12 STEPS TO STARTING YOUR OWN BUSINESS
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So you've got a great idea, and you're ready to start your own business? Follow these 12 steps to success.
1. Do your market research and identify your target market. Who will you sell to? Who is your competition? How is your market projected to change in the next three, five and 10 years? Finding a niche is key to success for small startups, so define your target customer as specifically as you can—not just “teenagers,” but “upscale, urban teenage girls who are fashion and music influencers.”
2. Write a business plan. A business plan provides a road map for your startup and forces you to think through every element of your business. It describes your business, its market and competition, structure and operations and financial projections. A quick online search will uncover software, templates and other tools to help you. BPlans offers free sample plans.
3. Choose a form of business. While many startups operate as a sole proprietorship or partnership, forming a C corporation, S corporation or limited liability corporation (LLC) can better protect your personal assets, offer tax advantages and make it easier to raise capital. Talk to an attorney and accountant to figure out the best form of business. Check out your options at com.
4. Obtain licenses, permits, tax ID numbers, trademarks, etc. Contact the IRS to obtain a tax ID number or Employer ID Number (if you'll be hiring employees). Contact your city or county to find out what licenses or permits you need, such as a resale or wholesale license. Get trademark protection for your business name and logo.
5. Determine your startup costs. These include costs for inventory, equipment, location, marketing, licenses and permits, professional fees and your salary. It takes six to 18 months for the average startup to earn a profit, so stockpile enough working capital to last that long.
6. Find financing. Start with your own assets. Do you have savings, investments or collectibles you could sell to finance the business? Next, see if your family and friends are willing to invest or lend money (treat them as you would an outside investor or lender). Finally, your local SBA district office can help you investigate bank loans and investor financing.
7. Choose a location. Depending on your industry, you may be able to work from home (check local zoning laws), or you may need to rent a storefront, warehouse or other commercial location. Commercial realtors in your area can help you find the best location and negotiate a good price.
8. Hire help. Whether you hire full-time or part-time employees or rely on outsourcing to independent contractors, you'll need to figure out how you will handle your workload.
9. Buy equipment and inventory. Search com to find reliable, affordable sources of inventory. Create a list of questions to ask them, such as minimum order numbers, shipping processes and how long it will take to receive orders. This way, you can research several different sources and compare apples to apples before making decisions.
10. Launch a website. Whether you're selling products online or off, a business website is essential. Search online to find companies that help you register a domain name, develop a website and access marketing tools such as email and search engine optimization (SEO). If you plan to do business internationally, make sure your ecommerce site has appropriate capabilities including accepting multiple currencies.
11. Market your business. Your business plan should include a marketing plan that describes how you will obtain new customers. Online marketing, social media, in-person and online networking, trade shows and trade missions can all be part of your strategy for finding and selling to new customers.
12. Manage your finances. Using accounting software such as QuickBooks will help you manage cash flow and assess the financial success of your business. If you're not experienced in accounting, find someone who is.
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