Small Business Startup
Starting a Small Business from Scratch
While starting a small business has the potential to be extremely gratifying and rewarding on a lot of levels, it is easy to underestimate the amount of work it takes to actually get the small business startup phase underway. Before you can open for business and start selling your product or offering your service, there is so much to consider and so many hoops to jump through. Just the amount of paperwork involved in creating a business plan, choosing a business name, deciding on a legal structure, obtaining a tax ID, getting the proper permits or licenses, and opening a business bank account can feel overwhelming. It is no wonder most people opt to remain employees rather than become business owners. That said, with a little research and a lot of persistence, you can get through the small business startup phase and be on your way to living your dream.
While we strongly suggest consulting with professionals like lawyers, accountants, and people in your industry when you are ready to make the leap to business ownership, the resources below will give you a sense of what you need to do before you open your doors and help you determine if you are ready to move forward with your small business startup.
It can be difficult to avoid getting discouraged or questioning yourself when you hit a rough spot on the road to getting your business off the ground. If you need a reason to start a business or are looking for inspiration and motivation when the going gets tough, these little reminders can get and keep you going.
If you have always wanted to own your own business, one obvious question comes to mind for those who have never done it before. How do I become an entrepreneur? Becoming an entrepreneur is not about what kind of invention, education, capital reserves, or background you have.
'What kind of business should I start?' is a question many future business owners ask themselves. Not really the best question to ask yourself, though. Here are six questions to get you thinking about potential businesses and help you find the right type of business for you.
If you've never written a business plan before, you may not be sure what to include. You may also be wondering if you really need one or not. All business owners can benefit from creating a business plan so taking the time to create one is worthwhile. Learn more about business plans here.
Creating a business plan shows your commitment to your business idea and provides a blueprint for growth. What goes into a business plan depends on a few factors, including whether you plan to seek financing. Learn about the various sections of a business plan you might include.
As a busy entrepreneur, the ability to manage your time effectively is critical to your success. With meetings, phone calls, and other day to day responsibilites that demand your attention, it's easy to get overwhelmed. Learn how using alerts can help keep you focused and on track.
By researching your competitors thoroughly, you can gain great insight into what the market wants and expects. You'll also be able to shape your strategy and find a way to stand out. Learn why and how to study your competition here.
Failing to manage your cash flow can lead to a number of problems. Small business owners need to be mindful of due dates, sales cycles, and should always know their cash position at any given time. Click here for some tips on managing cash flow.