9 Essential Steps to Starting a Small Business
9 Essential Steps to Starting a Small Business
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Thinking of Starting a Small Business? Here’s Where to Start.
here are many essential steps to start a small business nowadays, requiring determination, motivation, and know-how.
Here are nine critical steps to start a business and provide you with the know-how to have a successful company, as stated in thebalancesmb.com
1 . Identify Your Business Opportunity
Choosing what kind of business to start can be an immobilizing task when confronted with many opportunities. It’s important to determine where your passions lie and to understand your personality type.
2 . Build a Business Plan:
A plan allows you to understand better your industry structure, competitive landscape, and the capital requirements of starting a small business for any start-ups.
3 . Find Start-up Money
To start a business, you must invest in the industry. The journey of finding start-up funds will be different for each individual.
Some such as consulting require a few thousand to get a website and business cards, whereas a retail store could need $100,000 or more. Finding the money you need may come from a source you never thought of or may end up being the frugal bootstrap method.
4 . Name Your Business
What’s in a business name? Everything and nothing. The right name will help distinguish you from a sea of bland competitors, provide your customers with a reason to hire you, and aid in your company’s branding. Learn what you need to know to find a name for your business.
5 . Choose a Business Structure
Deciding on the structure of your business is not a decision to be taken lightly. Whether you choose the popular LLC, a sole proprietorship, or form a corporation; your choice will have an impact on your business liability, fund-ability as well as taxes due. Don’t fret over your ultimate business structure, because as your business evolves, so too, may your structure.
6. Get Your Business License and Permits
Starting a small business requires the mundane yet necessary paperwork and regulations. Depending on your chosen business structure, you may need to register your business with the state authorities. Setting up your small business may require an employer identification number (EIN) used by state taxing authorities to identify companies. Additional paperwork can entail sales tax licenses, zoning permits, and more.
7 . Set Up & Determine Your Business Location
One of the multitudes of tasks in starting a business is the setting up of your office.
There are many office setup steps, including locating your office (home or office space), buying the necessary office equipment, designing your workspace, and getting supplies.
8 . Get Business Insurance
As a new small business owner, you are responsible for managing the risks associated with your business.
Don’t put your new start-up at risk without getting the proper small business insurance to protect your company in the event of disaster or litigation.
9 . Create an Accounting System
The accounting and bookkeeping aspect of running your business can’t be avoided unless you’re a number person. Setting up your accounting will help you understand the financials of running a business and help you avert failure.
Let’s learn more about what it takes to be an entrepreneur.
Related Links
- 14 Great Ideas for Starting a Home Based Business
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- How to build a successful business even when most entrepreneurs never get out of the gate v1.0
- How to Work from home with these 7 Business Real and Practical Ideas
“A big business starts small.”
-Richard Branson
“You don’t build a business, you build people, and then people build the business.”
-Zig Ziglar
“Bringing great people onto your team is about demonstrating that size really doesn’t matter – people do.”
-Jess Campbell
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