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.
Step 1: Research
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.
Step 2: Business Plan
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.
Step 3: Business Name
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.
Step 4: Paperwork
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
Step 5: Online Presence
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!