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Steps to Starting Your Business
Starting a business can be a frustrating journey if you do not get the right information at the right time. Every entrepreneur needs to know what steps to take to launch a business, but getting a picture of the overall process is not always so easy. Many small business resources such as Chambers of Commerce and the Small Business Administration give you detailed information up to writing the business plan, but then leave you hanging as to what comes next.
Minimize your frustration by educating yourself on the steps you need to take to successfully start your own business. Read through the following information, bookmark this article and print a hardcopy to use as a checklist, then browse GoldAllianceGroup.com for more tools and information that will help you get started:
Research
Thoroughly research your business idea, and do not be afraid to modify or completely revamp your plans if the results of your research lead you down a new path. Identify your business' SWOT (Strengths, Weaknesses, Opportunities and Threats). What products and services will you offer? What will set your business apart from the competition?
Your Business Identity
Name your business. The name should reflect its strengths, and make your customers want to buy from you. Choose a color theme - two or three colors that you will use throughout your logo , business cards, web site and future marketing materials.
Get Advisors
Perhaps the most important step in protecting yourself from failure - choose good advisors! Advisors can come in the form of CPAs, Lawyers, and successful business owners. Join business networking groups and subscribe to newsletters or magazines in your industry.
Business Structure
With the help of your advisors, decide on the proper Business Structure. Completing the Business Formations process is important in minimizing the amount of business tax that you will pay, and protecting yourself from potential legal issues.
Business Planning
Write your business plan. Business planning is an essential step in identifying your working capital needs, securing financing for your company, and setting your course of operations.
Licensing
In the USA, each state/county maintains rules on business licensing. Start by visiting your county government web page or business licensing office to find out what is required.
Federal Employment Identification Number
Do you need an EIN? Visit the official IRS business web page on EINs to find out.
Banking, Credit & Merchant Accounts
Thorougly research your options in regards to business banking, business credit cards and merchant accounts. Be very mindful of any fees and/or penalties associated with these accounts.
Financing
How will you secure the working capital needed to run your small business? Research your options in regards to debt financing, equity financing, venture capital, angel investors, and person-to-person lending.
Insurance
To protect your new company from unexpected losses, weigh your options on purchasing insurance for your specific business type. Examples of business insurance include General Liability, Product Liability, Workers Compensation, Homed-Based Business Insurance, and Internet-Based Business Insurance.
Protect Your Data
You will need to ensure that your data is safe. Work out a plan for regularly backing up digital data, organizing hardcopy data, and safely disposing of documents that are no longer needed.
Zoning & Location
Where will you operate your business? If you are a brick-and-mortar business (as opposed to Internet-based), get information from your local Zoning Commission to ensure that your building or office location is zoned for the type of business you intend to operate.
Accounting
To make the accounting process as easy as possible, first educate yourself on expenses which are legally deductible. Use an accounting software that can help you organize your payables and receivables. Separate personal and business expenses by funneling business purchases to your business credit card. Each year, request a year-end statement from your credit card company - this automates the process of documenting and categorizing expenses.
Marketing
How will you get a continuous stream of new customers? Write a marketing plan. Create a web site. Measure the results of your advertising campaigns to ensure your marketing dollars are being spent wisely.
Supplies & Equipment
Identity the equipment you will need to run your business. Find suppliers that can offer the best quality and price. Negotiate quantity discounts if applicable.
Hiring & Outsourcing
How will you complete your projects? Determine whether hiring employees or outsourcing your tasks to independent contractors is best for your business.
Completing each of these steps will start your business off on the right track, and establish a solid foundation for success.
About the Author:
Lin Jenkins is the owner of GoldAllianceGroup.com which creates eBooks, Articles, Tips and Tools for Small Business Owners.
Source: Articlesbase.com
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