Start your own business with 5 Steps
A thought or collection of thoughts that generate in the mind is an idea. Everything around us is an idea.
Phone that we use is an Idea. Car we drive is an idea. Clothes we wear is an Idea.
Therefore it is correct to say that a great small business always starts out as an idea, but you have to transform that idea into action. That’s where many individuals can start to feel overwhelmed. It’s understandable to freeze up at the deluge of things that are required to get a business started, but getting going is actually easier than you might think.
Like any big goal, if you start by breaking it down into smaller tasks, and start setting small goals you’ll be able to tackle enough of the actions necessary to get started. And turn you Idea into a successful business.
Here are six ways to break down the process and simplify getting started with your own small business.
Write a business Plan.
So to get started, begin with one-page business plan that is a high-level overview of the small business you’re about to start.
- Define your vision. What will be the end result of your business?
- Define your mission. Different to a vision, your mission should explain the reason your company exists.
- Define your objectives. What are you going to do — what are your goals — that will lead to the accomplishment of your mission and your vision?
- Outline your basic strategies. How are you going to achieve the objectives you just bulleted?
- Write a simple action plan. Bullet out the smaller task-oriented actions required to achieve the stated objectives.
Decide on budget.
While I highly recommend you keep your costs as low as possible, you’ll still need to determine a budget to get started and how much you’ll be able to spend.
- Tally Your Income Sources. How much money will you bring to business
- Determine Fixed Costs. Fixed costs are expenses that are charged the same price each month.
- Include Variable Expenses. Items that don’t have a fixed price tag each month are called variable costs
- Pull It All Together. The first three steps of this post detail the elements of a good business budget, so the last step is simply pulling it all together. Take action by using this handy checklist with specific examples so you can create your budget without any hassle:
Decide on a legal entity
Filing paperwork to start a business costs money. The entity that’s best for you depends on what type of business you have and your objectives. Also, depending on your state, it can be a lot of money. You’ll need to account for city or municipality licensing, state incorporation or business entity fees and more. Do a thorough search ahead of time to determine what the filing fees are for your city, county and country before starting any business.
4. Get Your Team Ready:
If you will be hiring employees, now is the time to start the process. Make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position.
Promote Your Small Business:
Marketing your brand or product will include different aspects of manufacturing, promoting and selling products to the customers. Promotion is a key element in putting across the benefits of your product or service to the customers.
You can follow these five steps with not a lot of money. It’s a fantastic way to test the viability of your small business before throwing all your time and money into an unproven idea.