eHow to Start a Small Biz #1
from eHow.com 7/13 enhanced by Peter/CXO Wiz4biz
Many more people today dream of starting their own small business. Some people have created a new or different product or service. Some people want to pursue a lifelong passion, while others want to start a business for the freedom & flexibility it can provide. Still others start businesses to increase their earning power. Whatever your reason, starting a business is easier than ever, and you can do so by following the steps below.
Step 1. Type-casting. Decide what type of business you want to start. Consider your interests, passions, product, personality & services + the current marketplace in the industry you’d like to enter. Is it something that you’ll enjoy spending a great deal of time doing? Starting a business requires a serious amount of time & dedication, and you want to be sure that you’ll enjoy devoting that amount of energy to your idea.
Step 2. Create a Business Plan. – which is a detailed outline of the Purpose & long-term Vision of your business and how you plan to run your business. In this plan, you should include your Mission statement, an evaluation of your competition (& how you are better), pricing structures, how much money is required to start it and how you plan to get that money, and details of the types of services or products you plan to sell. [the Marketing Plan part of Business Plan in covered in Step #7 Marketing]
Step #3. Naming/Branding. Decide on a name for your business. If you choose a name that is a combination of your own last name and a description of your business, such as “Smith’s Super SW”, you don’t need to register your name. If you are using any other type of name, you’ll have to file to register your company under a “fictitious name”. (for more info on Naming & Branding, search the Wiz4biz site)
Step #4. Legal Structure. Explain your business & show your Executive Summary to a few Serial Entrepreneurs (who have started several companies) for their advice. (one of these could be a SCORE Counselor). Another source would be a Business Consultant – who knows how to set up companies. Last resort is to consult those expensive Attorneys – one that specializes in startups & business. Once you have decided check for “free” or low cost resources online to submit the required paperwork.
(Sole Proprietorship, Partnerships & Corps [LLC] + Registering locally, Financial Projections, Marketing, and more . . . )