If, like millions of Americans, your dream is to start a business, then you will require a few skills. Starting a business requires technical expertise, motivation, and determination.
Here are nine steps to help you get your business from the ground on the right foot.
Step 1: Identify An Opportunity.
Choosing the kind of business you would like to start, can be a daunting task once a multitude of opportunities confront you. It’s critical you ascertain where your passions lie and get to grips with your personality. Equally important is what skill sets you will be bringing to your business and whether you are entering an emerging business with fast growth opportunities or a dying industry.
Step 2: Prepare A Business Plan.
For any type of start-up, a business plan helps you understand the industry structure, capital requirements and evaluate the competitive landscape. In fact, business plans are so critical that businesses that have one, have a tendency of getting at least 50 percent more profits and revenues compared to businesses without one. Writing your business plan will be your second business savvy decision.
Step 3: Find Capital.
Starting a business means you have to invest in it, and how you get the funds for your business varies. Some business startups, like consultancy, only need to invest in business cards and a website, while retail stores may require extensive investing. The money you need to start your business could come from a source you hadn’t even thought of, crowdfunding for example; otherwise, you may consider frugal bootstrapping your way to success.
Step 4: Find A Business Name.
Your business’ name is everything. The right name may help set you apart from other bland competitors, providing your customers with one more reason to work with you. However, you need to learn everything you can about finding the perfect name for your startup; plus, make use of online resources like the Secretary of State Delaware business entity search to ensure you are not infringing on an already existing business name.
Step 5: Choosing Your Business Structure.
How you structure your business is not a decision that should be taken lightly. Whether you choose to form a corporation, sole proprietorship or the popular LLC, your choice has a massive impact on liability, fundability, and taxes. However, this is not the time to fret about your ultimate structure; as your business evolves so will your structure.
Step 6: Business Licenses And Permits.
Any type of small business requires the necessary paperwork. Depending on your business structure, you may need to register the business with state authorities. Also, registering a small business may require an EIN, sales tax licenses, zoning permits and more.
Step 7: Determine Optimum Business Location.
One of the biggest tasks of starting a business is setting up your office space. Office setup includes locating your office (whether at home or renting an office space), purchasing the required office equipment, designing the workspace and getting your supplies.
Step 8: Get Business Insurance.
As a new startup owner, you will be responsible for managing the risks associated with running your business. Don’t put your new business at risk without getting the right small business insurance to protect you in case of litigation or disaster.
Step 9: An Accounting System.
Unless you are good with numbers, accounting and bookkeeping aspect of running your business is unavoidable. Setting up your accounting, that includes using tools like Clockspot to manage remote employees, will help you understand what it costs to run your business and avert failure.
