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Starting a business is not difficult. Check out this 12-step guide to starting your business right.
Entrepreneurship Is Simply Opening A Small Business Example
For millions of people, starting their own business is an important part of the American dream. But one thing with having a perfect business idea; Turning that idea into a full-fledged, profitable enterprise is another. You may dream of starting a new business, and no doubt it can be difficult!
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It shouldn’t be. Even if you don’t actually have any business experience and are still looking for ideas, you can start a business unit in 12 steps.
This article guides you through the process of becoming a small business owner, which includes everything from financial planning to choosing a professional service or product.
Let’s start with the most basic question: Why do you want to start a business? Use this question to guide what type of business you want to start. If you want a little extra cash, maybe you should put the hustle aside. If you want more freedom, maybe it’s time to quit your 9-to-5 job and start a new one.
Once you figure out why, start asking yourself more questions to help you figure out the type of business you should start and find out what you have.
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Be brutally honest with your answers. It sets the stage for everything you do going forward, so it’s better to know the truth now than later.
Already have a killer business idea? If so, congratulations! You can proceed to the next section. If not, there are many ways to start brainstorming for a good idea. “8 Ways to Come Up with a Business Idea” This article helps people brainstorm potential business ideas. Some pointers from the article:
Also, go out and meet people and ask them questions, get advice from others, research ideas online, or whatever method makes the most sense for you.
If you’ve exhausted all your options and are still stuck, here are 55 great business options you can start with. Some other options include running an e-commerce business or an SEO marketing firm, which are both competitive and profitable ventures.
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Is someone already doing what you want to start? If not, is there a good reason for it?
Start researching your potential competitors or partners in the market using this guide. It breaks down the goals you want to achieve with your research and the methods you can use to do so. For example, you can conduct phone or face-to-face interviews. When you ask “What factors do you consider when purchasing this product or service?” You can offer surveys or polls that ask questions like, and “What areas would you suggest improving?”
Most importantly, it outlines the three most common mistakes people make when starting market research, namely:
Let people interact with your product or service and see what they think about it. A fresh set of eyes can help point out a problem you may have missed. Plus, these people will become your first brand advocates, especially if you listen to their opinions and like the product.
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The easiest way to use feedback is to focus on the Lean Startup methodology (read more about it here), but it involves three main pillars: prototyping, experimenting and pivoting. By pushing a product, getting feedback, and adapting before releasing the next one, you can continually improve and ensure you stay relevant.
Realize that some of these tips are good whether they’re solicited or not. Some will not. That’s why you need to have a plan for how you’ll get feedback.
Also, one way to help you move past negative feedback is to create a “wall of love” where you can post all the positive messages you receive. This wall of love will not only inspire you, but you can use these messages when you start selling your product or service. Positive online reviews and word of mouth can help make a big difference.
Take care of all legal aspects ahead of time. That way, you don’t have to worry about someone taking your big idea, screwing you over with a partnership, or suing you for something you never came up with. You have to deal with the federal government and the IRS, but you also have to deal with your state and local governments. A short list of items to prepare may include:
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Getting it formal means considering self-employment tax or business insurance, depending on the legal structure you choose.
While you can do some things yourself, it’s best to consult with an attorney when you get started to make sure you have everything you need.
Choosing the right business type or business model is an important aspect of formalizing your business. There are many different types of businesses you can start, including:
If you are starting your first business, it is best to file your business as a sole proprietorship or LLC. If you file your business as an LLC, you will be able to hire employees after obtaining an EIN or Employer Identification Number.
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However, hiring employees means purchasing liability insurance and workers’ compensation insurance. Be sure to take these costs into account when contacting a lender or calculating your costs in an accounting program.
A business plan is a written description of how your business will grow from start-up to finished product.
As angel investor and tech company founder Tim Berry writes, “You can probably cover everything you have to offer in 20 to 30 pages of text, plus another 10 pages of appendices for monthly forecasts, management resumes, and other details. If you have a plan of more than 40 pages, you probably Not saying well.”
You can spend between one and three pages on each question. Remember that a business plan is a living, breathing document and you will update it as time goes by and your business matures.
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There are many different ways to get the resources you need to start your business. Business startup professional Martin Zwilling, an angel investor who provides services and products to startups and small businesses, recommends the 10 most reliable ways to finance your business. Consider your own resources, circumstances and life situation and figure out what is right for you.
It is a good idea to get a business bank account at the earliest opportunity. Even if you manage your finances well, it’s a good practice not to pay any business expenses with your personal checking account.
Why? Simply put, having a business bank account makes it easier to file taxes and track your business expenses. So you always know which payments from your account are for your business and for your personal life or pleasure.
Additionally, some business bank accounts come with bonuses or special credit card offers. All these will help you maximize your business finances, which is very important in the early days of your business life.
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It is also worth considering different types of business loans. SBA or US Small Business Administration loans are perfect for newbies like you. However, you should only take a business loan if:
After all the work you put into starting your business, it’s great to see your idea come to life. But remember, it takes a village to create a product. If you want to build an application and you are not an engineer, you should contact a technical person. Or if you need to mass produce the product, you need to cooperate with the manufacturer.
A step-by-step checklist you can use to develop your own product, including finding manufacturers and pricing strategies. The main point highlighted in the article is that you should really focus on two things when developing a product: simplicity and quality. Even if the cost of production is reduced, making a cheaper product is your best option. Also, you need to make sure that the product can grab someone’s attention quickly.
To give yourself peace of mind, start learning as much as you can about manufacturing so you can improve your process and hiring decisions over time.
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This process is very different for service-based, but no less important. You currently have a number of skills that people are willing to pay you for, but these skills can be difficult to measure. How can you build yourself and your skills? You might consider creating a portfolio of your work — if you’re an artist, create a website to showcase your artwork, write if you’re a writer, or design if you’re a designer.
Also, make sure you have the necessary certifications or educational requirements.