Easy Steps For Starting Your Business
- The first tip to starting a business is to determine a product or service niche you have to offer to your potential target market.
Writing a business plan will help you to define the strength and weaknesses of your business idea. It will help you develop a credible market for your business as well.
http://www.sba.gov/smallbusinessplanner/plan/writeabusinessplan/SERV_NICHE.html
This area may require taking crucial time and brain storming to ensure you will remain focused on having a unique and definable business.
You may want to take time to research your business type, geographical data for your target customers, and identify your competitors.
Design your business goals, capabilities, and abilities. Initiate your business with a Vision, Mission and Value Statements that will carry your foundation for at least three years.
Set timelines and guidelines to follow in your beginning stages.
Remember, your initiation stages will strategically help you to prosper once the business strengths are designed to meet your customer's needs.
- Now that you have decided without a doubt to begin your business, it is time to find out how much your start up cost will be.
In the second tip you will visualize what your short-term and long-term financial needs are for your new business.
Financial planning will be an important and vital asset to making sure you will be able to stabilize your business for at least five years.
You will first want to take a look at your start up cost by identifying your business may acquire in the beginning. Start up cost can include the following examples:
State, Local, and Federal Licensing
Utilities
Insurance
Attorney Fees
Inventory
Franchise Fees
Office Space
Office Supplies
The below site offers a Startup Costs Calculator:
http://www.bplans.com/business_calculators/startup_costs_calculator.cfm
It is a good idea to plan ahead what your potential future expenses will be for the business as well and how much capital it will take to run it.
Find out if you will need a Loan or Investment to get the business going. As always it is a good idea to keep your business and personal credit separate. Your personal investment into the business can be very costly and take up to 6 months to recuperate monies.
Consider establishing a business line of credit. Seek expert advice from resources that specialize in business credit services to jump off with the right start.
Consider seeking advice from Experian and Dunn and Bradstreet for establishing your business credit at the web sites below:
Link to Dunn and Bradstreet
http://www.experian.com/small-business/services.jsp
Link to Experian Small Business Services
- The third tip in your journey would be to develop a foundation for your business structure.
Decide if your business will be a Sole Proprietorship, LLC, LTD, or Corporation?
If you plan on sourcing Small Business Financial assistance for loans or credit cards, this will be an important step for you. Your business structure will determine the type of funding you may be capable to obtain. Consider viewing the below website to find out strategies that will help you make the right decision.
Link to Business Credit Services
In this stage you will need to obtain the necessary local, state, and federal licenses for your business.
To find out the type of License and other requirements for your area view the below website:
http://www.business.gov/register/incorporation/
Link to Business.GOV, The Official Business Link To The U.S. Government
If you are buying an existing business or franchise you may want to consider obtaining expert guidance from an attorney or other organizations in your area. They will also be able to assist you with branding, trademarks,
Small Business Organizations
http://www.score.org/index.html
Link to retired professionals who are available to give you advice.
http://www.sba.gov/aboutsba/sbaprograms/sbdc/index.html
Link to Small Business Development Centers
http://www.sba.gov/aboutsba/sbaprograms/ed/index.html
Link to Office of Entrepreneurial Development Network of Training & Counseling Services
- You will need to have the proper management skills, professional designations, and networking skills for your business start up. Tip number four will help you to be successful in your innovative business start up.
Management Skills will be needed internally and externally in the business. In your Business Plan you will need to spell out your core management experience capabilities. Internally you will need to be able to manage employees. You will also be capable of keep up with the day to day internal affairs of the business.
Professional Designations such as Certifications in an Expert Field, Licensing for a specific area of expertise, and College Degrees can add extra value to your business.
Networking skills will definitely take you a long way in marketing your business. Developing partnerships and Associations is one of the key elements in your first year of business. Joining specialty groups and meetings will help you grow and stay ahead of the game.
- Now you are almost ready to begin. Tip number five; consider a consultant to assist you with your Small Business start up.
Most small business owners can avoid all of the excessive time and monies that are utilized to research and do all of the foot work themselves. There are many professionals in the area that will offer a free analysis for one hour to help you along the way.
Some consultants can assist you with determining the best Computer Technology and Software licensing that will be needed. They can also assist you with Financial Services, Business Plans, and Marketing as well. Web Consultants will help you to find the right solution for your business and keep you from over spending yet still accomplishing your goals. They not only will provide you with the information you will need but resources, solutions, and other Business Intelligence.
Starting a new small business can be very rewarding.
