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  • Writer's pictureJay Reed

6 Steps to Starting Up a Business: Knowing the Basics

A lot of new business owners may understand the necessary effort to build a business from the ground up, but what they might not be fully aware of is that there are several steps you need to take to launch your own business.

Currently, there are at least 28 million small businesses all over the United States. Small businesses are everywhere, which means that competition can be tough. Needless to say, it’s important that you start your business right to increase your chances of success.

The steps you need to take

Here are the most important steps you need to take to start a business venture. 1. Research everything you need to know. You probably have a genius idea on what to sell or promote since you’ve decided to set up a business. The next step you need to take is to make sure that it has the potential to succeed. How to do that? Simple. Your idea must solve a problem experienced by many people. It can also be something that fulfills a need or that your audience will want. Once you’ve identified that, you will also need to figure out who will need your product or service. What is the competition like? 2. Create a business plan. A business plan is a blueprint that will guide you from conception to completion. It’s one of the most important things that a novice entrepreneur must have to ensure success. The goal of a business plan is to convince future investors to believe your vision, your ideas. The first thing you need for a powerful business plan is to have an executive summary that will include basic information about your business, including name, location, description of business, products and/or services, mission and vision, and management team. You will then need a company description that will outline vital information about your company, including how large it is, what it is that you do, and what you hope to achieve. You will also need to describe in detail your products and/or services. Aside from that, you will also need to include a market analysis section that will provide an overview of the industry you are in. A concrete outline of your marketing strategy, financial analysis, and management summary must also be included. 3. Plan your finances. While setting up a business doesn’t necessarily involve a lot of cash, you will, however, need some initial investment, as well as resources to cover expenses before you can make a profit. You will need to include estimates of startup costs, including permits, licenses, legal fees, insurance, market research, inventory, equipment, property leases, etc. 4. Decide on a business structure. You can choose to set up a sole proprietorship, partnership, limited liability company (LLC), or corporation. The business structure you decide on will have an impact on your business name, taxes, liabilities, etc. You may choose to start with a sole proprietorship and then change the structure as the need arises. 5. Register a business name. Choose your business name carefully, as this will represent your business and your image. Consider all the necessary factors to ensure that you’ll be able to decide on the best one. Once you’ve picked out a name, check whether it is currently used and trademarked by someone else. If not, the next step you need to take is to register it with your state or county clerk. 6. Secure the required licenses and permits. Paperwork can be a lot of work, but it’s an important part of making your new business legal. Ask your state or county clerk about the necessary licenses and permits that you need to apply for a start-up. Some of the most important documents you need to secure include a health permit, intellectual property, safety permits, and the like. Remember, take one step at a time because there is no shortcut to success.

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