what steps do i need to take in beginning my own Business?
Question by nighttimememory: what steps do i need to take in beginning my own Business?
I have always dreamed of owning and running my own business weather it be a small vending machine route or a big store I have many good ideas for new stores but I want to everything right I don’t know the process of how to go about beginning everything please help…..
Great answer:
Answer by imisidro
1. Define your business first. What do you want to do? Make a list of possible businesses you can develop and write the pros and cons of each. Clarify your business model.
2. Check the feasibility of the business idea. Is it workable? Given your resources, do you think there’s a chance?
3. Once you’ve determined exactly what business to start, research about the business — how much will it take you to start the business, what do you need, who are doing it, who is your target market, how are you going to reach your market. This is your business plan. It is best to put it in writing, especially if you will be seeking loans or investors as they will require a business plan
4. Find out how much the business will cost and where you can get the money. If your resources are not enough, where will you get money? Can you get money elsewhere? If you really cannot raise the funds you need, are you willing to downscale the idea?
5. Decide if this is a business that can be done alone by you, or whether you will need a partner or you will hire employees. Aside from you, who else will be involved in the business?
6. Once you find out that you can really raise the capital you need and the personnel requirements, setup your business. Decide if you want to be a sole proprietor, partnership, LLC, S or C corporation.
7. Go to your local county to find out the steps for business registration, assumed name or DBA, and whether the business will require a license or not. Or check the Web for information on starting a business in your state, specifically from your state or local government websites. Then complete all legal and regulatory requirements.
8. Start the process of setting up the business. If this is a website, then start thinking of its contents, who will design the site, who will manage the site. If this is a restaurant, start looking for location. If this is a recipe book, start contacting agents and publishers or look into the option of self publishing.
9. Set up your office, whether at home or if you will lease an office space. Purchase the equipment you need.
10. Start developing your marketing materials such as business cards, brochures, flyers.
You may also want to check the following books:
– What No One Ever Tells You About Starting Your Own Business: Real Life Start-Up Advice from 101 Successful Entrepreneurs http://www.amazon.com/exec/obidos/ASIN/1574101129/ref=nosim/powerhomebizguid
– If You’re Clueless About Starting Your Own Business and Want to Know More http://www.amazon.com/exec/obidos/ASIN/1574100939/ref=nosim/powerhomebizguid
– Start Your Own Business : The Only Start-Up Book You’ll Ever Need http://www.amazon.com/exec/obidos/ASIN/1891984217/ref=nosim/powerhomebizguid
-Steps to Small Business Start-Up : Everything You Need to Know to Turn Your Idea into a Successful Business http://www.amazon.com/exec/obidos/ASIN/1574101323/ref=nosim/powerhomebizguid
It may help you if you could talk with a small business expert or free mentors to give you ideas on how to make your dream of starting a business come true. Here are some places where you can find a mentor:
– Government Mentoring Programs such as SBDCs, which works with community colleges and local business development councils to offer mentoring programs http://www.sba.gov/sbdc/sbdcnear.html ; or the Women’s Network for Entrepreneurial Training http://www.sba.gov/womeninbusiness/wnet_roundtables.html
– Volunteer programs such as SCORE http://www.score.org which is composed of mostly retired executives and entrepreneurs
– Formal mentoring programs such as Athena Foundation http://www.athenafoundation.org/programs/globallinks.html , Helzberg Entrepreneurial Mentoring Program
http://www.helzbergmentoring.org/HEMP/
– Professional organizations such as the National Women’s Business Council http://www.nwbc.gov/Mentoring/programs.html
– Industry and trade associations
– Local business groups, such as the chamber of commerce
– Local chapters of business groups
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