#blurbpie #Howtostartasmallbusiness How to Start a small business - How to do business - Startup Sucess Formula
So you want to start your own business and attain financial freedom ? In this video we are going to show 10 Steps To Start a Small Business.
Step 1: Do Your Research.
Step 2: Make a Business Plan.
You need a Business Plan in order to make your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase through establishment and eventually growth. If you intend to seek financial support from an investor, or financial institution, a traditional business plan is mandatory.
Step 3: Plan Your Finances.
Starting a small business doesn't have to require a lot of money, but it will involve some initial investment, as well as the ability to cover ongoing expenses before you are turning a profit.
Put together a spreadsheet that estimates the one-time startup costs for your business. For example, licenses, permits, equipments, property leases, insurance, branding, inventory, trademarking etc You also need to anticipate your cash flow to keep your business running for at least 12 months, for office expenses, rent, utilities, marketing, advertising, travel expenses, employee salaries, and your own salary. Those numbers combined is the initial investment you will need.
Now that you have a rough number in mind, there are a number of ways you can fund your small business. You may either put in your own capital in the venture or take a investor on board. The goal here, is to work through the options and create a plan for setting up the capital you need to get your business off the ground.
Step 4: Choose a Business Structure.
Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes.
You may choose an initial business structure, and then reevaluate, and change your structure as your business grows and needs change.
Step 5: Pick and Register Your Business Name.
Your business name plays a very important role. So make sure you think through all of the potential implications as you explore your options.
Once you have chosen a name for your business, you will need to check if it's trademarked or currently in use. Then, you will need to register it. Don't forget to register your domain name once you have selected your business name.
Step 6: Get Licenses and Permits.
Paperwork is a critical part of the process when you start your own business.
There are a variety of small business licenses and permits that may apply to your situation, depending on the type of business you are starting and where you are located. You will need to research what licenses and permits apply to your business during the start-up process.
Step 7: Choose Your Accounting System.
Small businesses run most effectively when there are systems in place. One of the most important systems for a small business is an accounting system.
It is necessary in order to create and manage your budget, set your rates and prices, conduct business with others, and file your taxes.
You can set up your accounting system yourself, or hire an accountant to take away some of the guesswork.
Step 8: Set Up Your Business Location.
Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location.
You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing.
Step 9: Get Your Team Ready.
If you will be hiring employees, make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position.
If you are not hiring employees, and outsourcing work to independent contractors, now is the time to work with an lawyer to get your independent contractor agreement in place and start your search.
Lastly, if you are a true solopreneur hitting the small business road alone, you may not need employees or contractors, but you will still need your own support team. This team can be comprised of a mentor, small business coach, or even your family. Which serves as your go-to resource for advice, motivation and reassurance when the road gets bumpy.
Step 10: Promote Your Small Business.
Once your business is up and running, you need to start attracting clients and customers.
You'll want to start with the basics by writing a unique selling proposition that is your USP, and create a marketing plan.
Explore as many small business marketing ideas as possible so you can decide how to promote your business most effectively.
Once you have completed these business start-up activities, you will have all of the most important bases covered.
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