Starting a new business can be exciting and challenging. Those that start businesses are typically motivated, hard working and have the right skills to start and run a business as well as train and manage a team. Even seasoned entrepreneurs have a checklist of steps to followed to achieve long-term success. Here are 8 Easy Steps to Follow when Starting Your Own Business:
Nothing ensures success more than following steps from Entrepreneur Magazine. Before investing in a business that may or not be successful, review and answer the steps below:
Determine what type of business you’d like to start. Do you have an idea, or do you have the solution to a problem? Find out whom your competition is if you are entering an existing market—and figure out how you can do it better, faster and less expensive.
2. Run your idea past mentors, other business leaders, friends and others to gain their feedback/concerns.
3. Assess your skills to ensure you can successfully run your business. Determine whether you are looking to start a small side business or a full-time business. After making a list of your skills, make a list of your key area of expertise, where your passions like and how much of an investment you need to make to fund the enterprise.
4. Create a business plan showing how your business will start and evolve from there. Your plan should include an executive summary; describe the business, financing options, your key targets and how you plan to market the business. Research your competition and how you will beat them.
5. Hire an accountant to help you in every stage of your business. They can help you properly funding your venture, determine the business structure, put accounting systems, maintain records and reports and keep you current on taxes and other IRS filings.
6. Consult a lawyer to makes sure you are beginning your business legally. You will need to register your business, get a federal and state tax ID, apply for permits and licenses, open a bank account and research trademarks, patents and copyrights.
7. Build the team. Determine how you will need to staff to scale your business and whether you will hire employees, freelancers or contractors. Determine hiring protocols, benefits and culture.
8. Make weekly, monthly, quarterly and yearly goals and keep track of how you’re doing and refine as needed or determine ways to achieve those goals.
Starting your own business can guild to successes you’ve only dreamed of. Successful entrepreneurs will concede that business ownership is difficult and will absorb a lot of time and money, but it will also offer rewards that couldn’t be achieved by working for someone else. To make sure you’re going down the right path, use the questions above as a springboard to your new career.