A Step by Step Guide to Starting a Small Business

Originally Published March 3, 2017

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My father's own small business ventures have inspired me to want to maybe start my own small business one day. After doing some research, I thought I would provide a step by step guide for getting started.

 

 

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 Starting a small business takes a lot of hard work.

 

If you have a great idea for a business and are ready to get started there are steps and a process; understand, it may take awhile. In this article are a few basic steps for a business start up. There are young entrepreneurs everywhere and you could potentially be the next one. Starting a business takes time to plan and to complete legal activities with important financial decisions. Every decision you make is important and they determine your success. Here are seven basic steps to starting a business:

 

 

 

1. Make business plan-A business plan is probably the most important because it is a road map for your entire business and determines the success. Your business plan needs to have an executive summary, a description. Market analysis, management summary, and other financial projections. But, you need to make it stand out and show it can be successful.

2. Choose a location- this is important because you need exposure to customers. To make sure you have a good location you need to do research which includes looking at demographics, scoping for competition, staying on budget, understanding laws and much more. To help your research you need to know your brand image.

3. Finance- finance is important because it going to cost money to start your business. If you help with money you can get loans, etc.

4. Determine the legal structure-there are several legal structures; sole proprietorship, partnership, limited liability(LLC), corporation, s corporation, nonprofit and cooperative. They all mean different things and determine how you run your business. The most common of them all is sole proprietorship, a business with just one owner.

5. Register your business name- I think this is the best part because you can name your business whatever you want. You can do this at  a county clerk's office or with state government.

6. Get licenses and permits- depending on your business there are state and federal permits you need.

7. Understand your responsibilities and find local assistance- if you're doing this by yourself you may not have the ability to have people working for you. As a business owner your responsibilities range from collecting taxes, creating a network, filling a system and marketing. So you might need a business planner or a resident tech expert by your side to help. Almost every  state has a small business association office and they also can tell you what you need and can give suggestions.

 

If you really want to start a business on your own take some time and think about it to really make sure that it’s what you want to do. Always think about what you are doing so you know everything is right for you.

 It's going to take time to get a business going, so make sure you have help to to make the time go by quicker and easier for yourself.