How to Start a Business
If you ever wanted to start a business, don’t wait, do some research and try to get it started. Don’t go through life with an idea and never try to set it up, go ahead, get the ball rolling.
Most people want to be their own boss but don’t know what to do to get that process started. Starting a business can be fun and exciting however, when your faced with a problem, the thrill goes away very quickly. Every business goes through problems, but don’t give up when your faced with a problem. Facing problems in your business is how you gain more skills and how you learn more about your respected company.
Here are a few things to consider when starting a business.
1. Create a Good Business Idea:
Identify what problem or problems you are solving with your business idea.
2. Write a Quick Business Plan:
– A quick business plan is a sentence or a paragraph that answers the questions below.
– Description of your company, what is your company about?
– Identify your customers.
• Who are your customers?
• What type of things do they like?
• What is trending among them?
– Is there a need for this business idea?
– Who are your competitors and how is your company different from your competitors?
– What is the cost of your products and services?
– What are your financial needs?
– What are some foreseeable problems your company may face and how will you solve them?
3. Products and Services:
– Get to know all of your products and /or what your service are about.
– Make sure there is a demand for your products.
4. How Will You Fund Your Business:
– Grants
• If your looking for a grant, your first stop should be the sba.gov. They have grant programs you may qualify for.
– Personal Loan
• If you can’t get a grant, try getting a personal loan.
• With a personal loan the borrower pays the money back in monthly installments over a period of time. However, if you miss a payment it may go to the credit bureaus.
– Investors
• Friends or Family
• Angel investors
• When an angel investor invests in a company, that invested company may sell to another company or go public through an IPO. The angel investor would then make a profit.
– Kickstarter online campaigns
• Kickstarter is a funding platform for your projects.
– Fundraising experts
– Cash or personal bank accounts.
– Business line of credit
– Cofounders
5. Organize Your Business:
– Form a Sole proprietorship, LLC, a C Corp, or an S Corp.
• Sole proprietorship is a business is an unincorporated business with one owner.
• LLC – this corporate business structure protects its investors from personal responsibility for its debts or liabilities.
– Get a tax I.D.
– Get the proper licenses
– Open a business bank account
– Choose an accounting system -Get your web domain name and social handles.
6. Who is Your Team:
List the people you need to help you grow your business.
– Cofounders
– Marketing experts
– Fiverr freelancers
– Technical Team
– Accountants
7. What Is The Location Of Your Business: