Starting your own business is something most people have their dreams about, but very few actually do it. There are many reasons why this is, but one of the biggest is that no one teaches you how.
You’ll find lots of advice online and in books about what steps you should take to get started, but none of it seems to put together all the pieces really well.
So we decided to make it easy for you by taking you through every step from A-Z. From getting the basics down to generating new revenue streams, this pack covers everything you need to know about starting your own business!
It’s the perfect beginner’s guide because there’s not too much theory, just practical ways to succeed. And at the end of these lessons, you will either be able to start or run your own successful business!
Start developing your business skills today by picking up our ‘How To Start A Business’ package here: http://www.quicksprout.
Write your business plan
Now that you have determined that owning your own business is a good idea, you will need to determine if this is actually feasible. Before you begin taking steps towards becoming an entrepreneur, you must first evaluate whether or not it is viable. By having a lot of questions and solid plans, you will know for sure if this is really what you want to do.
You should definitely check out some of our tips here at Viva La Ventures on how to start a business, but one of the most important things you can do before investing in the process is to write your business plan.
A business plan is a goal-focused document that outlines all of the steps needed to make your dream come true. It is also a way to get feedback from people who may or may not be willing to invest in your business ideas. This article will talk about why writing a business plan is so important and some easy ways to do it.
What is a business plan?
A business plan is a pretty long term thing. It is typically three pages or less, but depending on what kind of business you are looking to start, it could be longer. A business plan is usually divided into six main sections and several subsections within each section. These sections include: company description, mission statement, management team, marketing strategies, financial statements, and final comments.
The company description section includes telling someone who reads your business plan what your business is called and how many employees you have.
Fund your business
Starting your own business comes with costs, lots of them! There are fees for legal services, marketing materials, website design, business loans, and more. Plus, you’ll need to invest in some equipment or resources to run your business (e.g., computer software, phones, tablets, etc.).
It is very difficult to start a business without investing money in it. This is why it is important to have a good source of income before you launch, so that you can cover these initial expenses.
By having savings, this will give you an advantage over entrepreneurs who don’t have much cash up front. It also helps you plan longer term since you don’t have urgent needs like food every day.
Many people begin businesses by selling products they already use themselves or buying merchandise at low prices then altering them and offering them as new products. Both of these strategies cost nothing extra except for the time spent creating and changing the product!
The best way to fund your business is what kind of business you want to go into – how much do you need to spend depends on that. Some tips: consider starting a service-based business or retail-focused, both of which usually require less capital.
Pick your business location
Before you can start your business, you’ll first need to pick where you want to have it. This will depend mostly on two things: how much money you have to invest in the space and what kind of income you expect to get from it.
If you don’t have much cash at this stage, you can still launch your business by renting or buying a room, office, or house close to where most of your customers live. This way you won’t need too much investment upfront – just make sure your renters or owners don’t try to re-rent or sell until you are no longer there!
You can also consider starting your own team or company instead of going it alone. There are many ways to do this, so check out our article here for more information.
Whatever route you choose, make sure you like the area and that it is easily accessible. Also, look into the local regulations and see if there are any restrictions on night time use or self-employed activities.
Choose a business structure
When starting your own business, one of the first things you will need to do is determine what kind of business entity you want to use. There are four main types of business entities, and it’s important to know which one works for you and your business.
Sole proprietorship – this type of business has just you as an owner with no other investors or owners. This is typically the most common type of business structure used by individuals who start businesses because they feel that only they can run the company effectively.
Corporation – here there are shareholders (owners) who have rights to part of the company. For example, a shareholder could buy 1% of the stock which gives them their right to one position in the company.
LLC – Limited Liability Companies allow members to limit their liability from debts and legal actions to only themselves. Therefore, LLC’s enable people to form groups with limited liabilities.
Partnership – similar to corporations, partnerships give equal ownership rights to all partners. However, unlike corporations where shareholders pay dividends, partners get paid per their contribution to the firm.
Choose your business name
Choosing your business name is one of the most important steps in starting your business! This article will talk you through some tips for choosing a good business name, as well as how to choose between using your surname or not when naming your company.
“Traditional” ways of naming businesses usually involve adding your family name or taking the first part of your surname, which are both very common practices.
However, there are other strategies that can be done to create interesting and unique names. For example, you could try putting your own personal touch onto your business by incorporating words or phrases into your name. Or, if your parents gave you their last name, then you get to use THAT as your company name!
We would also recommend doing some research about popular brands to see what kind of success they have had with their product or service.
Register your business
The next step in starting your own business is registering your business with state and local governments. This includes doing an online business registration, putting together a paper application, going in person to register, etc. Depending on what kind of business you are creating, there may be additional requirements that need to be addressed and set up before you can officially do business.
Most states offer at least one free website where you can put your business information such as names, addresses, phone numbers, email addresses, and registrations. Some even allow you to search for businesses already registered nearby so you don’t have to re-enter all their details. Make sure to check out the resources and opportunities available to you by looking into your options!
There are many ways to register your business but most require you to include some basic personal information and proof of income or assets. Make sure to research your best choices and go through the process of setting up your business using those methods first to know if it is possible without having a job.
Get federal and state tax IDs
Starting your business requires some additional paperwork and restrictions that are put in place by various agencies and organizations. One of these is having an employer you can use as a reference for the time period needed to run the business.
In addition to this, most businesses require you to have proof of liability or insurance coverage in case something goes wrong at your location. These documents must be readily available during opening hours so if there was an accident, someone would be protected.
These forms can be gathered from many sources including local government offices, banks, accountant referrals, etc.
Apply for licenses and permits
Before you even consider starting your business, you will need to make sure that everything is legal. This includes getting licensing and permit numbers for your location, owning or distributing products, and offering services.
There are many ways to go about obtaining these licenses and permits, but the most common way is to start with the state government and then from there branch out to other levels such as county, city, and federal. Some states require you to be licensed while others do not!
Some of these licenses can cost quite a bit of money, so it is important to be aware of what ones you need before you begin. Having this information pre-start time can help save lots of money in fees later on.