How to Start a Small Business Now
If you are considering starting a business, the first step is to ask yourself what you enjoy doing the most. Next, you need to remember that running your own business means that for the first few years you'll work long hours for very little, in most cases. When you first start your business, you'll be the chief cook and bottle washer. Learning all aspects of your business will give you the knowledge and experience to expand your business.
- Difficulty:
- Moderately Easy
Instructions
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Write a mission statement. Every great business has a written mission statement. In one short statement or paragraph, describe exactly what you are trying to accomplish. This mission statement should be written and displayed in a place that you will look at often. Frame it and hang on the wall in your office. Share your mission statement with your employees.
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2
Take the time to write a business plan. Your plan should include the name of your business, location, how much you're willing to invest to get started and what you plan on doing in your business. There are online business planners that you can use. Visit SBA.gov to learn more about creating your business plan.
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Market research. Do not skip this step. You have to find out if someone will buy your product or services? First check to see if anyone else is having success in the business that you are planning to start. Success does leave tracks. There is always room for excellence in any field that you decide to enter. Plan to be the best. Make some cold calls to your prospective customers and ask them if they might consider buying your product. Explain that you are thinking of starting a business and want their input. Most people are very helpful with this process.
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Make it legal. Your business will need some type of legal structure. An accountant or lawyer will be able to help you decide on how to set up your business: sole proprietor, incorporated, LLC, S corporation to just name a few. You will need an Employer Identification Number. Apply online at IRS.gov to get your EIN. A few other things that you may need are a sales license, permits or certification.
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Set up an emergency fund. Estimate how much you will need to start your business and how much you will need to maintain it for six months to a year. Try to have this money set aside. Check into the availability of small business loans for your business. Also, consider taking out enough insurance to cover any liability or other issues that come up.
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Take a free course. The U.S. Small Business Administration offers free online business courses. The courses include: how to start your business, surviving in a down economy, business management, financing and accounting, marketing and advertising, government contracting, business planning, ecommerce, international trade and federal tax training. Take the time to browse these courses and study those that relate to your business. The tips and tricks that you learn will save you both time and money.
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Start small. Start your business small. Do as much as you can handle. As you feel more comfortable with running your own business, plan to expand and grow. Starting a full-fledged business is very rewarding and a great opportunity to do work that you love.
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Tips & Warnings
Do market research before starting.
Use a SCORE mentor.
