Have a Look at These Important Points When Starting a Business
When your thinking of starting a business, you should know about the business you are getting into. This could mean you have a background in the business you plan to start, or you have worked in the industry or plan on getting a job in the industry before you start your own business.
It wouldn’t make sense to get into a business that you are going to run if you know nothing about how to operate it. It’s like buying a car and without knowing how to drive. You usually learn how to drive before you buy a car.
In addition to becoming educated about the business you plan to own and operate, there are important steps necessary for most businesses.
Below are the steps necessary to start your business.
1. Identify if owning and running a business is right for you
The first step to starting a business is identifying if becoming a business owner and running a business is right for you.
You may think you want your own business, but it’s not for everyone.
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2. Do you have the skills to be successful at running a business?
You need to identify if you have the skills necessary to run a business.
If you don’t have the skills, you can always hire someone, but it’s much better to depend on yourself rather than on someone else to take the reins. See Our Resource Page For Essential Business Skills You Need To Succeed
3. Determine the type of business you want to start
You need a business idea. Without an idea, you don’t have a lot to start on. Have a look at established businesses to spark your interest or come up with a new business idea. How To Choose A Business That’s Right For You
4. Researching your business idea
Whether you’re familiar with the industry you’re planning on getting into or not, you will want to research the industry to get a broader understanding in order to make better decisions. See: Researching Your Business Idea – Don’t Start Without It!
5. Is it better to start or buy a company?
Sometimes it’s quicker, or better, to buy a business that is already established and making money. On the other hand, you may end up buying other people’s problems.
There are pros and cons to starting your own business or buying one that’s already up and running. You may want to have a look at Buy A Business or Build one From Scratch?
6. The pros and cons of owning a franchise
There are pros and cons to owning a franchise. It allows you to take a crack at a supposedly proven business model, but there are also fees and restrictions involved.
7. Writing a Business Plan
A business without a plan won’t do well. You can wing it, but your success will be greatly enhanced when you have a business plan.
It’s essential to keep you on track.
It’s also necessary when you talk to your bank about funding. Take the time to create a business plan. It will open your eyes as to what you need to consider. See our page on How To Write A Business Plan
8. Choose a Name
Your business name is an important part of starting a business. Choosing the right name will contribute to your success. Choosing the wrong name could be the reason for failure.
Keep in mind the name you choose today is the name you will have for years to come. Take the time to choose the right name. See, Selecting a Good Name for Your Business
9. Choose a Location
Your business location is an important point. Choose a deserted location, and it doesn’t matter how good your product or service is., your business will fail.
Choose a prime location, and you may not be able to make enough to cover the lease payments.
It’s important to choose the best affordable location that is close to your targeted customer base. See, Choosing the Best Location for Your Business
10. Define the Type of Company You Will Form
Your business needs to be legal before you start. There are different types of structures you can benefit from in terms of liability and tax structures.
There are many options, and consulting specialists isn’t a bad idea. Either way, you should be aware of your options and the pros and cons of each. Registering A Business – What Type Should Use? Find out Here
12. Create Your Corporate Id
Your Corporate ID or stationery is important. It can define your mission, products, and services in a few words. Your stationery gives an impression of how professional your business is. Your Corporate Identity includes your logo, letterhead, business cards, envelopes, etc. Also, note your stationery should match your website and corporate signage.
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13. Marketing Your Business
You may have the best service in the world, but if no one knows about it, then you can’t expect any success.
In addition to having great products and services, you have to find a way to get the word out! See Our Tips For Marketing Your Business
14. Attaining Permits and Licenses
Attaining the licensing you need is an essential step in starting any business. Each state/province has similar laws, but there are differences.
The same goes for your local municipality. It’s important to get in touch with the correct authorities and get the information you need.
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15. Choosing a Bank
Banks have similar rules, but not identical. The bank you deal with will impact your day-to-day business operations. You need to choose a bank that works that will cater to your needs.
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16. Getting a Loan
If you are declined many times, it may be a blessing in disguise and the lenders see something you don’t.
That’s when it’s time to look at their concerns and try to address the risks involved. All in all, getting a loan does require some prep work.
17. Acquiring a Merchant Account
If you are collecting any kinds of funds, you will need to look into getting a merchant account. Without it, you can’t accept money.
Depending on your business you may be able to get around having a merchant account; for example, if you collect money online, you can accept funds using a service like PayPal, which has higher transfer fees but no monthly fees.
18. Accounting System Considerations
Whether you are doing your own taxes for having your accountant take care of it, you still need to have a system so you can keep track of your numbers.
You could be running in the red and not even know it. See, What Small Business Owners Need To Know About Accounting
19. Choosing Suppliers
Most businesses require suppliers that provide you with products and services that you need to run your business.
Good suppliers will enhance your operations and help you succeed, while poor suppliers will hamper your business operations. It’s important to choose the right supplier and build a strong business relationship.
20. Create a Team for Your Startup
Your business team is the support and backbone of a business. This can consist of people on your payroll, or people you deal with, consultants, lawyers, bankers, suppliers, etc.
21. Hiring Employees
Hiring employees is a critical step in running a business. You are only as strong as your weakest link. If you hire employees who are not fit for the job, then you are in serious trouble. It’s important to hire the best employees for the positions you have.
22. Office Setup
Your office setup is important, especially if you spend a lot of time there. It should be comfortable, visually appealing to you, and have a setup that is practical so you can be productive. See: The Setup of Your Office For More
23. Setting Up Your Online Presence
Almost any business today has an online presence. You need a website, as well as a presence in social media.
You don’t have to do all this yourself. You can have someone else take care of it for you, or you can have someone build your online presence and you can keep an eye on it; either way, it’s a part of doing business today.
24. Checklist for Setting Up a Retail Business
There are hundreds of details you need to attend to when opening a retail store. Form setup to ensuring everything is safe and to code. We have put together a page to help you go over the issues you need to attend to before opening your doors.
25. Having a Grand Opening
A grand opening allows you to show your products and service to the public. It’s your time to shine and impress your customers. It’s time to try out promotions and offers. Every new business should start with a grand opening. See How To Have A Grand Opening That People Will Talk About
26. Make sure you haven’t missed anything.
With so much at stake, you want to make sure you don’t miss anything that you’ll regret. A good way to make sure you won’t miss anything is to use a checklist.
Resources For Starting Your Business
Business Startup Ideas
A wide variety of businesses. Get an overview of each business, and decide if it’s is something you would like to look into. Click here to see our list of business startup ideas
Acey Gaspard’s Guide to Starting a Small Business
Is running a business right for you? Find out quickly with this simple guide. Click here to read this quick and simple guide
Questions to Consider Before Starting a Business
10 key issues to look at before starting a business. Starting a new venture blindly is asking for headaches! Know what to expect before you start! Click here to see these questions now