In starting a small business, there are several steps to take in order to make sure you do things right. In fact, there are several steps to consider before deciding on whether you can start a small business of your own. It takes time and information before you can tell yourself that you are ready to begin building your own business.
You need to be patient and not hurry things up because starting up a business, be it big or small, is an important milestone in your life. Starting up a small business can either be the key to your successful future or the start of your world of debt. The choice is yours. If you want a successful business, then you must follow these steps in getting started.
Begin to set up your small business with these important steps. The first thing you have to do when you decide to start a small business is to consult a number of professionals for advice. You should take the view that you are going to need help and advice, especially if it’s your first time to start up a small business. Many first-time failures are due to a failure to seek advice from those that have already done what you are trying to do now.
You will need to consult with professionals who are experts in their line of work, and that can help you with your start-up. Included among those that would be of particular benefit to you are an accountant, banker, and usually an attorney. Often, entrepreneurs hire a marketing consultant to check out the feasibility of the market they are aiming for.
It might cost you to hire these professionals during the start up but imagine what you would do without them. They are the ones with the knowledge on how you can take the initial steps involved in starting up a business.
Once you have found the right professionals for advice, the next step is to create a business plan. It is not true that only big companies need business plans. Small businesses need them too. The old saying might sound a bit trite now, but it’s true nevertheless: “Plan to succeed, don’t plan to fail”. There are other versions of that, but basically what it means is that success needs planning, and if you fail to plan then you will also fail in your small venture.
Once you have your business plan drawn up, you should now get down to organizing the business. What are the next steps you have to take for your business to get up and running? You’ll need a business name and select a form of organization and you will also need an advertizing strategy.
Depending on the size of your business, you will need funds to start setting it up. The bigger the business the more funding you will need, which is why many budding entrepreneurs decide to start small to test the water and then expand if they are successful. That is one way to check up on the market before you invest too much money, and might allow you to start again if your first business fails to work.
The funds for a small business can often be obtained from a bank with a small business funding scheme, and there are occasionally government schemes available to help people start up their first business. It’s best if you also have some of your own money saved up or a rich backer.
Even before you start trading you should get your accountancy system organized, and make a note of all the expenses involved in setting up. Even travel costs before you have started are valid expenses. You can name your family as employees and pay them a wage, or at least their expenses. Your car should go down as a business expense, and all your stationery, telephone and postal costs.
You have to set up a timetable as part of your small business plan. When do you want to start trading? What legal documentation must you have before you start? Do you have to register your business or register your trade name – in fact has your trade name been taken by another business? Do you need to hire employees? If so, how many and when are you going to hire? Do you need to join a group of entrepreneurs to get noticed? These are questions you will need answered before you can start up.
Don’t forget the insurance. What insurance do you need? Do you need to know about intellectual property rights? Will you need patents, trademarks, or copyrights? You might find it advisable to hire a solicitor for most or all of these tasks. It would certainly be lot easier, or perhaps your accountant could do it for you if you have one.
If you are new to small business, then you are strongly advised to get professional advice on many of these matters, and the cost will more than pay for itself in what you could save over trying to do it all yourself. Once you have done all this, then you are ready to begin you small business, and hopefully you will be successful.
