Key Steps to Starting your Own Business
So you have decided to take the leap take the idea that has been milling in your head for months or possibly years and put it into action by starting your own business? This is thrilling and at the same time frightening. Where do you start? How do you make your idea a reality? Is this even possible? You probably have a million questions, so let’s start with some basic steps from the United States Small Business Association to get your business started off in the right direction.
- Plan – Write a Business Plan that includes all of your ideas, questions, and concerns. This plan should include: market analysis, management organization, financial projections, company description, and a service or product outline.
- Educate and Network – The Small Business Association has many free courses and trainings to help you get started on financing, marketing and physical location of your business. Start talking to as many people in the field as possible to learn what you are up against and how to avoid mistakes that others have made as they began their business.
- Secure Financing – This task may seem insurmountable but is critical to having a strong foundation to build your idea into a success business. Do your homework when looking for loans: whether private or government back one, investors, or any number of financing methods. See the following link for more resources on this topic. (Financing- Small Business Association)
- Make it Legal – Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative. Consult with a qualified attorney to complete the proper paperwork, get a tax ID, fill out the right tax forms and business licenses. An expert attorney in this field can help you find resources to understand your legal requirements with the state and federal government as well as what requirements you must live up to with employees.