The first step to starting your own business is to define what type of company you want. Are you looking for a one man show, or are you planning on hiring employees? Do you need physical space in order to start up? Once these questions have been answered, the next steps involve creating a business plan and finding investors.
Owning a business provides a person the freedom to work when they want, where they want. It also allows them to be their own boss and set their own hours. While there are many benefits of owning a business, it is not the right decision for everyone. The biggest challenge you will face as an entrepreneur is being able to stay focused on your goals. Also, you have to make sure that your business is viable. You need to market yourself, get customers and keep them coming back for more. If you are passionate about entrepreneurship, below are the steps you should take to start your own company.
1. Pick a name for your business
. This is not something that can be put off. You want to spend some time brainstorming before committing to a name. The name of your business will fall in line with the products and services you offer, so it needs to be something people will remember later on.
2. Choose a type of business to start
This should be number 1 on the list. You should choose a business that you are familiar with. This will make it easier to manage as you do not have any rules or regulations to follow. In order to increase the chances of success, you need to choose a business that is easy for customers to identify with.
You have to ask yourself if your business is viable. Study the industry and the business. It would help if you can have a feasibility study. If the business seems feasible, create a business plan. You will need both documents when you meet with possible investors and lenders.
A business plan will help you to organize all aspects of your new company. It is the best way to define your company’s mission statement, vision, values, long term goals, etc. The more detailed it is, the better you can track where you stand and what kind o ff progress you have made.
3. Decide where you want your office space to be
Choosing a location is the next step. You have to decide where your office space will be before you can find a building. In most cases, this means that someone has to live near the location in order for employees and customers to access it with ease.
There are many different types of commercial leases on the market so you have to know what type of space you would like first. If your business is more home based, it can be at your apartment or house.
If you want a small office space, there are many companies that offer shared-office business solutions. These types of companies will give you the flexibility to rent out office space in different locations when necessary.
This option is perfect for someone who needs the freedom to travel.
4. Find out what permits are required in order to run this type of business from the city, state, and federal level
You cannot operate a business without the necessary registration with government regulating bodies.
You will need to fill out the following documents with your state and local government.
- License or permit- some examples are business license, sales tax certificate of registration, occupancy permit etc.
- Federal Tax ID number (EIN) – This number is used for reporting purposes at the IRS. You can get it online by visiting their website or by getting it from your accountant.
- State Tax ID number (EIN)- This number is needed for business tax registration in almost all states. You can find this information on your state’s website.
- Fictitious Business Name Statement- If you are planning on doing business under a name other than your own, you will need to file a statement with the county clerk’s office.
In most cases, you will need to acquire a federal tax ID number for this type of business. If you are going to be selling a product or service across state lines, it would be a good idea to make your business a Corporation. To do this, you need to file articles of incorporation with the Secretary of State and pay a registration fee
5. Shop around for loans and investors
A business plan is necessary if you are looking for investors or bank loans. If you can show that you have done your homework and that there is a market for your products/services, you will put yourself in a better position to get funding.
You can also use equity financing. This is where venture capitalists and angel groups invest into your company in exchange for partial ownership. The amount of money you receive from this type of investor depends on the value and perceived potential value of your company.
6. Set up an LLC or incorporate the company if needed
It also gives you the chance to expand your business since you are not restricted by a single location. Remember that if you do decide on this option, you will need to make sure there is someone who can oversee the office space when you are traveling or away on holiday.
You should never start a company without the necessary equipment. It is essential to have all office equipment on hand before you can proceed with setting up a new company. Your office equipment will help define the type of work environment the employees have, so it needs to stand out from other companies in the area. There are a number of different pieces of equipment that you will have to invest in. These include:
You will need to set aside money for hiring employees. If you want your company to grow, it is best if you hire professionals who can handle specific tasks so you can focus on other duties. It might take some time before you can hire a team of employees, so in the meantime, you can outsource some jobs. You need to make sure your customers are satisfied with all aspects of your product or service. Make sure they have access to quality products and services they will enjoy using.
It is best if you look for a temporary location for storage. A banker will be less likely to loan you money if you do not have any assets, so it is best to warehouse your products and merchandise before the business opens. This also helps keep stock organized and easy to find when an order comes in or when a customer requests a product.
If you are running a large company, it is possible that you will need to take out a loan. Banks can be wary of small businesses, so if your business does not yet have any employees or financial records, it will be even more difficult for banks to see its potential.
You should make sure there is someone who can manage the company while you are away and who can oversee the day-to-day operations of your business. This is the person who will be required to sign financial documents.
It also helps if you have a lawyer on hand so they can help with any legal issues that arise. Lenders need to know that there is someone in charge who has the right legal knowledge.
7. Register with social media sites and set up profiles
Nowadays, you cannot have a business without a social media profile. For people to see you online and on search, you need to have a Google My Business page. You also need to be on other social media like Twitter, Facebook and LinkedIn.
You also need to make sure your profile pages are search engine optimized (SEO). There are many websites that will offer you a free social media profile on their site, but this is not the best option. Check out the details on each company before deciding which one to use since some might be more expensive than others.
Once you have a website, it is best to upload a blog post with a bit about your business. This will make it easier for people who are searching the internet to see what you have to offer. Make sure all posts are unique and that you maintain them on a regular basis.
This will generate more traffic and allow you to increase your rank on the search engines, but make sure you always include keywords in all of your blog posts so it is easier for people to find you.
When creating a website and blog post, it is best if you use keywords that potential customers might search for in the hopes of finding your website. If they cannot find your business on the internet by searching specific terms, then they might turn to other services or products instead.
Always make sure the content you include is relevant and interesting since this will help create a loyal customer base that will return to your business for future purchases. Your website should be designed in such a way to allow for customers to quickly navigate through your site, but it should also be simple enough for them to understand exactly what you have to offer. Include a few photos or images on your website as well as a brief description of what people will receive when they purchase from you. If anyone uses keywords in their search and clicks on your link, there should be enough information included so they know exactly what you are offering.
Setting up your own business can be difficult and overwhelming, but if you have a solid plan in place it should be much easier to achieve success. Have an idea about what products or services you will offer and how you will sell them and make sure this is something people want before opening for business.
If you do not wish to manage the day-to-day operations of your business, it is best to hire staff members who can take on some of these responsibilities. You should also partner with other companies so you can share resources and help each other grow stronger together.
I’m Carl Cyrius, also known as the Credit Czar, and the founder of The Oasis Firm. I also came up with a digital course called the Freedom Pack, which for me, is the ultimate trio of learning and practical tips for entrepreneurs who want to start their own business.
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