The number of people entering the world of business is rapidly growing every year. Some of those people say that working will not help them reach their dream (particularly being rich) that is why they start their own business venture hoping to achieve their dreams. However, starting a business is not that simple. There are information and knowledge to consider, ideas to discover, plans and finances to cover. These words may sound pretty simple but I assure you, you don’t want to take them for granted. These words are the keys to help you open the door to the world of business. Now, to get you started here are the six steps that you need to do to start a small business.
Step1: Do the basics
When we say basics, it is the foundation or the starting point. So, if you want to start a small business you will need to build a foundation first. This includes having an idea and defining your goals. Knowing your ideal business could be as easy as knowing your interest. For example, if you love to wear jewelries then it is already considered as an ideal business that suits you best. You can also get ideas from the market itself by checking what’s new, popular, or in demand business ideas. Once you determine your ideal business then the next step to take is to set your goals.
Step2: Write a business plan
Business plan has four categories which include business concepts (this is where your vision, mission, product/service, and goals are stated), business strategy (this includes marketing plan, business operations, solutions, exit strategy), financial review (this includes funds/capital, cash flow statement, financial statement, balance sheet, and profit projection), and action plan (the procedures for executing your business plan). Whether you are writing a business plan for small business or company these four categories should be included. Business planning could be difficult; you might want to get some help from the professionals just in case.
Step3: Consider the legal side
Before you can start a business, there are legal actions and documents that’s need to be manage first. These may include business permit, county permits, state requirements, building covenants to city ordinances, taxes, fees, contracts, and more. Once you’re done on these factors then you can start your business anytime.
Launch your business
Now, if your done building the foundation of your business, if you complete your business plan, if you have all the legal documents needed to start a business then you did a great job. All that is left is to start your business, execute your business plan and you’re good to go.
Now that you know the four steps to start a business then all you need to do is to be prepared to what comes along your way. Always be prepared to any situation, problems, and changes that could occur in the future even if the solutions are not written in your small business plan. Better yet, get a trustworthy business consultant alongside your business venture.
Socratic SBC / Small Business Consulting
2 Wisconsin Circle Suite 700 Chevy Chase,
Office: (410) 344-7874
Fax: (202) 318-0689