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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:

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  • 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.

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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.

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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.

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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

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Junie Rutkevich

Game Developer of iXL Digital

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Last Updated on June 13, 2019

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

Knowledge is power, and you’re going to need a lot of it if you’re going to be able to steer your business to success.

Without further ado, let’s take a look at the 15 best entrepreneurs books to get inspirations about success and grow your business.

1. Think and Grow Rich by Napoleon Hill

    This book has been dubbed the Granddaddy of All Motivational Literature, and it was actually the first book that gave a prescription of what it takes to be a winner.

    Napoleon Hill draws from the stories of millionaires like Henry Ford, Andrew Carnegie, and Thomas Edison to illustrate the principles he put forth.

    Get the book here!

    2. The Lean Startup by Eric Reis

      A lot of startups end up failing, but many of these failures are actually avoidable. The Lean Startup provides a different approach that is now being adopted all over the world and changing the way that companies are developed and products are being launched.

      In The Lean Startup, Eric Reis describes what is required for a company to penetrate the fog of uncertainty in order to discover a path to a sustainable and successful business.

      Get the book here!

      3. The E-Myth Revisited by Michael E. Gerber

        In a revised edition of the 150,000-copy bestseller, The E-Myth, Michael Gerber refutes some of the myths that surround starting your own business and shows just how commonplace assumptions can end up getting in the way of being able to run a successful business.

        Gerber succeeds in walking the reader through the steps that occur in the life of a business, from infancy, through the pains of growing as an adolescent, to the perspective of the mature entrepreneur.

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        Get the book here!

        4. Rework by Jason Fried

          Most of the business books that you get today will give you the same advice: draft a business plan, study the competition, look for investors, and all that.

          However, Rework shows you a more effective, easier and faster means of succeeding when running a business. By reading it, you’ll be able to know why some plans are harmful, why you don’t really need to get investors, and why you’re better of shutting out your competition.

          Get the book here!

          5. How to Win Friends and Influence People by Dale Carnegie

            This is one of the most successful motivational books in history, selling well over 15 million copies since it was released in 1936. The book is timeless, and it appeals to businesses, self-help startups, and general readers.

            Carnegie believes that a lot of successes come from an ability to communicate rather than having brilliant insights. In his book, he teaches how to value others and make them feel appreciated and loved.

            Get the book here!

            6. Outliers: The Story of Success by Malcolm Gladwell

              Through this amazing book, Malcolm Gladwell is able to take the reader on an intellectual journey through the world of ‘outliers’. He asks the question of what truly differentiates high-achievers.

              His answer to this question is that we tend to pay too much attention to what successful people are like, and less attention to where they are actually from.

              Get the book here!

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              7. Rich Dad, Poor Dad by Robert T. Kiyosaki

                This is the best personal finance book ever written. It tells the story of Kiyosaki and his two fathers; his real father, and that of his best friend (his rich dad), as well as how the two men helped him shape his opinions on money and investing.

                It refutes the myth that you need to earn high to become rich, and it distinguishes between working for money and having money work for you.

                Get the book here!

                8. The Ascent of Money: The Financial History of the World by Niall Ferguson

                  Niall Ferguson, in this book, follows the money to tell the story behind the evolution of the word’s financial system, from the beginning way back in ancient Mesopotamia to the latest occurrences in what he had dubbed Planet Finance.

                  Fergusson also reveals financial history as the backstory behind our very own history, with an argument that the evolution of debt and credit is as significant as the history of technological innovation and the rise of civilization.

                  Get the book here!

                  9. Liar’s Poker by Michael Lewis

                    Michael Lewis landed a job at Salomon Brothers after getting out of the London School of Economics and Princeton within three years, he had risen to the rank of bond salesman, making millions for the firm and cashing out steadily.

                    Liar’s Poker is the amalgamation of these years — a look behind the scenes at one of the most turbulent times in American business. His book is Lewis’s account of an era where greed and gluttony were the order of the day.

                    Get the book here!

                    10. Drive: The Surprising Truth about What Motivates Us by Michael H. Pink

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                      A lot of people see money as the best motivator. Michael pink says it’s a mistake.

                      In this provocative book, he asserts that the secret to high performance anywhere is the need to direct our lives, to learn and create, and to do better by our world and ourselves.

                      Get the book here!

                      11. Getting Things Done: The Art of Stress-Free Productivity by David Allen

                        Outdated methods don’t work in today’s world. In this book, Allen shares some awesome methods for stress-free performance that he has shared with thousands of people all over the world.

                        His premise? That productivity is proportional to your ability to relax.

                        Get the book here!

                        12. The 7 Habits of Highly Effective People by Stephen R. Covey

                          In this book, Stephen Covey presents a holistic approach for overcoming both professional and personal issues. With insights and anecdotes, Covey presents a way to live with integrity fairness, service and dignity.

                          Get the book here!

                          13. The 4-Hour Workweek: Escape the 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss

                            In this book, Ferriss dishes on the tips he has learned from studying the New Rich, a subculture of people who did away with the deferred life plan and mastered time and mobility to developed luxury lifestyles for themselves.

                            If you’re looking to make your way in this revolutionary new world, this here is your compass.

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                            Get the book here!

                            14. Delivering Happiness: A Path to Profits, Passion, and Purpose by Tony Hsieh

                              The CEO of Zappos shows how a unique kind of corporate identity can help deliver a huge difference in the way results are being achieved — by creating a company that values and delivers happiness.

                              Get the book here!

                              15. Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way by Richard Branson

                                From Virgin Atlantic Airways, Virgin Records and V2 to Virgin Cola, Virgin Megastores and a wide array of other companies, Richard Branson is the rockstar billionaire that a lot of us want to be.

                                Branson, however, did business by following a simple philosophy:

                                “Oh, screw it, let’s do it”

                                Losing My Virginity is an unusual, borderline outrageous autobiography of one of the greatest business geniuses in the world. Branson and his friends named their business “Virgin” because that was what they were — virgins at the game.

                                Since then, he’s written his success rules, creating a global business that has no headquarters, no management structure no corporate identity as it were.

                                Get the book here!

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                                Featured photo credit: rawpixel via unsplash.com

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