Most of us spend the majority of our waking hours working for a living. Some of us love our jobs and are very happy where we’re at. Others may not like their jobs, but realize that the work they do helps pay the bills and does have some benefits for society.
There are those who get tired of working for others. There are those who want to do something they love. Some of these people become entrepreneurs, and start their own businesses.
Starting your own business can be a daunting task. There are many things to consider. You may know what you want to do, but don’t know where to start. Creating a company from scratch can also be a huge investment, both in terms of time and money.
Here are a few essential steps to starting a small business:
- Have a business plan.
In order to go anywhere, you have to know where you’re going to go. The first step in creating your own business is having a business plan. You can have a business plan written by professionals or you can draft your own plan. This plan is usually considered a living document, and it grows and changes with the needs of your business.
- Location, location, location.
Now that you have a plan, you have to decide where your business will be located. If it’s a home-based business, problem solved! If not, you’ll probably have to spend some considerable time scouting out possible locations for your company. Besides cost, you’ll also have to factor in things like accessibility, parking, and distance from your competitors, to name a few.
Once you’ve got your location, you’ll need to know how to get your business going. This usually requires an influx of capital to get things started. Think about how much you need to be able to pay for your rent or lease, employee salaries, and supplies, for example. This will help determine if you’re able to afford everything you need from your own savings, or if it’s time to consider a small business loan.
- Decide on the type of business.
Do you want to be sole proprietorship, or will you be adding partners? Is your company going to be incorporated? Answering these questions will help you decide on your business structure. There are pros and cons to each business type.
- Get your business name registered.
Once you’ve decided on a company name, make sure to have it registered. You may want a trademark, or a “doing business as” name for your company. You can even register your company name online if you want to. Check your local state rules and regulations for instructions on how to register your company name.
- Get your company registered with the authorities.
This involves getting a Tax ID and registering your business with your local state agency for sales taxes, taxes on employee wages and state income taxes. Also, make sure that you complete any necessary paperwork for any permits or licenses that may be mandatory in your area.
From there, you’re ready to hire employees and get your business plans moving forward. Starting your own business isn’t easy. Not everyone succeeds. The ones that do have a vision of the future and goals for growth and prosperity. They also take the time to follow the proper procedures to incorporate themselves, and comply with local ordinances and regulations. Owning your own business can offer the freedom and control that you’ve always wanted. You are in charge of your own destiny.