Advertising
Advertising

Starting A Business? Check Out These Basic 7 Steps

Starting A Business? Check Out These Basic 7 Steps

Starting your own business can be both a rewarding and challenging experience. However, you should never start a business without doing some research first, and know a bit about what you will be doing. We interviewed a small business expert to assist us with this list of information to assist you in creating your business, to make sure we didn’t miss anything. Below are the seven steps you should do before starting your successful business.

Evaluate your situation

There are a few questions to ask yourself before starting your business to make sure that all of your business needs are met. These questions include, but are not limited to:

Advertising

  • Why are you starting your business, and what are your goals?
  • What skills do you have, and how will they help you with your business?
  • How much money do you have to invest into your business?
  • Is this a full-time job, or a part-time gig?
  • Are you going to provide a service or a product?

When thinking about the answers to these questions, you will know how much effort you can put into your business, how much time you can spend on it, who your competitors are, and how much help you will need. If you have an idea in mind, but aren’t sure about what kind of business to focus on (like a coffee shop, bakery, gold mailing, bookstore, clothing store), then there are a few places to get some realistic ideas for businesses. Such as:

  • The yellow pages
  • Trade shows
  • Industry magazines
  • The SBA (Small Business Association)
  • The business section of any newspaper
  • Analyze the Industry you are joining

Analyze the industry

You don’t want to open a bakery on the same street as six other bakeries, with nothing to set you apart from being an identical clone of them. Similarly, you also don’t want to start a business that doesn’t have a focus on a specific idea. So analyzing the area in which your business will be based is essential to knowing how badly your business will fail, or how amazingly well your business will flourish.

Advertising

Write a Business Plan

There are two reasons to write out a business plan. One reason is for yourself, and the other reason is for if you need the help of a bank to finance your business. The bank will want to see a business plan to make sure that you know what you are doing, where the money they are lending you is going, and if you have a business that is going to pay them back. For yourself, a business plan is like an outline of what is to come and what you are expecting of yourself and your business. It is also your guideline on what kind of things you need to have – like do you need to allocate budget for travel expenses? Or are you going to need a scanner? Or do need to hire an IT Consultant[1] or Accountant early on? Or is website a priority above anything else?

Legalize your business

There are a few steps that need to be taken, and a few steps that should be taken, when starting a business. First, you need to decide if you want your business to be a sole proprietorship, a partnership, or a corporation. Each has it’s own drawbacks and advantages, so deciding which one will work for you is important. Especially depending on how much time, liability, and money you want to put into your business.

Advertising

Secondly, you will need the proper business licenses and permits. These can vary from state to state, city to city, and country to country. You will also want to find the correct insurance provider for our new found business, in the case of theft, property damage, and the like.

Last, and entirely up to you, the hiring of an accountant. This can be done by you if you’re good with numbers, or it can be done by someone you hire. But either way, they will be handling the numbers part of the business.

Advertising

Receive financing

If you don’t have enough money to start your business, you will need financing help. This can come from friends, family, the bank, credit cards, a venture capital firm or an outside loan such as Fundation and OinkMoney. Either way, it is a good idea to keep three months worth of your family’s average living costs in the bank to have some form of security.

Stock the shelves

Before you can open your business, you need to make sure everything is accounted for. Do the phones work? Did you sign the lease for your business and get the keys? Do you have a staff ready to start their adventure? Is everything priced correctly and neatly displayed? If so, throw that grand opening party and set sail.

Don’t be afraid of mistakes

Running your own business can be fun, exciting, and one of the biggest adventures that you can take. Mistakes will be made along the way, and that’s okay because what can work for one business, may not work for yours. Just follow your business plan, advertise, and have fun with what you do.

Reference

More by this author

Junie Rutkevich

Game Developer of iXL Digital

8 Things You Should Consider Looking At When Buying A Home, Part 2 Zinc: The Usually Forgotten Micronutrient We Need Daily and Its Food Source How to Make Sure What You Sell Is What the Market Needs 7 Things To Consider Before Hiring An Advertising Agency Is It Necessary To Follow Traffic Rules?

Trending in Entrepreneur

18 Life-Changing Skills You Can Learn in Less Than 6 Months 210 Websites To Learn Something New In 30 Minutes A Day 3How To Make Money With CPA: Content Locking 4Revealed: Successful Young Entrepreneurs’ Secrets to Making Their Dreams Come True 512 Little Known Facts About Famous Entrepreneurs

Read Next

Advertising
Advertising

Last Updated on August 20, 2018

Quit Your Job If You Don’t Like It, No Matter What

Quit Your Job If You Don’t Like It, No Matter What

Do you know that feeling? The one where you have to wake up to go to your boring 9-5 job to work with the same boring colleagues who don’t appreciate what you do.

I do, and that’s why I’ve decided to quit my job and follow my passion. This, however, requires a solid plan and some guts.

The one who perseveres doesn’t always win. Sometimes life has more to offer when you quit your current job. Yes, I know. It’s overwhelming and scary.

People who quit are often seen as ‘losers’. They say: “You should finish what you’ve started”.

I know like no other that quitting your job can be very stressful. A dozen questions come up when you’re thinking about quitting your job, most starting with: What if?

Advertising

“What if I don’t find a job I love and regret quitting my current job?”
“What if I can’t find another job and I get in debt because I can’t pay my bills?”
“What if my family and friends judge me and disapprove of the decisions I make?”
“What if I quit my job to pursue my dream, but I fail?

After all, if you admit to the truth of your surroundings, you’re forced to acknowledge that you’ve made a wrong decision by choosing your current job. But don’t forget that quitting certain things in life can be the path to your success!

One of my favorite quotes by Henry Ford:

If you always do what you’ve always done, you’ll always get what you’ve always got.

Everything takes energy

Everything you do in life takes energy. It takes energy to participate in your weekly activities. It takes energy to commute to work every day. It takes energy to organize your sister’s big wedding.

Advertising

Each of the responsibilities we have take a little bit of our energy. We only have a certain amount of energy a day, so we have to spend it wisely.  Same goes for our time. The only things we can’t buy in this world are time and energy. Yes, you could buy an energy drink, but will it feel the same as eight hours of sleep? Will it be as healthy?

The more stress there is in your life, the less focus you have. This will weaken your results.

Find something that is worth doing

Do you have to quit every time the going gets touch? Absolutely not! You should quit when you’ve put everything you’ve got into something, but don’t see a bright future in it.

When you do something you love and that has purpose in your life, you should push through and give everything you have.

I find star athletes very inspiring. They don’t quit till they step on that stage to receive their hard earned gold medal. From the start, they know how much work its going to take and what they have to sacrifice.

Advertising

When you do something you’re really passionate about, you’re not in a downward spiral. Before you even start you can already see the finish line. The more focus you have for something, the faster you’ll reach the finish.

It is definitely possible to spend your valuable time on something you love and earn money doing it. You just have to find out how — by doing enough research.

Other excuses I often hear are:

“But I have my wife and kids, who is going to pay the bills?”
“I don’t have time for that, I’m too busy with… stuff” (Like watching TV for 2 hours every day.)
“At least I get the same paycheck every month if I work for a boss.”
“Quitting my job is too much risk with this crisis.”

I understand those points. But if you’ve never tried it, you’ll never know how it could be. The fear of failure keeps people from stepping out of their comfort zone.

Advertising

I’ve heard many people say, “I work to let my children make their dream come true”. I think they should rephrase that sentence to: “I pursue my dreams — to inspire and show my children anything is possible.” 

Conclusion

Think carefully about what you spend your time on. Don’t waste it on things that don’t brighten your future. Instead, search for opportunities. And come up with a solid plan before you take any impulsive actions.

Only good things happen outside of your comfort zone.

Do you dare to quit your job for more success in life?

Featured photo credit: Unsplash via unsplash.com

Read Next