Simple Steps Every Entrepreneur Should Take Before Starting a Small Business
Starting a business can be a lot of fun, but it also can be very stressful. This is why you need to have a solid plan in place that outlines the steps you need to take before you start your small business.
Step 1: Identify Resources
There are so many different types of resources out there to help someone who is starting a business. You can often find assistance available for your specific type of business or your industry. Minority groups are also offered special assistance from some organizations. Don’t forget to use all the government resources that are also out there. You can get information on how to start a business, funding assistance, training, information on your responsibilities as an employer and a variety of other things to help you get ready to run a business.
Step 2: Create Your Business Plan
Once you have a pretty good idea of how a business works and where you want to go with it, you can write your business plan. This needs to outline every single aspect of your business. It should detail the business structure, management plans, products or services, marketing and finances. You also want to include information forecasting sales and research on competitors. Make sure that someone reading this plan would be able to understand what your business is, how it will be ran, how it will perform and what needs you may have to fill before you can get the small business running.
Step 3: Secure Funding
Once you have your business plan written, you can start working towards getting funding. You can use your own money, find investors or get funding from lenders. There really isn’t any right way to secure funding. Chances are you have already thought through which method or methods you’ll be using. Just make sure that you always draw up contracts for any financial deal and that you are clear on all terms and conditions.
Step 4: Find a Location
Once you have funding in place, you are ready to choose your business location. In some cases, you may be running your business out of your home, so you need to make sure you can legally do this and find out what other legal requirements you’ll have to meet. If you are operating online only, you’ll need to get a website built. For many, though, finding a location means searching for the right commercial property. You have to figure in where the property is located, if the building suits your needs, if any competitors are nearby, if the area suits your business needs and how much it costs.
These four steps are a great start for your small business. After completing them, you are ready to begin securing licenses, hiring employees and getting your supplies or inventory purchased. Before you know it, you’ll be operating your own business.