Most people merely think of launching a business and chicken out. There are too many details to figure out; so most entrepreneurs stop early in the process because they believe they don’t have the skills it takes to make it as a successful small business owner.
In reality, nearly everyone has what it takes to build a thriving business — all you need is a great idea, adequate capital and creativity.
The thing many people lack is the determination, patience, and ability to effectively plan. It’s very easy and common to become overwhelmed in those initial stages of starting a business. The key to making it happen is to develop a plan to help guide you along the way.
Steps Towards Starting a Business
Take a look at these six key steps you need to start your own business.
Make Sure You Brainstorm
It’s good to have an idea — but you have to have the ability to give that idea legs. Your job as a business owner is to consider all of the various aspects of your business. Make sure you have solutions and answers to each question anyone may ask you. Think about who the target market is for your products or services, what could be the potential issues and how you’ll handle them, other products you could offer and what you want customers to know about your beliefs and you as a whole.
Create a Solid Business Plan
Your next step is to put together a business plan.
A business plan includes the executive summary, a description that shares what makes your business original, a market analysis that covers both your competition and target demographics, the company’s structure, a thorough description of your products or services, financial projections, and any other useful information.
Gather Necessary Resources
Create a comprehensive list of the things you will need and costs associated with them. This can be anything from office space to a new desktop to a warehouse to store your products.
If you are starting a business where you’re the sole employee, you obviously aren’t thinking about hiring anyone. However, it is smart to devise a plan for the future when you may want to grow your business.
If you are hiring staff for your business endeavor, it’s vital to make sure you know how to train your employees. Training is an ongoing process, and if you don’t properly train your employees, your business will struggle as a result.
Figure Out Your Finances
Whether you choose to take an instant payday loan to fund your business or use a credit card, financing your business is a major consideration. Without money, you can’t efficiently run a business.
If you’re able, hire an accountant for your business. He or she can help ensure taxes are filed correctly. If you chose to do your own taxes. Remember that laws and regulations vary from one state to the next.
Launch Marketing Campaigns
Before you launch your business, you can start planning ideas for your sales and branding efforts. Social media is widely used by people who live in the U.S. in various age groups, making a strong online presence vital.
Create business pages on various social media platforms, taking into consideration which ones are the best for your particular business. Make sure your business pages have a cohesive feel and post and update them regularly.
Explore which tools small businesses need to succeed and use the technology to help you reach your goals.
Set Future Goals
If your business is one day or one year old, it’s still smart to set goals in order to move your business forward. Set realistic and measurable goals to help you stay on track.
Check out your competition, examine your employees and investors so you can decide what your new goals should be and what steps you can take to be more successful.
The thought of starting a business is quite daunting, but the long-term rewards are plentiful. Utilize these steps to help make the process of launching your business a smooth one.
Business Shoes Photo via Shutterstock
Most new companies fail due to being under funded. So after all the brainstorming, take a pause, look at the dollars & cents.
1. Set budgets, both for the business & personal.
2. Consult with professionals, financial (CPA, banker), legal.
3. Decide on the business form (corporation, partnership, sole proprietor), all have different tax consequences.
4. Talk to prospective customers and suppliers and adjust your business plan to meet their requirements.
5. Do NOT use high interest credit cars to fund your start up business.
Now is the time to step back and evaluate all your brainstorming decisions, adjust accordingly.
If you decide to move forward, remember that if you incorporate, or apply for a Federal ID # (which be required to open a business bank account), the IRS and/of the state in which you operate will be looking for some type of tax return to be filed, even if you decide not to start and operate the business.
It is important to step back and have an overview of the business you are planning to enter. This will help you in positioning yourself in a way that you can win.
That is really important in order to move forward.