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Starting a small business is a great way to earn
a living and contribute to the community. Many
people with great business ideas never started,
simply because theyre overwhelmed by the
process of starting a small business and unsure
of what specifically is involved. Its
understandable to freeze up at the deluge of
things that are required how to start business,
but getting going is actually easier than you
might think. With a to-do list of smaller tasks,
you will be able to tackle enough of the actions
necessary to get started. Here is the step by
step guide to simplify the process and getting
started with your own small business STEP 1
WRITE YOUR BUSINESS PLAN To get started, write
your own simple business plan that is a
high-level overview of the small business youre
about to start. The plan should explain the
vision and mission of starting the business. It
will serve as your guide to decision making
during business process. You will need to
provide business plan to satisfy lenders and
investors, before they approve a loan or make an
equity investment in your company. Plans also
serve as a means of communicating with potential
partners, allies, vendors, employees and even
customers. STEP 2 CALCULATING BUDGET Keep the
initial cost as low as possible. Know how much
you will be able to spend. If youre self
funding, be realistic about numbers and whatever
you anticipate your budget to be. Keep aside an
additional 20 per cent amount reserve so you can
survive if things go leaner than
expected. Keeping budget in mind, you should also
determine how long you can stay in business
before you need to turn a profit. One of the
most frequent mistake people make is
over-estimating revenue and under-estimating
expenses. STEP 3 LEGAL DOCUMENTATION When
starting a business, its wise to start as sole
proprietorship, as it means less paperwork and
up-front expenses. As a sole proprietor, you have
full personal tax liability for all the
businesss profits. The upside is that you can
deduct the businesss losses on your personal tax
return. Filing paperwork to start a business
costs money. Youll need to account for city or
municipality licensing, state incorporation or
business entity fees and more. So, file for a
business entity once youve proven in the first
three to six months of business that youve got a
viable, sustainable model. STEP 4 SEPARATE
BUSINESS AND PERSONAL EXPERIENCES Its easy for
your personal finances to get tangled up with
your business finances. Whatever business entity
you decide on, keep the funds separate from your
personal accounts. For one thing, doing so will
make it much easier to figure out what you can
deduct and what you cant at tax time and it
will also make it easier to grow how to start
business or even sell it. STEP 5 TEST
MARKETING Check the market potential of your
product or services before throwing all your time
and money into an unproven idea. If you have a
service-based business, get involved with your
local chamber of commerce or small-business
chapter immediately and ask what resources are
available for you to speak, present or share
information about your business. If you have a
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product-based business, test the viability of
your product at local swap meets, farmers markets
or other community events to test what the
public really thinks.
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