Y’steps are wise; and it’s Easier than you Think !!!
from Yahoo.com 3/11 enhanced by Peter/CXO Wiz4biz 8/13
Starting a business may sound intimidating & $$, but it need not be either. In fact, what it can also be is interesting & exciting, especially if you know what to expect and what you are doing. Here’s a good Y path to follow:
1: Personal Evaluation: Begin by taking stock of yourself & who you are. What skills do you have that are transferable and what industries do you know best? Consider too:
• Whether you might want to sell a service or a product
• How much money you are willing to risk
• What do you love doing so much that you would like to do it every day?
Your answers to these sorts of questions will help you focus and pick a business. If you don’t know what sort of business you want to start, here are a few tricks of the trade:
• Drive down the street and notice what businesses catch your eye
• Go to Trade Shows of interest
• Read the Business section of the newspaper and see what excites you
What you are looking for is, something that would be interesting to you, utilizes your skills, not too expensive, and which has potential for good growth. Make a list and narrow your choices down.
2: Analyze the Business: Once you have some idea of a business that fits your goals & lifestyle, the next step is to analyze your idea. Who will be your customers? Who will be your competition? What could you do better?
3: Make it Legal: There are several ways to form a business:
• Sole Proprietorship, Partnership, Limited Liability company (LLC) or Corp.
Generally speaking, the latter two options are preferable, because they limit your personal liability and create a business that is separate & apart from you. You will also need to get the proper business Licenses & Permits from your city, county, and/or state. Start with your city Business office and see what they recommend.
You should also check out your Insurance options, and find a good accountant & lawyer to be on your team. [Part-time, of course]
4: Draft a Business Plan : If you will be seeking outside financing from friends, relatives, investors, or a bank, a Biz Plan is a necessity. But even if you are going to self-finance the venture, drafting a Biz Plan will help you figure out
· How much money you will need
· What roadblocks to be on the lookout for
· How long it should take before becoming profitable
It is like a pilot’s Flight plan – a Business Plan helps you figure out how you are going to get from here to there.
5: Get Financed: Most small businesses begin with money from savings, credit cards, personal loans, help from family, friends, fools [LoL] and so on. You should also check out SBA guaranteed loans. These loans, administered by banks, offer great terms.
6: Set up Shop: If a bricks & mortar Biz or you need an office. Otherwise, start in your Garage or on Kitchen Table like many famous startups have:
• Find a location, Negotiate the lease, Decorate
• Get Phone lines and the Internet installed
• Have your Stationary printed and website developed
• Hire Staff (if you can afford to) or give Equity in your new Organization
• Throw a “Grand Opening” party & invite the Media
7: Trial & Error or Terror: It may take awhile to figure out what works & what doesn’t. Don’t be afraid to take a Risk that might be a Mistake, because you’ll Learn from it. Follow your plan, but be flexible. Advertise & market, (with free & low-cost methods – see other Posts on Wiz4biz) and then as you start to make $$, set some aside and promote some more. You have to let more people know you are out there all the time. Most of all, have fun. Running your own business is one of the great experiences in life! You’ll thank yourself for taking the Risk. because you’ll enjoy the Reward.
Comments: What else do we need to start a Business?