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How do I start a small business?

You may want to start your own business but be overwhelmed with where to start.Before you give up in discouragement consider this-some of the largest and most successful businesses today started out as someone's simple idea.The key to starting a business is not to give up in what can be a maze of confusion.While starting your small business will take time, planning and money in order to get it off the ground by following these basic steps you can be well on your way to making your business dream a reality. Here is what you need to know if you have been asking-How do I start a small business?

  • Your business ideas-Obviously the first step to start a business is to choose or create a business idea. While this can seem like an obvious step many people who want their own business just do not have an idea, only the desire to be an entrepreneur. The good news is that for the budding entrepreneur, there are many options: buying a franchise or an existing business, or looking to others for ideas for a start-up business. Once you have decided on the type of business you wish to start, then the real work begins.
  • Your business plan-Writing a business plan is the next and most important step.A business plan is how you and others will evaluate your business. When seeking financing for your business the investors or lenders will want to read your plan before they supply you with any funding. Even if you are financing the business yourself, you will still want to have a written plan to develop business strategies and financial projections. Keep in mind that a key element within the business plan is the marketing plan, which explains the marketing strategies that will be used to advertise and promote the products or services. The goal in setting steps of the plan is to help you to analyze the success of the business in future years and clearly illustrate the capital needed to operate the company to break-even.
  • The business financing-Armed with your business plan in hand, you are now ready to go find yourself some capital. Most small businesses have three major options for financing: friends and family, investors or bank loans.Keep in mind that each of these options has different considerations for the business. Investors and even friends and family will usually want ownership and control of their portion of the business. Bank loans will burden the business with an additional expense of the loan payment, which can quickly erode the business profits.
  • Getting the business started-You may assume that now that you have got the plan, the money and the enthusiasm that you are ready. Yet as with everything else you need to take any legal issues into consideration. First you will need to choose a legal structure: Sole proprietorship, partnership, corporation. Your financing decisions will have a direct effect on what legal structure you choose. After choosing you can now you file with the state to incorporate and obtain a federal Identification number.
  • Opening the doors of your business-Now that you have everything else in place it is now time to get on the road to making some money; but this of course means spending money. You now have a multitude of decision to make like: Where are you going to run your business? Will a home office do or is commercial space going to be needed to service your customers? Will you need to hire employees to help you run the business? What will your bookkeeping needs be and do you need an accountant? What taxes will you have to pay and collect?
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