Steps to Starting a Small Business Today!
Have you been entertaining the idea of starting a small business? If so, then you may be confused about where to start. One reason why many people procrastinate is because they don't even know HOW to begin. If this is the case for you, then here are 10 steps to starting a small business RIGHT NOW!
1. Identify your business. What kind of business are you going to start? Think about your passions and talents. What skills can you use? Identify the market, your own skills, talents, and so forth.
2. Research and plan. Make a list of all your ideas and goals. Even if you don't have a lot of ideas right now, you should still organize the few that you do have. Planning ahead will make everything go smoothly in the future.
3. Determine the amount of start-up money you'll need small businesses. Most online businesses don't require a lot of start-up money. You can find a good website programmer for less than $500. You might not even need that much if you can learn how to make your own.
4. Consider the number of employees, if any. Are you going to be hiring part-time or full-time workers? Are you going to be outsourcing work to independent contractors? Also, think about your business structure. You don't have to plan everything out in detail, but at least consider the structure of the business and the number of employees you will need in the near future.
5. Name the business.
Many people underestimate the importance of this step small businesses
The name of a business serves to distinguish it from other companies. It needs to be creative, catchy, and easy to remember. It should make your competitors seem bland when compared to your own business.
6. Determine your business location. It can be anything from an office complex to your own bedroom. Make sure there is enough room for all of the equipment and your employees. Also, make sure you'll have enough in your budget for utilities and rent.
7. Obtain business licenses and permits. Starting a small business, unfortunately, involves a great deal of paperwork. Some of the paperwork is for the IRS and some is for the state. You may also need to obtain an employer identification number (EIN). Additional paperwork may include zoning permits and sale taxes, depending on what you are going to be selling.
8. Get insurance for your business. You will have some responsibilities as a new business owner. You don't want to put your start-up capital at risk. You need to protect your company financially against a variety of factors, including litigation, weather, fires, thievery, and so forth.
9. Hire an accountant or set up some sort of accounting system. The bookkeeping aspect of your business can't be neglected. Even if you are good with numbers yourself, you probably won't be able to keep up with every little financial detail and transaction.
10. PROMOTE YOUR BUSINESS! Do this both locally and online. Create flyers, posters, lanyards, etc. Get your company's website up and running ASAP. Learn how to promote your website so that you can attract a lot of interest in your company!
Obviously, some of these steps may take some time. However, you should at least start with the very first step today. At least write about your plans and ideas so that you can begin to do research. Starting a small business isn't difficult at all if you have an idea of which direction to go.