Starting your own business takes hard work and dedication. But the rewards make it all worthwhile. Investing in yourself, achieving financial independence, and creating your own career are all worthy pursuits. The challenge is doing all the right things to get the business started. Here are some steps to get you up and running.
- Research Your Business Idea
It’s easy to come up with a business idea. But does your idea have the ability to succeed? Your business must solve a problem or fulfill some kind of need. In other words, you have to offer a product or service that people need.
Is there a market for your business? How is the competition? Are there other products or services like yours already available? Is your idea scalable? These are only a few of the questions you need to answer. When you’re sure your idea has potential, proceed to the next step.
- Plan the Business
A business plan is your blueprint for success. It will help you during start-up activities, and during all phases of your business. If you’ll need a business loan, then the lender will ask to see a plan. The lender will want a detailed plan that explains everything about your business. But if you don’t need a loan, then a simple plan is enough. As long as you can read and follow it, that’s all you need.
- Get Clear on Finances
It’s an old saying but it’s true. It takes money to make money. You don’t necessarily need a lot of money, but you need something. You’ll need money for start-up costs, and ongoing expenses. It might take awhile before your business turns a profit. To get an idea of how much you’ll need, make a list of expenses. Make note of equipment, office supplies, insurance, inventory, and more. Also include long-term expenses like rent, utilities, and salaries. Your total will provide an idea of how much you’ll need.
- Structure the Business
Is your business a sole-proprietorship, a partnership, a limited liability corporation, or a corporation? Each of these options determine how you’ll pay taxes. You can change it later, but you must make a decision. Consult an attorney or CPA if you need guidance. Once you’ve decided on the structure, you can choose your business name.
Check online to make sure the name isn’t already in use. If it’s available, you’ll either register the name with your state or county clerk. Or if you’re a corporations, LLC, or limited partnership, then you’ll register the name when you file the paperwork
- Permits and Licenses
You may certain permits and licenses. Some businesses can’t legally operate without the correct paperwork, so research the laws in your area to see if you need any permits or licenses. This is also a good time to choose an accounting system for your business. You can use business accounting software or hire an accountant to help out.
- Choose Your Location
Think about your location, setup, and equipment. Even if you’re in a home office, you need to have a business space. You might have to rent or buy a commercial building. In either case, make sure it’s in a good location for your type of business.
- Find Employees
Are you going to hire workers? If so, you need to learn how to find potential employees. Your options include placing online ads on various job boards, advertising locally, or hiring people you know. Recruiting agencies, like JMJ Phillip Group, are also a great option. These agencies will find employees and send them to you. You can hire temporary or permanent workers through an agency.
Open for Business
This list isn’t exhaustive. It’s just an overview to get you started. But with determination and hard work, you’ll start on a high note.