Business: 8 steps to start your business: Small Business Administration

Sep 1, 2020 | 0 comments


Business is ‘the coordinated attempt of individuals to manufacture and sell, for-profit, the products and services that meet the needs of society. Thus, a business is an enterprise that aims to make a profit by working towards common objectives. The company’s targets can differ according to the type of business and the business method being used. Regardless of the preferred strategy, businesses must have a service, product or good that in some way meets society’s needs.

A business is an association or any other agency involved in economic, professional, charitable, or industrial activities. A business is a commercial entity involving the provision of goods or services with a primary earning benefit motive.

Here are some steps to start your business: Small Business Administration

How to start a business

According to the Small Business Administration, there are more than 28 million small businesses in the United States, accounting for a whopping 99.7 percent of all U.S. businesses. If you consider some of the most common reasons for starting a company, like getting a unique business concept, developing a career that has the versatility to develop with you, Working for financial freedom, and believing in yourself — it’s no wonder that there are small businesses. But not every small business is equipped to succeed.

Only about two-thirds of employed businesses live for at least two years, and about half live for five years. But when you decide to take the plunge, ditch your day job, and become a business owner, you might be in for a real challenge. The stage is always set at the start, so make sure you follow all the steps required when starting your business to lay the foundation for success.

Here are some steps needed for the successful start-up of a company.

Step 1: Do your research

You’ve most likely already established a business concept, so it’s time to align it with a little realism now. Before you go any further you’ll need to put your business idea through a validation process.

To be effective in a small business, it has to solve a problem, meet a need, or give something the market wants.

You may recognize this need in a variety of ways including researches, focus groups, and even trials and errors.

Step 2: Develop a Strategy

To make your business idea a reality you need to have a strategy. A business plan is a blueprint that will direct the company through the establishment and ultimately business growth from the start-up process and it is a must-have for all new companies.

A conventional business plan is a must if you expect to obtain financial support from an investor or a financial institution. In general, this type of business plan is long and detailed and has a standard collection of parts those investors and banks are looking for when they validate your idea.

If you don’t intend to seek financial help, a simple one-page business plan will provide you with guidance about what you aim to accomplish and how you plan to do it. Any kind of plan in writing is still better than nothing.

Step 3: Plan your finances

It doesn’t have to cost a lot of money to start a small business, but it will entail some initial investment as well as the need to pay recurring costs before you make a profit. Set up a table that calculates the one-time start-up costs for your company (licenses and permits, equipment, legal fees, insurance, branding, market research, etc.) and what you expect would take you to keep your business going for at least 12 months (rentals, utilities, marketing and advertisement, development, materials, travel expenses, employee salaries, your salary, etc.).

Combining those numbers is the initial investment you need.

Step 4: Pick your business name and register it

Your name plays a role in nearly every aspect of your business, so you want it to be successful. When you consider your choices and choose your company name, make sure you think about all the possible consequences.

Once you’ve chosen a name for your company, you’ll need to check whether it’s trademarked or in use. You’ll then need to register.

After you have chosen your business name, do not forget to register your domain name.

Step 5: Get Permits and Licenses

When you start your company paperwork is part of the process.

Depending on the type of company you start and where you are located, there are several small business licenses and permits that may apply to your situation. During the start-up process, you’ll need to research the licenses and permits that apply to your company.

Step 6: Set up your Business Location

For the activity of your company, setting up your place of business is vital whether you will have a home office, a shared or private office space, or a retail location.

You’ll need to think about your venue, facilities, and overall setup, and make sure your venue works with the type of business you’re going to be doing.

Step 7: Get Your Team Ready

If you are going to hire staff, it’s time to start the process now. Make sure you take the time to explain the roles that you need to fill, and the work duties that are part of each role. The Small Business Administration has a fantastic guide to hiring your first employee that is useful to new owners of small business.

If you don’t hire employees but outsource work to independent contractors, now is the time to work with an attorney to get your independent contractors agreement in place and start your search.

Step 8: Promote Your Small Business

Once the business is up and running, you need to start attracting customers and clients. By writing a unique selling proposition (USP) and creating a marketing plan, you’ll want to start with the basics. Then explore as many marketing ideas as possible for small businesses, so you can decide how to best promote your business.

Notice that success does not occur immediately. But use the strategy you’ve developed to work on your company regularly and you’ll improve your chances of success.

Business ideas

Let’s just talk about business ideas. No matter how satisfying your full-time work might be, it is much more important to find the best side business ideas and ultimately become self-employed than decent pay and solid benefits.

It is without a doubt riskier to take the road of entrepreneurship and to focus on discovering great business ideas than to be happy with keeping a 9-5 job. It demands more sacrifices. However, if you’re reaping the lifestyle rewards of being your boss and hustling your way through your business plans to make considerably more money than you ever did at your daytime job, it’s all going to be worth the hard work. So dig into the most appropriate business ideas.

  • Clothing and fashion business
  • Gyms and fitness centers
  • Travel Consulting
  • Software Development Companies
  • Construction business
  • Animal Farming
  • Wholesale Business
  • Selling Vehicle Parts
  • Service station (oil, diesel, cooking gas and kerosene)
  • Electronics and appliances store
  • Restaurant and Cafes
  • Internet cafes or gaming zones
  • Content Writing, Ghost Writing, and resume writing Services

Business plans

Every company requires a written business plan. Whether it’s to provide guidance or draw investors, a business plan is essential to your organization’s success.

Business plan includes:

  • Executive summary-a snapshot of the business
  • Overview of business — explains what you are doing
  • Business analysis-the industry research, market estimates, and competitors
  • Organization and management — the management and corporate structure
  • Service or product — those goods or services that you sell
  • Marketing and sales — how to promote the organization and sales plan
  • Request for funding — how much money you will need for the next three to five years
  • Financial projections-Include details such as balance sheets

Better business bureau

Established in 1912, the Better Business Bureau (BBB) is a private, non-profit organization whose self-described aim is to promote marketplace trust, consisting of 106 separately organized local BBB organizations in the United States and Canada, unified under the International Association of Better Business Bureaus (BBB) in Arlington, Virginia.

No governmental agency is affiliated with the Better Business Bureau. Businesses associated with the BBB and adhering to its guidelines do so by self-regulation within the industry.

The BBB rating system relies on a letter-grade scale of A+ through F. The grades reflect the degree of confidence of BBB that the company works in a trustworthy manner and will make a good faith effort to address any customer complaints that the BBB has lodged.

How to locate a Business at Better Business Bureau (BBB)

The Better Business Bureau or BBB “helps people identify and recommend companies, brands, and charities they can trust.” It’s one of the oldest and most recognized tools when you decide to research where you’re spending your money. The Better Business Bureau (BBB) helps you to browse through reviews, find resolute and pending allegations against a company and, most importantly, get general ratings for a company. It’s quick to verify an offer with the Better Business Bureau (BBB).

The BBB is arranged according to location. If you don’t know exactly what you’re searching for, you should search for your nearest branch of the BBB. This is particularly useful if you know the service you need but don’t consider a particular organization. You may need car repair, for example, and would like to find the best-rated shop in town.

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