Starting your own business can be all at once exciting, fulfilling, and scary. Where do you begin? Follow these ten steps to make your new business happen.
1. The Business Plan: The first step to creating a successful business is to map out exactly how it will be run. This includes the beginning stages of brainstorming ideas. What are you passionate about? What are you particularly knowledgeable about? What are your hobbies and interests? Once you have an idea or two, do some research on other companies in the industry and think about how you can make your business better, faster, cheaper, or more unique. Once a solid idea has been formulated, a concrete business plan needs to be constructed, seeking to clarify the purpose of the new business, to whom it will be sold, as well as financial information.
2. Training: Do not hesitate to look out for assistance in everything from creating the business plan, securing finances, and applying for the appropriate permits. There are tutorials on the web designed to walk you through such processes efficiently.
3. Where: Location can be one of the most important factors to creating a successful company. Ensure that a chosen locale is customer friendly and be sure to adhere to the zoning laws there.
4. Finance: Start-up figures can be quite costly. If you have money saved away it is ideal, but there are several other options. Financial assistance may be secured in the form of bank loan (which may be difficult to obtain), or applying for a small business loan through the Small Business Administration (SBA). Additionally, there are research grants that may help businesses in their infancy to grow. Another opportunity to take into consideration is an investor in your company, or investors, in the case of equity crowdfunding.
5. Legal Structure: The next step you must take is to determine which type of ownership you will be taking on. This includes a Limited Liability Company (LLC), a corporation, a sole proprietorship, a partnership, an S corporation, or a nonprofit organization.
6. Name: What will the name of your new business be? You need to register this name with the state government. Also, trademarking will give you even more protection. Next, you must obtain what is called an Employer Identification Number from the IRS.
7. Taxes: Your new business will need to be registered by state and local governments and will also require a tax identification number. The taxes are determined by the state as well show the particular business is structured.
8. Licenses an Permits: Local, state and federal licenses and permits will be required.
9. Employees: As with most steps to creating a business from scratch, there are many legalities in hiring employees. Most importantly, however, find a team that strives toward a common goal that you, as the business owner, have envisioned.
10. Let Your Business Grow: Collaborate, partner up, reach out, exchange. Promotion leads to growth and success.
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