Steps to Starting a Small Business – 10 Steps You Must Know

When it comes to the steps to starting a small business many people just simply don’t have a clue what to do to get started. Here I will give you literally all the information you need to know on how to get started and it is all in a simple step by step format.

#1 Decide On The Type Of Business

This is going to be the most important thing you would need to do. Reason being, If you would choose things that would not be your passion you are sure to fail or you would be very miserable. Ideally, you will want to be doing something that would just not feel like chores. Something you would truly be able to enjoy doing all the time because you would be spending many hours dealing with your business.

#2 Check The Zoning Laws Local To You

Once you have decided on what type of business, you would be wanting to start you would need to make sure that you have checked the zoning laws just to make sure that you would be able to start you home business.

Sometimes the city zones really are set up in a way that you would not be able to have certain types of businesses in their own homes. You could find this out before you would want to invest your time into the new business ideas.

Even if your zoning laws would be against you, you could petition the zones so they could be changed or that you could seek out to be able to rent an office. There are many times that you would find an office that would only cost about $100 a month rent.

#3 Decide On A Business Name

For the name you would want to be able to pick the name that would grow on you and is very easy to remember. You would also be able to use your own name. When running your business from your own home, it would cut down hugely on the advertising costs. You would also try having a decal for your vehicle that would say your businesses name.

#4 Get The Right Licenses And Permits For Your Business

This is very necessary. You could find out tons of information on this just by checking with the city offices, the local universities, and of course the chamber of commerce.

#5 Writing Your Business Plan

There is no need for your plan to be all fancy. If you are about to answer almost all of these questions, you could write a great business plan. You are going to need to make sure you list how you could earn some money, how you would be able to pay for everything, and also how things would be at your start up, and how your situation would look five years down your road. There are truly many programs that can help to get you started on the business plan.

#6 Figure The Way You Are Going To Finance The Business

Deciding on how you are going to finance the business will be done when you would be writing the business plan. You would use this part of the process to better help you to figure out just how you would plan to finance the business.

You could seek out the business loans from your local SBD. You would also be able to use your own line of credit, or you could find a partner that would have the money you would need. It would not be a good idea trying to run your business on prayers alone.

You could however choose starting your own business just part time, at your home, using your income from your job, making sure that you are using the hours that you would have left at the end of your day for your very own business without having to ever borrow money. Many businesses have failed not due to the bad ideas, but mainly due to the poor money managements and the estimates of the start up that would be far lower than the real costs. Be very realistic.

#7 Open A Business Checking Account

Banks are more than willing to give you a great deal since they will be having a business account. Most banks will allow you to even use your own checking account for the business. Now you will need to decide on what accounting method you would want to use. There is the accrual or the cash basis type. This would be a great time to make sure you have purchased some accounting software.

#8 Buy The Supplies And Set The Utilities Up

You would be getting the phone lines, your internet connections, the computers and all of the other office equipment. You are going to need pencils, many pens, the staples, a lot of paper clips and so much more. You are going to need to order the business cards, your letterheads, the stationary, staples, some filing cabinets and the telephones. This is going to give the business a very professional image.

#9 Check The Resources At Your Local Post Office

It is going to be very surprising how much your Post office and the UPS could do for you as well as other postal services.

#10 Join Your Local Chamber Of Commerce

You will also want to join any other professional organization possible. Even if you only have the home business, you still are considered a business; you are going to be able to make sure you use all of the resources that would be available at your local Chamber or any of the other organizations. You would also be able to get tons of very valuable networking along with being able to enjoy the events.