Scroll to Content

There is no better pleasure than having a business that you call your own. Your decision to finally move forward in your career and stop working for someone else is truly commendable. Every small business starts with an idea and the hard part is to put this idea into action and ensure it is continued and managed in the years to come. Starting a business is an easy process if you break it up into smaller parts. There are so many different aspects that you need to take care of so follow these easy steps.

  1. Business plan

A one page business plan outlining the entire process that you have in mind, from its suppliers to customers will do the trick. You need to sit down and have brainstorming session thinking about what you will sell, will you produce in-house or buy from out, whom you will sell to, how you will distribute to them etc. Later on you will have to prepare a detailed plan especially if you are planning to obtain funding from external parties. A well written business plan is always a good sign and shows that you have a proper direction, not simply working on a dream.

  1. Plan a budget

Funding is the main limitation in any project. So you need to put down the numbers and know exactly what you need to spend and how you will find that amount. You might have some capital with while the rest might be needed from external parties. Bank loans are the most common. There could also be government provided low or zero interest loans since they encourage small businesses. Angel funding is also a great way.

  1. Perform legalities

This depends on the type of business you are starting. A sole proprietorship has less paperwork than a limited company. Also, some businesses have special licenses to obtain. Hence, do not forget to contact a lawyer and get all doubts cleared. It might cost money, but it is better than getting fined or jailed later on.

  1. Build your team

In the initial stages you might think you can run it alone, however with time you’ll need more people. So you need to gather your support team. While getting loyal and trusted employees, other professionals such as your accountant, lawyer or consultant also should be trustworthy people, since you’ll be taking some serious business advice from them.

  1. Market it well

There is no point if people do not know your business. Many businesses fail since they were not able to get the word out properly on time. So spread awareness through building a website, advertise on social media and any other method. You can hold a simple launching party as per your funds allow.

Written by:

Leave a Comment

Your email address will not be published. Required fields are marked *