10 Steps For Starting Your Own Business

Ten Steps For Starting Your Own Business

The decision to start your own business is among the biggest you will ever make.  It will take you on a journey that will change every aspect of your life, hopefully for the better.  But start the process badly and you could end up with a whole host of problems facing you.  Take note of these few steps before setting out on your journey, and it could mean the difference between success and failure.

Identify Your Opportunity
This is something that should occur before the final decision to open a business, but may be a deal breaker after your decision as well.  Ask yourself questions like: what is my market? What makes me an expert in this field?  What is my competition and why would people choose me?  Is there a need being met by my product or service?  Do I have all of the knowledge and skills to follow through all aspects of the business?  If you are fifty-fifty on the answers to any of these questions, then perhaps you should not continue until you are 100%.  After all the investment of time and money alone is worth the surety of your conviction. 

Make A Business Plan
You cannot succeed at anything without some semblance of a plan.  Laying out all the costs, budgets, equipment, time-lines and goals will put everything in perspective for you and your investors.  You will be able to properly gauge start-up expenses and keep within budgets if you know exactly where every dollar is going.  Many business experts attest that those who have a solid plan have 50% more profits than those without a plan.  Doesn't it seem like such an easy way to improve your chances of success?  If you are not sure about how to write a business plan, take a look online.  There lots of templates for different types of ventures  that will be able to point you in the right direction.

Find Money
You have to spend money to make money.  Its ugly, but its true.  Start-up funds come in many forms: inheritance, savings, severance pay, loans, investors and gifts.  Whichever way you find the money, it will always be a journey in itself, but essential all the same.  If you find yourself looking for investors or seeking a loan, there is a certain level of humility required to do so.  And a solid business plan.  No bank or investor will even consider lending money without a business plan and some will even insist on changes to the plan before signing the check.  Be flexible, objective opinions are always useful and chances are whomever you are asking to invest has their own experience you can draw from.

The Legalities
You have the plan, you have the money, you have the confidence, and you probably have a name for your business by now too.  Go and register the name you have chosen before you start creating a brand, make sure it is organic – not being used by someone else.  You may even choose to trademark the name and/or logo.  If you do, you are committed to it, so make sure its the right one.  Once all that is done, then go ahead and get the business cards made up and the website designed.  You would not want to spend all the cash on a website with a great name and logo only to find out someone in the next town chose the same name.  Next, investigate all the permits and licenses you will need to run your business.  There are some pretty odd licenses required to do some the most mundane things, so check it out.  No one wants to be shut down for such an easily solved problem. 

Get Insurance
This is just as important as finding the start-up cash.  Protect yourself, your investment, your assets and your health by finding yourself a comprehensive insurance plan for your new business.  Workers compensation does not cover business owners, so if you are injured while carrying out a service, you will be high and dry when it comes to medical and lost wages costs.

Get An Accountant
Unless you are a CGA yourself, get an accountant.  The tax laws are as complicated as the Greek alphabet, and just as hard to read, so do not attempt to navigate business taxes yourself.  Besides, you are an expert on your product and services – not tax law.