Found
this quite interesting. Article written by Entrepreneur... Enjoy...
A lot of people think starting a business is hard. Too many
would-be-entrepreneurs get stuck early in the process because they think
only a certain type of person has what it takes to make it as a
successful business owner. The reality is, most people have what it
takes: a good idea, the right amount of capital and the creativity.
What most people lack, however, is the patience, determination and
ability to plan. It’s easy to become overwhelmed in the early stages of
starting a business. The key is to have a working plan to stick to.
Use something simple to guide you along the way.
Here are seven key first steps to starting your own business:
1. Take time to brainstorm.
An idea is great, but you need to be able to give it legs. Your job
as a new entrepreneur and future business owner is to think about every
aspect of your business. Come up with answers to every question a
stranger or potential investor might ask you. For example try to answer
these questions:
Who is the target market for the product?
What could go wrong and how will you solve it?
Are there additional products or services that could tie into your main offering?
What are the main things you want your customers to know about you?
By preparing answers to these questions ahead of time, you'll come
across as a more confident and trustworthy business owner when it comes
time to try to attract the attention of the right stakeholders.
2. Create a business plan.
After you’ve taken the time to answer questions about your business or product idea, put together a concrete business plan.
According to the U.S. Small Business Administration,
the main parts of a business plan include the executive summary,
a company description (what makes the company unique), a market analysis
(the competition and target demographics), the company's structure, a
description of the service or product line, the marketing and sales
strategy, financial projections -- plus any additional useful
information.
Entrepreneur also has a section of free business plan templates that can help you get started.
3. Gather needed resources.
If you're planning to start a one-person business, you don’t
necessarily need to worry about hiring anyone. But it might be helpful
to create a plan for the future when you want to scale the business.
No matter what the size of your business is, you'll need a few
essentials to start operating. Create a list of everything you’ll need
and its approximate cost, Whether it’s an office space with a new
desktop and printer or a warehouse to hold the products.
If you are purchasing something that will solely be used for
business, then likely it's tax deductible. Be sure to check with the IRS, an accountant or a tax attorney to be sure you are properly deducting expenses.
4. Launch marketing and brand-awareness campaigns.
Before you launch the business off the ground, start planning the
ideas for marketing, sales, and branding efforts. Because social media
is used by much of the U.S. population in most age groups and continues
to grow in popularity globally, having an online presence is key.
Create a Facebook page, Twitter profile, Google+, and LinkedIn page
for your business, depending on the appropriate social media channel for
your company. For instance, a dry cleaner may not find a LinkedIn page
useful but could connect well with a local community on Google+ and
Facebook. Be sure all your web pages have a cohesive feel and are
updated regularly.
All other communications with your clients should have a cohesive
feel. Use the company's brand colors and logo to create business cards,
letterhead and email signatures to demonstrate to customers
a professional operation.
5. Get the finances in shape.
Not setting up proper accounting, bookkeeping and tax records up
front can be dangerous and costly to a business in the long run. Set up
the business as an limited liability company, an S Corp or whatever
structure fits best to protect personal assets. Use bookkeeping software
like Go Daddy Bookkeeping or Quickbooks that make it easy to export records when doing taxes.
Hire an accountant for your business who can ensure that taxes are
done correctly. While doing your own business taxes can be relatively
easy when running a solo business, laws and regulations vary by state.
Consult with an expert to make sure you're in the clear.
6. Create a maintenance list.
When you finally have your business up and running, keep track of
regular tasks that keep a business running, namely doing payroll,
keeping up with inventory, updating the website and regularly blogging
and using social media. Create a list of these regular tasks and
schedule them on a project management dashboard or an online to-do list
like To do list, which lets someone list a task’s due date as “every fourth Wednesday” and then it regularly appears on a daily task list.
This ensures you will continue the regular housekeeping tasks of the business so it runs smoothly.
7. Set future goals.
Whether your business is a day or a year old, continuously set goals in order to remove your business forward. Examine the competition, employees, investors and peers to help you
decide what new goals need to be set and what needs to happen so as to
be successful.
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