Starting a Small Business Steps: 7 Steps to Success
Starting a small business can be a scary step into commerce, but you can overcome this fear with a little faith and effort. In deciding on a business to start, it's important to think of activities you enjoy that can include consulting, woodwork, writing, or pc repair. After deciding which business you would like to start, follow these seven steps in starting a small business in no time.
1. Find an Opportunity
Opportunities are available in every industry. In deciding on the kind of opportunity you like, you should consider the cost of operations, your experience in the field, and if there is a market available. At this point of developing a small business, you need to conduct market research to see the consumers in the market.
2. Research the Markets
Market research is the most time-consuming aspect of starting a small business. Market research includes learning about the demographics, buying habits, and frequency of consumer purchases. Without this information, it's impossible to establish concrete data for financial records and developing a business plan.
3. Decide the Structure
Are you going solo or do you have a partner? What kind of manpower is needed to run your business? There are four different business structures: Sole proprietor, Partnerships, Limited Liability Company (LLC), and Corporations. Sole proprietors are individuals running a one-man operation who are responsible for everything in the business. LLCs are a combination of sole proprietorship and partnerships, but offer better tax breaks. LLCs are currently one of the most flexible business structures available.
4. Write a Business Plan
Business plans are the oxygen of starting a small business and are vital to success. During business planning, it’s best to speak with a SCORE counselor free or hire a local business consultant to review your ideas. The business plan is a living document that will help you acquire financing from banks or angel investors, manage changes, and grow your business. Without a business plan, you reduce your chances of succeeding in your venture.
5. Print Stationery/Design a Website
Stationery determines how well people will view your company. Focus on heavy or weighted materials that show professionalism under a tight budget. Also, create a website to establish an online presence. With the increase in e-commerce, websites are a necessity to any successful small business.
6. Join a local Chamber of Commerce
The Chamber of Commerce is the perfect location to start networking with other business owners in your city. Successful small business owners are members, participate in events, and network their hearts into the city so everyone is aware of their existence. Without the proper promotions, a business is destined for failure, which brings us to this last point.
Starting a Small Business steps - last step for success ...
7. Market Your Business
Many people shy away from the idea of marketing. Marketing will determine if your business will make it through the first three years. Thousands of small businesses fail within the first year because they 1) lack marketing skills, 2) no marketing budget, and 3) are not passionate about their business. Passionate business owners do not mind discussing their business’ purpose or its mission. If you are shy or scared to discuss your services, no one will pay attention to your establishment.
The beginning is hard for everyone interested in starting a small business steps. You have to be determined, disciplined, and passionate about the work you are performing. Choose an industry in which you have experience so you have leverage.