Starting a business can and has been an overwhelming process for many, but it doesn’t have to be. Here are 10 steps to your startup business success. Implement the following actions one step at-a-time, and you’ll be well on your way to successful small business ownership.
Step 1: Research Your Market
One would think that this step is a no-brainer, but oftentimes, those looking to start a business leave this step out. Don’t make this mistake! Research your market and find out what answers people are seeking to have answered. There is no point in creating a business if no one is looking for what you hope to offer.
Step 2: Make a Plan
If you don’t know where you’re going, how do you expect to get there? Stumbling around in the dark is not the answer. Craft a business plan so that you at least have a road map. But, do keep in mind that your plan is an evolving one. Yes, it will change as you grow. But it’s better to have one than not.
Step 3: Plan Your Finances
Starting a business requires money; for the most part. Even so, you can start one with very little to no money. But keep in mind that free isn’t always the best route. You get what you pay for. If you don’t have enough money to get started, wait until you do or you can check out the following:
Step 4: Choose a Business Structure
It is important to determine which legal structure is right for your business startup. Whether you choose self-employment, sole proprietorship, C Corporation, S-Corporation, or LLC, consult a lawyer for the best results.
Step 5: Select and Register Your Business Name
A business name should reflect what you plan to offer. Brainstorming names will help you decide on a good business name and of course, once decided you’ll need to do a business name search within your state to ensure it has not been taken. Wouldn’t want you to go and get everything set up for your business name to only find out that someone has already claimed and registered it.
Step 6: Obtain Licenses and Permits
This is another step you don’t want to skimp on. Be sure to find out what is permissible in your state as well as local and city ordinances. People tend to do business with people they know, like, and trust. Having the right credentials based on current laws helps build your credibility as a business owner.
Step 7: Choose Your Accounting System
If you plan to make money, and I hope you do, having an accounting system in place will assist you in keeping track of that revenue. Your business might be set up via the accrual system or cash only. As such, knowing the difference between the two is needful.
Step 8: Set Up Your Business Location
Decide if you’re going to run your business from home or are looking to share office space. If you choose to rent, lease or buy, consider location.
Step 9: Build Your Team
If you plan to operate as a solopreneur, that’s fine. However, most successful business owners realize that being a solopreneur isn’t absolutely one person. Many have managed to include a support team. For example, mentors, coaches, and sometimes even family members can serve as advisors, motivators, and reassurance through challenging times.
Step 10: Promote Your Small Business
Lastly, being the only one who knows about your business is not going to make you any money. You need to get the word out about what you do and what you offer.
Write about your unique selling position and create a marketing plan.
Remember, success doesn’t necessarily happen overnight, so don’t get discouraged if your business doesn’t take off like a rocket from day one. Keep progressing forward and consistently work on your startup business and before you know it, success will come knocking.
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