There are over 28 million small
businesses in the United States, accounting for 99.7% of all US businesses.
When you consider the most popular reason to start a business, including having
a unique business concept, career design that has the flexibility to grow with
you, working for financial independence and investing in yourself everywhere.
But not every small business that
has a position to succeed In fact, only two-thirds of businesses that have
employees survive at least two years and about half survive five years. So you
may have to face real challenges when you decide to leave your daily work and
become a business owner. The steps are usually set at the beginning, so make
sure you follow all the necessary steps when starting your business to build
the foundation for success.
Here are the 10 steps necessary to start a successful
business. Step by step and you will be successful in becoming a small business
owner.
Step 1: Do your research.
It is possible that you have
already identified the business idea, so now it's time to adjust the balance
with a little reality. Does your idea have the potential to be successful? You
will have to use your business concept through the review process before
continuing. In order for a small business to succeed, it must solve the
problem, meet the needs or offer what the market needs. There are many ways that
you can identify this need, including research, focus groups and even trial and
error. When you explore the market, some questions you should answer include: Need
a product or service that you expect? Who needs it? Are there other companies
offering similar products / services now? How is the competition? How can your business enter the market? Don't
forget to ask yourself about starting a business before you jump.
Step 2: Plan
You must have a plan to make
business ideas come true. A business plan is a blueprint that will guide your
business from the beginning to the establishment and growth of the business in
the end and is a must-have for all new businesses. The good news is that there
are many business plans for different types of businesses.
If you want to seek financial help
from an investor or financial institution, you must have a traditional business
plan. This type of business plan will generally be long and thorough, and there
is a set of parts that investors and banks look for when they check your ideas.
If you don't expect to receive financial support, a simple one-page business
plan can clarify what you hope to achieve and how you plan to do it. In fact,
you can create an active business plan on the back of a napkin and improve it
over time. Some types of writing plans are better. There is nothing better.
Step 3: Plan your finances
Starting a small business doesn't
require a lot of money. But it will involve initial investment, including the
ability to cover ongoing costs before you make a profit. Collect spreadsheets
that evaluate the cost of getting started once for your business. (Licenses and
licenses, equipment, legal fees, insurance, brand building, market research,
inventory, trade, trademarks, event organizers What you expect you to keep your
business for at least 12 months (rent, utilities, marketing and advertising,
production of consumables, travel expenses, employee salaries, your own salary,
etc.)
Those numbers combine to be the
first investment you need. When you know the approximate amount, there are many
ways you can fund your small business, including: You can also try to make your
business free by starting a business using as little capital as necessary to
start your business. You may find that the combination of the routes mentioned
above works best. However, the goal here is to work through the options and
create a plan for setting up the funds you need to keep your business in the
ground.
Step 4: Select the business structure
Your small business can be owned.
The sole partner, limited liability company (LLC) or corporate entity. The
business you choose will affect many factors from your business name to your
liability to your taxation method. You may choose a business structure to
start, then evaluate and change your structure when your business grows and
needs change. Depending on the complexity of your business, it may be
worthwhile to invest in a lawyer or CPA consultation to make sure that you are
deciding on the right structure for your business.
Step 5: Select and register your business name.
Your business name plays a role in
almost every aspect of your business, so you want it to be a good business.
Make sure you take into account all the potential consequences when you explore
options and choose your business name.
When you choose a name for your
business, you must verify that it is trademarked or currently in use. Then you
will need to register. One owner must register a business name with a state or
county employee. Generally, companies, LLC or limited partners will register
their business names when filing the establishment documents. Don't forget to
register your domain name when you choose a business name. Try these options if
the domain name you want.
Step 6: Get a license and license
Documents are part of the process
when you start your own business. There are various small business licenses and
licenses that may apply to your situation depending on the type of business you
are starting and where you are. You must study which licenses and licenses
apply to your business during the initial process.
Step 7: Choose your accounting system
Small businesses work most
efficiently when there is a system in place. One of the most important systems
for small businesses is the accounting system. Your accounting system is
essential in creating and managing budgets, setting prices and prices,
conducting business with others and filing your taxes. You can set up your own
accounting system or hire an accountant to eliminate the guesswork. If you decide
to start by yourself, make sure that you consider these questions that are
important when choosing accounting software.
Step 8: Set up your business location
Setting up your business location is important for your
business, whether you have a home office, shared office space or private or
retail location. You will have to think about your location, equipment and
overall settings and make sure that your business location is working with the
type of business you are doing. You must also consider whether buying or
renting your commercial space is reasonable or not.
Step 9: Prepare your team
If you are hiring employees, now is
the time to start the process. Make sure you take the time to outline the
positions that you have to fill out and the job responsibilities that are part
of each position. Small business administration has excellent advice on hiring
your first employee, which is useful for new small business owners. If you do
not hire employees Instead, hire independent contractors instead. Now is the time
to work with a lawyer to get your independent contractor agreement and start
searching.
In the end, if you are a real
solitaire that comes along a small business street alone, you may not want
employees or contractors. But you must have your own support team this team
consists of counselors, small business coaches, or even your family and serves
as a resource to go for advice, motivation and confidence when the road gets
bumpy.
Step 10: Promote your small business
When your business starts, you must
start attracting customers and customers. You have to start with the basics by
writing a unique sales proposal (USP) and creating a marketing plan. Then
explore the concept of small business marketing as much as possible so you can
decide to promote your business as efficiently as possible. Once you have
completed these activities, you will have the most important base covered.
Remember that success does not happen overnight. But using a map you created to
work continuously with your business and you will increase your chances of
success
