How to Start Your Own Business 101

Knowing the Basic Steps

BASICS FOR STARTING YOUR BUSINESS

Difficulty:

Moderately Challenging

Instructions

Things You'll Need

• Computer
• Allocated Office area
• Note Pad
• Phone
• Business License
• Business Cards
• Marketing Brochure

1. Starting a business is a scary endeavor, but for those who dare to try the rewards are monumental. First start with a check list.

   You will need:

   Business Name
   Concept/Idea
   Location
   Business License
   Company Type (Sole Proprietor, Partnership, Corporation, Other)
   Product of Service protection
   Marketing/Advertising
   Business Advisors
   Networks & Business Associations

2. Your business name, location, concept/idea and business license should be your first priority. Next you want to structure your business legally as a sole proprietor, partnership, corporation or other by using an attorney or an online service such as LegalZoom.com

3. Once you have your business structure in place you will need to address your product/service. If you have a product that needs to be pat toned, make sure you have the legal coverage that will protect your idea or invention. Now you want to think about marketing your product, idea or service. Who is your market? What is the best way to reach that market? What will it cost you to reach this market?

4. Marketing your business is one of the most important parts of any successful business venture. Advertising should be a part of your every day budget and factored into your monthly expenses. If you take one thing away from this article, "remember to never stop advertising your business". To stop marketing your business will quickly lead to the death of your company. "If the lights are on you should still be advertising." This has been said at the end of a business and it is definitely important with a start up!

   Part of a marketing package will include business cards, brochures, products (if applicable), company information packet, marketing CD, etc. What you need will be tailored to your business. This will be your story teller for your product/service. Think of it as your "sales team".

   Answer the Who, What, Where, Why, When and How questions to market your company effectively.

   Who is my market? What is my product/service? Where will I market my product/service? Why will people want my service/product? When is the best time to promote my business? How will I market my product/service?

   By answering these simple questions you can lay the ground work for a marketing strategy.

5. When you start your business you should always do your research. Talk to people in the same industry, talk to start ups that have been successful and get tips from experts. People that have been there and achieved, will surprisingly be helpful mentors giving you sound business advice. Surround yourself with people that are motivated and achievers, learn from the best in the business and apply what they teach you. If you can save yourself from any potential pitfalls by getting a few lessons from the pros first, then by all means, do so!

6. Next you need to construct a list of potential clients/customers that could use your service or product. This list will be your target market.

   Last but not least join business associations, chambers of commerce, business alliances, networking groups in your local area and online (Ex: Linkedin and other business/social networks), Toastmasters, Chambers of Commerce, etc. Make sure you make connections and market your business.

   In future articles I will go into more detail about different areas of starting your own business. This is your starter guide for what you need to do first. Prepare, plan and execute to achieve your dream. Anything is possible.

Tips & Warnings

• Seek legal advice for starting a company in your area. Make sure you have the right coverage and insurance to protect you and your company.