Successful opposites acknowledge their differences, using them to challenge each other knowing decisions come with conflict and that conflict is normal, natural and necessary—they know that disagreements open up the path to an outcome.
Tasks like naming the business and creating a logo are obvious, but what about the less-heralded, equally important steps?
Whether it’s determining your business structure or crafting a detailed marketing strategy, the workload can quickly pile up. Rather than spinning your wheels and guessing at where to start, follow this 10-step checklist to transform your business from a light bulb above your head to a real entity.
How to start a small business:
- Refine your idea
- Write a business plan
- Assess your finances
- Determine your legal business structure
- Register with the government and IRS
- Purchase an insurance policy
- Build your team
- Choose your vendors
- Brand yourself and advertise
- Grow your business
How to start a business with no money
- Find a free business idea.
- Write a business plan.
- Choose a business name.
- Launch a website.
- Validate ideas with preorders.
- Source funding to grow.
1. Refine your idea
If you’re thinking about starting a business, you likely already have an idea of what you want to sell online, or at least the market you want to enter.
Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing and figure out how you can do it better. If you think your business can deliver something other companies don’t (or deliver the same thing, only faster and cheaper), or you’ve got a solid idea and are ready to create a business plan.
2. Write a business plan
Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a well-written business plan.
Related Article: How to Get Rich By Using 6 Ideas
3. Assess your finances
Starting any business has a price, so you need to determine how you’re going to cover those costs. Do you have the means to fund your startup, or will you need to borrow money? If you’re planning to leave your current job to focus on your business, do you have money put away to support yourself until you make a profit? It’s best to find out how much your startup costs will be.
Many startups fail because they run out of money before turning a profit. It’s never a bad idea to overestimate the amount of startup capital you need, as it can be a while before the business begins to bring in sustainable revenue.
4. Determine your legal business structure
Before you can register your company, you need to decide what kind of entity it is. Your business structure legally affects everything from how you file your taxes to your personal liability if something goes wrong.
A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? If you can’t find evidence that there’s a demand for your idea, then what would be the point?
5.Brand yourself and advertise
Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal or figurative doors for business
6.Grow your business
Your launch and first sales are only the beginning of your task as an entrepreneur. To make a profit and stay afloat, you always need to be growing your business. It’s going to take time and effort, but you’ll get out of your business what you put into it.
Collaborating with more established brands in your industry is a great way to achieve growth. Reach out to other companies and ask for some promotion in exchange for a free product sample or service. Partner with a charity organization, and volunteer some of your time or products to get your name out there.
While these tips will help launch your business and get you set to grow, there’s never a perfect plan. You want to make sure you prepare thoroughly for starting a business, but things will almost certainly go awry. To run a successful business, you must adapt to changing situations.
“Be prepared to adjust,” said Stephanie Murray, founder of Fiddlesticks Party + Supply. “There’s a saying in the military that ‘no plan survives the first contact,’ meaning that you can have the best plan in the world, but as soon as it’s in action, things change, and you have to be ready and willing to adapt and problem-solve quickly. As an entrepreneur, your value lies in solving problems, whether that is your product or service solving problems for other people or you solving problems within your organization.”
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