Are you planning to start your own small business but have no idea how to go about it?
No worries. Well, its not going to be as easy as it looks though. Entrepreneurship is like a journey which starts with small baby steps rather than jumping over to the bigger ones. Everything takes time, hard work and serious dedication as well as focus. You might fail but remember, failure is the first step towards success. The most important part is, to actually take the first step towards doing something. “The true entrepreneur is a doer. Not a dreamer”
If you want to start your own small business, there are certain points which you need to keep in mind and certain steps which you need to follow:
DO GOOD RESEARCH
The first step you need to take before starting your business. You already have a rough idea about your business but the question is, does your idea has the potential to succeed and flourish? Will it bring you profit as well as sustain for a longer period of time? Are there people in need of the services which you would provide? And not to forget, research about the competitors in the same field. Also, will your business fit into the market? You need to research a lot and find the answer to these questions. Once this is done, let’s move to the other step.
MAKE A PLAN
Your plan is ready but needs to be made practical and brought into reality. A business plan is like a blue print which will probably guide you throughout and it would be easier to go about it as per the plan. Once the plan is ready, things might get too smooth then.
Now comes the company name. Select a suitable company name. You need not stress over this name thing because you might change it later as per your wish. But you need to come up with a name as your business name plays a prominent role in every aspect of your business. Once you’ve selected a name for your business, you can go further with the adminstration Activities.
REGISTER YOUR TRADE NAME
You will have to register your trade name if you aren’t working under your own name.
A business license will be required to start your business. There’s a form which needs to be filled to get this business license which hardly takes few minutes to be filled.
SET UP A SIMPLE ACCOUNTING SPREADSHEET
You need to create a simple spreadsheet initially in which you can enter the money invested or earned. Generate revenue. Keep a record of everything you do.
BUSINESS BANK ACCOUNT
Get a business account under your business name and use only that account for all business related withdrawals,deposits and transactions as such.
Well,these are the few steps which would probably help you and guide you before starting up a business. Few steps away from becoming an entrepreneur!