Starting a new business is exciting and you may be super enthusiastic to get started right now. So, if you’re ready to make your entrepreneurial dreams come true in 2017, you must know the fact that starting a business is not just about finding the best small business ideas, rather it is about planning, taking tough financial decisions and completing a series of legal activities and all this requires parallel time and huge effort.
Knowing the basics helps you avoid unnecessary clutter, and make right choices on right time. Here are 10 easy steps, every small business entrepreneur should know and follow. These steps will surely help you plan, prepare and manage your business in much effective way.
Here it goes:
Step 1: Write a Business Plan: This written guide will help you map out how you will start and run your business successfully.
Step 2: Get Business Assistance and Training: Take advantage of free training and counseling by joining business networks like Linkedin and small business forums.
Step 3: Choose a Business Location: This is important, you may also choose to operate online in many cases.
Step 4: Finance Your Business: This is a fact that you need some money to make more money, i.e. setup cost, marketing costs and initial overheads. You can look for government backed loans, venture capital and research grants to help you get started.
Step 5: Determine the Legal Structure of Your Business: Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
Step 6: Register a Business Name: It’s important and a must to start operations. Failing to have a business name will end up in legal complications.
Step 7: Register for State and Local Taxes: Depending upon your state laws, you must have to register with state to obtain Tax number, workers’ compensation, unemployment and disability insurance.
Step 8: Obtain Business Licenses and Permits: Make sure to get a list of federal, state and local licenses and permits required for your business and obtain the required ones.
Step 9: Find Assistance for Business Setup: Though you are very enthusiastic, but being first time entrepreneur, you must seek advice from experts on saving costs and setting up efficiently.
Step 10: Start Selling & Promoting: Once you start operations, you’re done with one major phase of being your own boss, but to keep your business alive, you need to promote it.
Following the above steps will just make things clear for you. You must also contact your local SBA office to learn more about how SBA can help. Moreover, get connected to more experts on business networks and seek advice. And yes, do not forget that constant learning is the only way to success, so read a lot and keep yourself updated!