Building a small business needs motivation, determination, and knowledge. Here are nine basic steps to give you the knowledge on how to start your small business today.
Choose your business
Choosing the best business to venture with takes the longest time to do. You have to give yourself enough time to observe and study the multitude of opportunities available to you. It is fairly easy to fall into the bandwagon but always remember that it is very critical that you get to choose a business that you know and confident you can handle.
Build a Business Plan
Never put up your business without a structured plan. Your business plan allows you to get a better understanding of the industry you want to venture in, your competition and the financial requirements. With a structured business plan, you will have a clear path on where to take your business.
Obtain Start-up Money
After you’ve created your business plan, for sure you will get an idea of how much you need for the finances. There could be many ways you could get your funds for your business. Others apply for loans, tap a business partner or if you are one of the fortunate ones who have no problem with finance, lucky you!
Name your business
When naming your business, you have to keep in mind that it has to be easy to read, remember and is personalized to help you stand out from your competitors. Your name is the most important part of your branding.
Decide on your business structure
Deciding on the business structure is not a judgment to be taken lightly. Whether you decide to have the common LLC, form a corporation or a sole proprietorship; it will influence your business account, fund-ability, liability as well as taxes due.
But remember your business structure is not permanent as it will evolve as your business does.
Secure your license and permits
Starting a business also means a lot of paperwork. Make sure that you secure your permits and licenses. Depending on your business structure, you may be required to register your business with the state authorities along with Employer Identification Number, sales tax licenses, zoning permits, and others.
Decide your location
One of the many tasks in starting a business is to decide where to put up your physical location. It is necessary that you choose a location where your business fits best. Moreover, you have to do all the other tasks of setting it up and buying all the necessary types of equipment to get your business office running.
Consider insurance
As a start-up, you have the accountability to control the risks associated with your small business. Don’t put your business at risk without securing insurance to cover you in cases of litigation or disaster.
Build a reliable accounting system
Setting up a reliable accounting and bookkeeping system is critical to your business. It will help you understand your financials of running a business so you could prevent future failures.
Hire the right people
The people you get on board for your business are the people who will play a crucial role in your business. Therefore, it is very important that you hire the right people for your business.