How to Start a Company

Got that entrepreneurial itch? Here's a quick overview to help you go for it. Go ahead, take the first step!

Difficulty: Moderately challenging

Instructions

Things You'll Need:

• Fax Machines
• Printers
• Business Magazines
• Internet Access
• Business Cards
• Desktop Computers
• Investment Software
• Spreadsheet Softwares

1. Come up with a great idea.

2. Test your idea with members of your target audience. If it flies, continue to develop it. If not, come up with a better idea.

3. Write a business plan. (See Related eHows.)

4. Raise money from your savings, friends and family, the bank, or the Small Business Administration (SBA) to launch the business. (See Related eHows.)

5. Recruit a great team of people.

6. Work, work, work to get ready for launch.

7. Market your product or service to your target audience.

8. Monitor your company's profitability, market share and other business indicators.

9. Build your business steadily by staying in touch with what your customers need, monitoring competitive activity and adjusting your plans and actions accordingly.

Tips & Warnings

• Pace yourself. It is demanding to start a company.
• Use resources such as MBA students and the SBA to help your business.
• Have fun.
• Starting a business is risky. Have backup plans or savings to make sure you can stay afloat financially.

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on 5/3/2009 If you find the many tasks required to start a business overwhelming, you might like the Start Your Own Company deck of Starter Cards (available on Amazon). They break the enormous task of starting your business into bite-sized steps, one step per card.

on 11/22/2005 When starting a business, you need to focus not on the big picture, but the task at hand. Too much input and not enough output will get you all clogged up. Don't bite off more than you can chew.

on 11/22/2005 Remember that you will almost always start out in a deficit, so make sure you have a back up reserve in case a climb in income is not apparent.

on 11/22/2005 Validate your business concept by having the most qualified and recognized leaders in your industry on your advisory board . You will find it much easier to raise money, hire, and find new business opportunites and partners.

on 11/22/2005 Hire on a staff leasing company to handle workers compensation, human resources, payroll, benefits, etc. It will save you tons of time, money and liability!