5 Steps to Open Your Own Business Today!
So you’ve had an exciting business idea… what comes next?
If you’re like most people, then you probably have a very vague idea of how to take that idea and turn it into a successful business - sure, there’s some paperwork, but there’s much more to it than just that.
This post will teach you the 5 steps you need to complete to start your journey as a new business owner.
I’m just going to come right out and say it - the more time you spend on research, the more likely your business will succeed.
That’s because the deeper you dig, the more potential problems you’ll find and be able to solve BEFORE you open your company’s doors. When you’re open, solving problems costs time and money - resources that are extremely precious while you’re trying to run your business.
Proper market research for your business means:
● Identifying your primary competitors, especially when dealing with a local business
● Understanding any logistical and supply chains involved
● Determining the demand for your potential business
● Developing what will make your business different from/similar to others
● Learning EVERYTHING you can about your business’s industry
For many businesses, proper market research can take years to complete. And like American Express - you shouldn’t leave home without it.
If you’ve done your research, then the next step is to build out a business plan. This is where you’ll expand from thinking about the idea of your business and start actually tackling the nuts and bolts of how you’ll make a profit.
In your business plan, you’ll price out all your expenses and project your potential sales to find your break even point.
It may seem like a small step, but naming your business is a critical decision.
Not only does your business name say a lot about your company, it’s also a major pain to change it later. With that in mind, make sure to choose a name that sounds good, looks good, and is available for your website domain and online accounts.
If you’ve made it this far, then you’re ready to begin the paperwork to incorporate your business. Your local regulations will determine the specifics of what you have to register, but you can expect to:
● Submit registration paperwork for your Sole Proprietorship, Partnership, LLC, or Corporation entity
● File for a Tax ID or Employer Identification Number from the IRS
● Open a business bank account
Last but not least, you’ll need to build out your basic online presence, including your business’s website (domain registration), social media accounts, and business directory submissions.
Having your website presence developed your launch is extremely important as it ensures people will be able to find you when your company opens its doors.
After you’ve completed these 5 steps, congratulations!The easy part of running your own business is done - now you’re officially ready for the hard work, so get out there and make your business a success!