5 easy steps to start a business
A convenient business start up checklist
It is time for a steps to start a business overview.
Okay, so far we have worked on the ever so important foundation of your business: How to profit from your passion,
we have set our goals and have filled out the motivation worksheet. Have you taken a look at the list of small business
ideas already? If not, now is a good time to do so.
Click here to see the list of small business ideas
To make your life easier, I have organised and listed all the steps to start a business here so you can start living the dream!
STEP 1 Business Ideas
To start your small business you will need to choose or create a business idea. While this is an obvious
step, many people who want their own business don't have an idea... They just have the desire to be an entrepreneur.
Luckily there are many options; The number 1 is getting inspired by my list of small business ideas, or you can buy a franchise
or an existing business, or look to others for ideas for your start-up business. Once you have decided on
the business you wish to start, then the real work begins. Have a look at some
new business ideas here.
STEP 2 Business Plan
Writing a business plan is your next and most important step, this is how you and others will evaluate
your business. When seeking financing, investors or lenders will want to read your plan before they
are willing to give you the loan desired.
Even when you are planning to finance your start-up yourself
and start small, a written business plan is a great tool to keep you on course and I advice to have a look at it regularly.
Sample small business plan here...
STEP 2.5 Choosing a business name
Have you thought about the perfect business name already?
Teri Mason can offer you some great insights on business names ideas.
Click here to visit her page about best business names ideas
STEP 3 Financing
With your business plan in hand, you are ready to go find yourself some capital. Most small businesses
have four options for financing: investors or bank loans and friends & family.
Each of these options has
different considerations for the business. Financing the business yourself is a good idea if you want to keep things simple. Investors and even friends & family usually want ownership and control of
their portion of the business.
Bank loans burden the business with an additional expense of the loan payment,
which can erode the business profits. The business opportunities I have listed on this site all have a very low threshold and can be started with the most modest of budgets.
Click this link to learn more about
Money for starting a business.
STEP 4 Getting started
You've got the plan, the money and the enthusiasm; you're ready, right? Not yet, as with everything
you need to take the legal issues into consideration.
First you should choose a legal structure: Sole
Proprietorship, Partnership, or Corporation. Your financing decisions will have an effect on what legal
structure you choose. Now you can file with the state to incorporate and obtain a federal Identification
STEP 5 Opening the Doors
Okay, it's time to get on the road to making some money; this of course means spending money. Where are
you going to run your business? Will a home office do, or is commercial space needed to service your customers?
Do you need to hire employees to help you run the business? What are your bookkeeping needs, do you need an
accountant? Finally, you have to remember your taxes (although most people rather forget about them...;), what taxes do
you have to pay and collect?
Now that you know the steps to start a business, you can get through the start-up phase. You can now look forward to
the issues of managing a small business.
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