Starting your own business can be an exhilarating adventure, one that will challenge the entrepreneur in you. You can increase your chance for success by following these basic steps.
1. Find an idea you believe in.
Start with something you know: a hobby or an enterprise based on your work experience. Pick an area you will become expert in this year, and use that to build revenue in your business.
2. Learn everything about your business.
Research the market on the internet. Attend classes and workshops, study books and publications, join a business start-up group, network with established business owners and ask for advice.
3. Adjust your business idea to fit the realities: Possible competition, your resources and the practically of your dream. Don’t be naive. You are putting your time, ego, savings and credit, and maybe someone else cash, on the line.
Investigate start-up cost. Estimate the cost of setting up and running your business for the first year. Consider rent, equipment, materials, suppliers, payroll, marketing, advertising, shipping and taxes. Adjust your plant to fit your financing. Keep your “day job” if necessary. Start small.
4. Write a business plan.
Examples and tools can be found online and in books, publications and software.
5. Search for funding.
Determine what you can afford to contribute, and then approach family and friends, possible partners, banks, venture capitalists, investment groups and the Small Business Administration.
6. Stay focused on revenues building activities.
Whatever you are doing, you must understand how it is related to the bottom line. Whether it is buying an information product, signing up with a mentor, or attending a live event, make sure you understand where the opportunities are.
7. Decide on the best structure for your new business.
Sole proprietorship means you own and control the business. A partnership allows you to share the load and benefit from another person’s expertise, and a corporation protects your personal finances. Hire a lawyer to help you.
8. Create a name for your start-up.
Aim for one that describes what you do. Then file the proper paperwork for your business name and your chosen business structure. Check your local authorities’ websites for instructions.
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