It is the question of a lot of people how to start a small business. The small business is independent, and each company with fewer than 500 employees is in this area. This is the size of the most common standard. In the United States, there are 22.5 million businesses independent of agriculture and farming, 99 percent of which are small businesses. This guide is designed to help you start a successful small business by expressing all the points while maintaining simplicity and comprehensiveness. In this article, you will briefly understand how to start your small business from scratch and in the end, you will see a checklist for starting your small business.
Step One – Initial Evaluation
Is entrepreneurship made for you? Obviously, the setup of a small business brings with it a lot of risks, which, of course, can increase the chances of success with planning. Therefore, the best starting point is to know your strengths and weaknesses as a business owner. Do you have an independent and spontaneous personality? Always keep in mind that if you start a small business, you are the one yourself and not the other person who has to decide how to manage your projects, programs and time.
Can you communicate with different characters and different people? Business owners have to deal with different people. Can you connect with customers, suppliers, employees and more for your business interests? How much decision-making power do you have? Small business owners should be able to make a decision independently, continuously, quickly and in critical condition. Do you have the physical and emotional endurance necessary to start a small business? Owning a business, in addition to the challenge and the excitement, requires a lot of workloads, hours of work. Can you work 12 hours a day and seven days a week? Can you plan and organize? Research shows that many failures were not achieved if you had a business plan. Do you have the motive to bear the difficulties? You may feel that while you start a small business, you cannot, at times, be able to bear up against all the difficulties. It’s just a strong motive that can be hopeful in this case.
How does this business affect your family? Early years of starting a business can create hardship for your family and your personal life. At the same time, your family may have problems and financial pressures to profit from the business. Therefore, family support or lack of support plays an important role in running and starting a small business. It’s true that there are many reasons for not starting a small and independent business, but for those who qualify and have the above abilities, there are many benefits.
Second Step – Business Plan
starting a small business requires motivation, interest, and talent. It also requires extensive research and planning. The following information can be very useful for preparing a business plan: Before you begin, get all the reasons you want to enter the business world for them. For example:
- You want to be your boss.
- You want to have financial independence.
- You want to be free.
- You want to freely use all your abilities and knowledge.
Then you need to determine what kind of business is right for you. So, ask yourself these questions:
- What do I like to do with my time?
- What technical skills did I learn?
- In other opinions, what skills do I have?
- How much time do I have to manage a business?
- Do I have any entertainment or interest that can be turned into a business?
Once you have determined the appropriate business, take the necessary research to answer the following questions:
- Is my idea applicable and will it meet needs?
- Who will be my competitors?
- What is my company’s competitive advantage over existing companies?
- Can I provide a better service?
- Can I make a request for my business?
The last step before preparing a business plan is to make the following checklist and answer:
- What business do I want to start?
- What service or product is supposed to present? Where am I supposed to do this?
- What skill and experience do I have for this?
- What is the business name?
- What facilities do I need?
Your answer to all of the above questions will help you design a complete and comprehensive business plan.
One of the branches of the business plan is the marketing plan. The marketing plan contains actions, goals, plans, budgets, and strategies that help your business marketing. Most companies fail without marketing. But many small businesses do not consider to create and design a marketing plan.
Step Three – Financing
One of the keys to success and progress in getting started is to attract and provide enough funding to start a small business. The following information is based on the methods of collecting money for small companies. It also helps you prepare a Loan Proposal. There are plenty of resources to raise capital. It should be noted that before making a decision, we can search for all possible sources:
- Personal savings
- Friends and family members
- Banks and Credit Institutions
- Entrepreneurship Investment Companies
Checklist for starting a small business:
- Select a business based on interest and abilities
- Do research and surveys on the business idea
- Provide a business plan and marketing plan
- Choose a business name
- Checking the right to use the selected name and obtaining permission to use that name
- Business registration with the selected name
- Determine the best place to start a business
- Checking and reviewing regional laws (selected area for business setup)
- Determine the type of company legal structure and documentation
- Obtaining the required permissions and license
- In the event of entrepreneurship or the creation of a new product, register a patent
- Advertising and publishing announcements based on starting a small business
- Providing telephone lines and other required equipment
- Opening a bank account for business
- Create a Business card
- Logo Design
- Purchase all required equipment
- Create email and website
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