Starting a Business – Start-up Business Basics
The decision to start a business is probably one of the most exhilarating decisions you can make in your life. But it takes more than a dream and the guts to power that dream. Here are some start-up business basics that will help you drive your dream to reality.
Is there a need for what you’re offering? Who needs it? Is there already competition in the market, and who are they? How will your business fit into the market?
Writing a Simple Business Plan
Investors will want to see what your goals are and what the motivation behind them is. Even if you don’t think you’ll need investors, a business plan is a good road map to keep you on track.
Writing a Simple Financial Plan
Starting up a small business doesn’t have to take a lot of money, but an initial investment will be needed. There are ways to come up with the capital if you don’t happen to have it jingling in your pockets, such as small business loans, small business grants, and angel investors.
Decide on a Business Structure
Whether you choose to be a sole proprietorship, a partnership, a limited liability company, or a corporation, your choice will affect your business name, your liability, and how you file your taxes. This can be changed as your business grows.
Take care here. You want to make sure the name you pick isn’t already trademarked. You also want to make sure that any logo you may have designed doesn’t too closely resemble an already registered logo. Jack Daniels whiskey and Popcorn Sutton whiskey have very similar labels and bottles, which led to a lawsuit being filed. Be sure to register your name. This is also a good time to register a domain name and get a website.
Get your Licensing and Permits
Depending on the business type and the location of your business, you’ll have to file various paperwork. Be sure to research what you’ll need to file and when.
This should be done based on what your company will need. An industrial business will probably not do well located in a busy downtown area. Conversely, a small consulting firm won’t want to locate itself on the outskirts of nowhere. The physical needs of your business should be considered. Will you need a warehouse? Will you need parking for a few company vehicles? Will you need access for delivery trucks? It’s a basic rule of real estate; location, location, location!
This is one of the most important systems for any business, large or small. Many small businesses rely on accounting software such as Peachtree or QuickBooks, but even they must rely on an actual accountant from time to time. Others will hire an accounting firm to eliminate any guesswork.
You need clients and customers, so you need to develop a marketing plan and get your name out there. Think up a unique selling proposition (USP). What makes your product or service different from the others? Why should potential clients pick you instead of anyone else?
These steps can seem like a lot to handle, especially if you’ve never done it before, but once you’ve covered these basics, you’re on your way to making your mark in the business world.
If you are looking to start a new business please take a moment to read through our site and see if the Blue Coast Savings Consultant low-cost business opportunity is right for you. View our webinar and let us know how we can help you get started in a business of your very own.