Starting a business is something that thousands and thousands of people dream of doing. In fact, hundreds of thousands of businesses start every year in the USA alone. So as you can see, many people put themselves out there to try and make their dreams a reality. However, there is a lot of things involved in starting a business.
Having to worry about everything can be quite stressful and can turn some people off from starting a business altogether. With that in mind, we have decided to create a helpful and simple 6-step guide to starting a small business. These steps are not a comprehensive guide of course, but will provide you with some simple and easy things to do to get your business started.
Do Your Research and Come Up With a Concept/Business Plan
The first step to starting any small business is to do your research. You need to see if your idea has any merit, if anyone is already doing it, or if the market wants it. Your business will need customers and interest to succeed, so ensure there are those out there who would become customers.
You can do a number of things to figure this out from focus groups, to market research or even simply using trial and error. Once your business idea is viable, it’s time to come up with a solid business plan. Your business plan is essentially the blueprint to your business. It will help to guide you through each phase of your business and will ensure you’re always on track. It should go over the goals of the business, and how you are going to go about reaching them.
Get Your Financing Straightened Out
As you might expect, starting a business and operating one successfully takes a bit of money. While the actual amount required for starting a business will vary, most small businesses cost a few thousand dollars to start up.
Sure, some people might have enough money in their accounts to start their businesses without help. But this isn’t always the case. For these people, they will rely on outside financing to bring their business to life. This could be in the form of borrowing from friends and family, to taking out a loan or even taking on investors. Whichever financing method you choose, you need to be sure you have one. You should also know exactly how much your business needs to start, and what that money will be going to.
Handle the Legal Aspects
When you start a business, depending on the industry and type of business, there could be many different legal aspects to handle. It is best to get these out of the way early so you don’t need to worry about it when you are running your business and trying to get more customers.
Some of the legal requirements you will have to worry about include figuring out your business structure, deciding your business name, registering your business. You also need to get the right licensing and any trademarks or patents. If you are curious about the exact legal-related things you need to do, be sure to reach out to an expert of professional in your area.
Begin to Assemble a Team
Once all of your ducks are in order regarding financing, your business plan and legal requirements, it is time to assemble your team. Many businesses will require a few different employees to complete the tasks necessary in helping the business succeed.
You need to be sure to outline the different positions you need to fill, and take time to find the right people. Hiring the wrong person or rushing the process can be a great way to waste a lot of time and money. Of course, not every business needs a team. Some small businesses are fully capable of being run by a single entrepreneur.
Ensure You Have a Working Prototype and Have Production Covered
Whether you have a physical product or a service-based business, you need to make sure that your product is high quality. While service-based businesses are getting more popular, many companies still offer physical products. In order for these companies to succeed, they need to work with a trusted company (such as 3Erp) to help you create prototypes for their products. Prototyping is incredibly helpful to ensure the product you envision comes to life.
Once the prototype has been created to your liking, you need to ensure you have production in place. It’s impossible to sell a product that you don’t have, so having a factory or production partner in your corner is incredibly important. Be sure that they can handle your needs as well. They need to be able to work with you as you scale and if not, find a partner that can.
Begin to Market and Promote Your Business
Once your business is fully started-up and your products or services are ready, it’s time to launch. You will need to find a way to connect with potential customers or users, by marketing and promoting your company. You can run ads on Facebook, can start a blog or website or employ one of the dozens of other marketing tactics.
Also, it is worthwhile to try out a number of different marketing and promotion tools and tactics to see what works best for you. Now, getting a ton of customers and sales won’t happen overnight. This last step is a very long process as a company is always trying to get more customers and market themselves correctly.