Starting a small business is a dream that many Americans think about making a reality everyday.
The concept of owning your own business opportunities is a very attractive proposition. There are many benefits like setting your own hours, not having to answer to anyone and the ability to create unlimited income. Before you can begin however, there are few steps to starting a small business that you must learn.
Step Number One:
Gather your thoughts in order to figure out what kind of business you would like to start. You should try to choose something you are passionate about. If you do not like what you do, chances are you will not make any money.
Step Number Two:
Do some research to find out what kind of funds you are going to need to get your project off the ground. It is important that you add all your expenses together in order to get a real idea of cost. Most companies fail because of under capitalization, which means they did not procure enough funds to secure their business for the first year.
Step Number Three: business opportunities
Organize your priorities to make sure you will have enough time to dedicate to your business. Remember, you won’t make any money unless you produce. If you do not have enough time to dedicate to your business, then you may want to reconsider.
Step Number Four:
Decide whether you are going to start a sole proprietorship, partnership or limited liability corporation. Each one of these types of businesses has their own advantage. You can visit your local government office to learn more information on these business types.
Step Number Five;
Choose a business name. This part is very important because if you can choose a name that is catchy, people will find it easier to remember when searching for your business. Your legal company name and your DBA(doing business as) can be different.
Step Number Six:
Decide where on a location. Location can play a huge part on whether your sales thrive or not. If you are planning on starting an internet based business, then you would need to check on how competitive your niche market is before you build your website.
Step Number Seven:
Get your business Registered with The Secretary of State. To get properly registered, you will need an Employer Identification Number(EIN) and in most states an Article of Organization.
Step Number Eight:
Put together a solid business plan. A good plan should include a marketing strategy that will give you a chance to succeed. Your marketing strategy should include information on your competitors and how you plan on offering something different.
Step Number Nine:
Make sure you have a great strategy on how you are going to keep track of the books. It is not a good practice to figure this part out as you go along. The more you know where your money is going, the easier and faster you can make adjustments.
Step Number Ten:
The final step to starting a small business is the most important. You must be certain that all applicable licenses, license fees, rules of the county, rules of the state, government taxes and all other regulations are met. There is nothing worse than building your customer base only to get shut down.
The steps to starting a small business are not as difficult as many people may think, but they are mandatory. The joy and sense of accomplishment you will get from running your own business successfully cannot be expressed in words, doing your due diligence will help your transition go a lot smoother.