will need to check if it's
trademarked or currently in use. Then, you will need to register it. A sole
proprietor must register their business name with either their state or county
clerk. Corporations, LLCs, or limited partnerships typically register their
business name when the formation paperwork is filed.
Don't
forget to register your domain name once you have
selected your business name. Try these options if your ideal domain name is taken.
Step 6:
Get Licenses and Permits
Paperwork
is a part of the process when you start your own business.
There
are a variety of small business licenses and permits that
may apply to your situation, depending on the type of business you are starting
and where you are located. You will need to research what licenses and permits
apply to your business during the start-up process.
Step 7:
Choose Your Accounting System
Small
businesses run most effectively when there are systems in place. One of the
most important systems for a small business is an accounting system.
Your
accounting system is necessary in order to create and manage your budget, set
your rates and prices, conduct business with others, and file your taxes. You
can set up your accounting system yourself, or hire an accountant to take away some of
the guesswork. If you decide to get started on your own, make sure you consider
these questions that are vital when choosing accounting software.
Step 8:
Set Up Your Business Location
Setting
up your place of business is important for the operation of your business,
whether you will have a home office, a shared or private office space,
or a retail location.
You
will need to think about your location, equipment, and overall setup, and make
sure your business location works for the type of business you will be doing.
You will also need to consider if it makes more sense to buy or lease your commercial space.
Step 9:
Get Your Team Ready
If
you will be hiring employees, now is
the time to start the process. Make sure you take the time to outline the
positions you need to fill, and the job responsibilities that are part of each
position. The Small Business Administration has an excellent guide to hiring your first employee that
is useful for new small business owners.
If
you are not hiring employees, but instead outsourcing work to independent
contractors, now is the time to work with an attorney to get your independent contractor agreement in place
and start your search.
Lastly,
if you are a true solopreneur hitting the small business road alone, you may
not need employees or contractors, but you will still need your own support
team. This team can be comprised of a mentor, small business coach, or even
your family, and serves as your go-to resource for advice, motivation and
reassurance when the road gets bumpy.
Step
10: Promote Your Small Business
Once
your business is up and running, you need to start attracting clients and
customers. You'll want to start with the basics by writing a unique selling proposition (USP) and
creating a marketing plan. Then, explore as many small business marketing ideas as
possible so you can decide how to promote your business most effectively.
Once
you have completed these business start-up activities, you will have all of the
most important bases covered. Keep in mind that success doesn't happen
overnight. But use the plan you've created to consistently work on your
business, and you will increase your chances of success.
Wish
you a successful entrepreneur !
You
should also read the following article:
1.How
to Evaluate a Business Idea Before Taking the Plunge?
2.
What Is a Focus Group? And Will Your Small Business Benefit from One?
3. Business Plans
4.
A Comprehensive Business Plan Outline for Small
Business
5. One-Page
Business Plan Templates
6.Ways
Fund Your Business on a Bootstrap Budget
7. How to Bootstrap Your Small Business from the Ground
Up
8.
Which Business Entity
Structure Is Best for You?
9.
6 Steps for Finding and Registering the Perfect Domain Name
10. Licenses Required for Business
11. Tips for Choosing Small Business Accounting
Software
12. Should
Your Business Lease or Purchase Commercial Space?
13. Hire and manage employees
https://www.sba.gov/business-guide/manage-your-business/hire-manage-employees
14. 10 Questions You Need to Answer to Create a Powerful
Marketing Plan
15. 101 Small
Business Marketing Ideas
16. What are the best business ideas in India?
https://www.quora.com/What-are-the-best-business-ideas-in-India-for-2018
17. 20 Low cost marketing ideas for business
18. Starting a Business? Don't Forget These Seven
Important Things
19. Great Leaders: How They Achieved Success
You need to do many more things
like interviewing some who have made a mark in the field or allied field you
would like to enter. Once again all the
best, dear JKCian.
With Courtesy to all
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