Steps Required to Start a Business
ď‚— Many people dream of someday
running their own successful business. The thought of being your own boss and making a great living doing something you love is very enticing. Of course, running a successful business begins with starting the business, and itâ€™s important to follow some specific steps if you want to be successful. Like any worthwhile endeavor, the first step to starting a business is making a thorough plan.
Make a Business Plan
A business plan is a must for anyone who is thinking of starting a new business. It is basically a written outline of all the different aspects that a business entails. A business plan will let you know if your idea is financially feasible, and whether there is room in the marketplace for what you are offering. Some of the essential parts of an effective business plan are:
Executive Summary – This usually comes right at the beginning and provides a glimpse into the business as a whole. The Executive Summary usually includes a thorough company profile and the long and short-term goals of the business. Company Description – This is a brief section that shows what differentiates your business from your competitors and precisely what it is you do. Market Analysis – This step is essential to determine whether or not there is a need for what you are selling. You’ll conduct market research on the potential markets, your target market and your competitors. Management Structure – Not all businesses are structured the same way, so it’s wise to detail the management hierarchy so everything is clear. Marketing and Sales – No new business or any business will survive without a solid marketing strategy. It’s important to detail your sales process and several different marketing strategies you plan to use to attract new customers. Financial – This section will discuss how much you need, how much you have, and how you intend to make up the difference, if there is one. It’s also beneficial to include your financial projections for the business.
Register the Business If all goes well with the business plan and you’re ready to move
ahead with the idea, you’ll have to register the business. If you haven’t already, you must select a name for the business. Some people have one all figured out right from the start of the process, but if you aren’t one of them now is the time to do it. To give your business a name you must conduct a search to see if that name is already taken. Every city and town will have a local department that deals with this aspect of starting a business. Call town hall and ask how to proceed and then follow the directions. You’ll have to pay a small fee to register your business name, and depending on where you’re located you’ll also have to fill out other business forms before you’re officially up and running. Employer health tax forms, retail sales tax vendor permits and various insurance forms are common. Once you have completed all the necessary forms and paid the fees, you will be given a business license.
Hire Employees Depending on the type of business you are
starting, you may have to hire some employees. Exactly when this happens will depend on when you plan to open for business, and how much training is required before they can get to work. It’s important to write up a brief detailing your ideal employees, so you can tailor the recruiting and hiring process accordingly. It’s also important to learn about and follow any government regulations that might influence how you do things. Take the time to look into all the legalities and potential issues, so you’re able to find the best possible employees.
Market Your Business This step may come before or after hiring employees,
depending on your specific timeframes to get open and running. Basically, you’ll want to implement the marketing strategies that you outlined in your business plan. The degree to which you can roll them out depends on your budget and financial structure, but you’ll have to at least begin the process to get your name out there.
In today’s business world, it’s also imperative that
you have at least a basic website, so your prospective customers can find you online. A homepage, About Us, Contact Information and directions to your business will at least give you a bit of an online presence. If it’s in the budget, have a professional SEO company drive traffic to the site and add valuable content that your customers will find useful.
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