How To Start Your Own Business

 

Are you thinking about starting your own business? Do you have an idea for a new business but are unsure about how to proceed?

If you have answered yes to either of these questions, this article could be of benefit to you. I am going to write about how to plan and create a successful small business.

Many people are looking at ways in which they can become self-employed. Leaving a full time career can be quite a scary prospect however for some. The security of having a regular income and other benefits such as a pension can seem hard to let go.

Before you invest a single dollar, talk to a few experts. Go to the library (ok, maybe no one does that anymore ) or get on the internet and research. Take ample time to make sure entrepreneurship is right for you. Be sure you have 

support along the process. Hire a small business coach or seek out mentors.

1. Conduct a feasibility study of your business. Describe your typical customer, your product and your competitors. Who will your suppliers be? What will you charge for your product? How will you market your product? These are just a few of the questions you need to answer.

2. Write a business plan for your company, using the information you gathered from your feasibility study. This step needs to include a description of your company, its goals, competitors, market, financial information, and of course, how you intend to meet your goals.

3. Get your financing in place. You will now need to work out how much money you will need to set up the business. This can be quite daunting but it is essential. In the short term, I would advise to keep these start up costs as low as possible. Once you are aware of how much money you need, you then have to find it! You may have enough yourself via savings, however most people are not in this position. If you do not have enough money, you could try and raise money via the family, by seeking a partner, bank loans, by releasing the equity from your house, or personal credit cards. If you need credit, know your business plan from front to back!

4. Decide what kind of legal structure your company will have. Examples: sole proprietorship, llc, inc. Contact your accountant to learn what is right for you.

5. Choose a name for your company and check on name availability. Naming your company is highly individual, but it’s the first thing associated with your business, so choose your name carefully. I would keep this name quite short as it makes it easier to remember for people. It obviously needs to have something to do with the business sector you are entering. Important Note: Keep in mind SEO when determinng your business name. This is important as your business name will likely be a part of, or all of your url. Your url has a significant impact on SEO.

6. Develop the marketing materials and actions you decided on in your business plan. They should include at least a press kit and most importantly a website. Also, don’t forget business cards and letterhead. A press kit can include letters of introduction, biography sheets, press releases, articles and a brochure. In today’s electronic age, printed materials aren’t enough.(how much are they worth these days?)  You need a great website that looks professional, matches your printed material and has great copy. You’ll also want to make sure it’s optimized for search engines! Hire a web developer who understands sales, internet marketing and SEO. Also, there are many ways of marketing your business. Consider hiring a sales coach or a business coach who can help you put together a great plan.

7. Set up your business bank account and record-keeping system. Your banker will need to see your incorporation documents, and you should probably set up more than one account so you can keep track of your finances better. Record-keeping is required, and can be done manually or with a computer program. There are many on-line options out there.

8. Consider if you need to purchase insurance. There are many different types of insurance and your business will probably need at least one type.

9. Decide where your business will be located. Lease your space. Alternatively, you could choose to start your business from home if it’s feasible. There are advantages and disadvantages to starting your business from home.  It all depends on the type of business you are operating.

10. Purchase supplies and office equipment. I could make a long list for you, but just get what you need. Keep it simple and control your costs. Get an all-in-one fax machine, printer, copier.

This list will help you to begin the journey of starting your own business. It is essential to have the sales skills and business support to put things into action. If you have a dream, I would encourage you to go for it! Becoming an entrepreneur can be one of the most rewarding things you can experience in life.