Six Steps to Starting a Business

Be YourOwn Boss

Many young people have become interested in owning and operating their own businesses. Gen Z, or the “Zoomers”, are the generation most interested in entrepreneurship. According to an April 2021 article from worth.com, 62% of Zoomers indicated that they have either started or plan to start their own business. This is a major societal development and there is a great entrepreneurial spirit of Zoomers. With this in mind there needs to be more education on entrepreneurship for these young ambitious souls. The first question that needs to be asked is what exactly is entrepreneurship? A lot of people believe that the definition is as simple as an individual that starts and operates their own business but that’s not what it really means.

An entrepreneur is an individual that takes on the risk of starting and operating their own business. Let’s emphasize the word “risk,” because there is a level of real risk in starting a business. However, there is also the potential for big rewards. Owning your own business can not only put you in a great financial position, but it can also be a very fulfilling opportunity in your life. Most notably, it can be a significant factor for establishing generational wealth.

Jeremiah Willis

6 Steps to Starting a Business

Below are essential steps in starting your own business.

DEVELOPING AN IDEA: It is important to decide what you want to do and organize your thoughts surrounding the idea.

CONDUCT MARKET RESEARCH: This is where you really find out if there is an opportunity for your idea to become successful.

WRITE THE BUSINESS PLAN: This is essential for banks and investors to see if you are someone that they want to take a risk on. It also helps you highlight your priorities and plan.

FUNDING: Assess the funds needed for your business and determine your funding sources. You don’t need a million dollars but you will need money to start.

LOCATION: Location matters! The location determines the frequency and demographics of consumers.

REGISTER YOUR BUSINESS: Once you’ve developed the fundamentals of everything you’ll need to register with the federal and state governments. From there you’ll get an EIN (employer identification number) so that you can pay taxes. The EIN is essentially your business’s identification number.

The above information and steps could help you with making an informed decision on your ability and willingness to take the entrepreneurial journey.