Steps to Starting a Business
Key to Acting on a Business Hunch
Are you a person who is thinking about the steps to starting a business and in knowing what it takes to become an entrepreneur, you are probably toying with a number of profitable business ideas. It’s always a good practice to let several ideas germinate in your mind first, but be careful not to let indecision pull you into various directions and immobilize you from acting on that one potentially great idea!
So, the key is to pick the one idea that you like the most, and run away with it! Don’t let it sit idle; otherwise, you will be one of those people who will be burdened years later with all the what-could-have-beens.
A few rules to live by before we start discussing the steps to starting a business:
- Don’t fear failure, although it’s always a possibility. By taking the steps to starting a business of your own, you will either fulfil your goal, or at least learn something from the experience.
- Pick a business idea that fits what you want out of life. It must be what you love doing. This will make you more effective and productive.
- Once you’ve made up your mind which of the profitable business ideas to pursue, dedicate all your energy to achieving your goal. This is actually where true magic happens: by working hard on reaching your objective, you build momentum for it, and momentum yields results.
- Spending more hours working on your business than you ever did working for your previous employer comes with the territory if you follow the steps to starting your a business.
- Start reducing your cost of living now. This will enable you to have more available funds to build your business.
- Surround yourself with positive and like-minded people. Naysayers will only discourage you, so stay away from them. Join local business networks, and participate in business forums like SuN.
Let’s now tackle the steps to starting a business.
- Decide on a business model. The first step to starting a business is to determine the business model you are going to use. Is it going to be part-time, full-time, home-based, or in a commercial location? How much time do you want to devote to your business?
ation on choosing a business model for your venture, visit Start Up Nation, a web site built for those interested in what it takes to become an entrepreneur.
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- Create a business plan. Aside from the fact that your business plan will be very useful in generating interest from financiers to strategic partners, the business plan will keep you focused on your goals. It should explain your business idea, the particular market for your business, what makes your products/services unique, your role in the business setup, how much money you need as start-up, where it will come from, etc.
- Select a business structure. The next step in starting a business is to decide on whether your business will be sole proprietorship, partnership, corporation, or a Limited Liability Company (LLC). Both sole proprietorship and partnership are relatively easy to set up and maintain, and there are only minimal fees involved. With corporation, there are initial set-up and maintenance fees, but you will have protection from personal liability. Under LLC, your company is shielded from liability from creditors and lawsuits, and there is less paperwork involved.
There are several pros and cons in choosing a particular business structure. To get more information about this, see this section of Start Up Nation.
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- Determine company assets and take concrete steps to secure them. Whether it’s your website address, company name, logo, or best-selling product, you have to ensure that you have the ownership rights to them.
- Source your funds. The next step to starting a business is to determine how you are going to finance your business. For a great resource here on VoteForUs.com check out the Money for Starting a Business page.
It could be using credit cards, taking equity out of your home or taking advantage of government grants and high net worth financing. In identifying the form of financing scheme that is right for you, consider your long-term personal and business goals, and the type of business you are planning to invest in. This may be one of the most challengeing steps to starting a business. The good news is there is a lot of help out there.
This section of Start Up Nation discusses in detail how you can choose the most appropriate financing scheme for your business.
- Mobilize your team players. You may need the services of accountants, lawyers, bankers, insurance agents, and website developers to help you achieve your business goals. The person you should hire must be very familiar with the industry you are trying to break into.
If your business happens to be a restaurant, look for ways to train your staff to properly take care of your customers. Check out the Customer Service Tips page for some great suggestions. Since you will be working closely with them, trust and rapport is important. You may get referrals from your friends or other business owners.
- Hire the best staff. The next step to starting a business is to hire your employees. You will find the staff that represents you to be a powerful part of your success. To really get " why is customer service is important", follow this link. Read and learn.
Choose individuals with proven track record in similar capacities. When choosing candidates, put a premium on enthusiasm, optimism, and leadership qualities. You may post on Job Boards for vacancies.
- Build your brand. The brand name and logo should encapsulate the idea of your business as expressed in the business plan. Capitalize on what makes your company unique. If you need to ask "What is Marketing?" Follow this link to ensure to take advantage of all that marketing can do for your buisness.
Brain Tattoos, Creating Unique Brands that Stick to your Customers’ Minds by Karen Post is a good book to ease you into the world of brand building and leveraging.
Aside from following the above steps to starting a business, there are additional resources you may take advantage of to ensure the success of your venture. The following are just some examples:
-- it’s a site dedicated primarily to promoting small and start-up businesses.
-- SBA offers a step-by-step personal evaluation, market research, and business start-up tutorial for would-be entrepreneurs. -- it’s a site dedicated primarily to promoting small and start-up businesses.
-- Entrepreneur.com lists over 40 types of potential business ventures. Each kit offer information on the industry, market, operations, as well as steps to starting a business.
Nothing gives a new business owner more joy than to see all his efforts and his profitable business ideas coming into fruition. Armed with these steps to starting a business, you may now ride the wave of entrepreneurial boom. Become an entretreneur and experience the excitement first-hand.
Check out informative and eye-opening tips about steps to starting a business in a specific field:
Starting a Restaurant
Starting a Retail Store
Starting a Spa
Starting a Clothing Business
Starting a Shoe Business
Start a Wine Business
What do some people find the Best Small Business to Start? Answers revealed.
For the Online Business Owner-find out how to start Online Clothing Stores.
Online entrepreneurs, discover how starting Online Hobby Stores can be a windfall.
And for ways to start other online businesses follow these links:
Online Health Food Stores
Craft Stores Online
Online Dollar Stores
Online Food Stores
Starting an Online Business? Check out the Alexa Tool Bar page for pertinent information.
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Make passive income the right way on your online busines. See the Black Hat Adsense page.
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