| Deciding to start a business can be an exciting and | | | | need to seek additional funding and how much before |
| terrifying time all at once. You can alleviate your fear | | | | opening the doors. |
| by being well prepared and not rushing into anything. | | | | Write Business Plan By now you should have enough |
| There are seven steps all soon-to-be business owners | | | | information to write a thorough business plan outlining |
| should complete before that all important opening day. | | | | the details of your plan, your business model, a |
| Research the Market You have a great idea for a | | | | marketing plan, financial predictions, and the mail |
| new business and you're sure you can make it a huge | | | | personnel of the company. If you have decided to |
| success. Before you quit your job or spend one cent | | | | seek financing, you should focus on your financials to |
| you should make certain that others, especially your | | | | prove that your business will be profitable. While |
| prospective clients, also think your idea is great. | | | | educated guesses are okay up to a point, don't |
| Conduct some market research to see if your | | | | exaggerate your predictions to make your idea seem |
| business idea is a viable one. Online surveys can be | | | | more profitable, lenders will see right through that. |
| helpful for an overall view of market interest but an | | | | File Proper Paperwork with Authorities In step two you |
| offline survey conducted in that area where you plan | | | | researched what permits, licenses, registrations, and |
| to set up shop is your best bet. | | | | insurances you would need. Now is the time to fill out |
| Another means of market research is to investigate | | | | all that paperwork, affix checks for the fees and mail |
| companies that will be your competition and see what | | | | them off to the proper authorities. Expect this process |
| their customers are missing so you can set yourself | | | | to take a few weeks. But don't worry, you'll have |
| up to fill that need. You'll also get a good idea of how | | | | plenty to do while you wait. |
| well your competition is doing so it'll be easy to see if | | | | Buy Initial Supplies/Inventory While waiting for your |
| there is enough business to go around. | | | | permits and licenses to get back to you in the mail, |
| Research Local Regulations You always want to | | | | grab your wallet and your start-up list and begin |
| make sure that your company is running legally. Start | | | | purchasing the supplies you'll need for opening day. |
| by going to your city's website and your state's | | | | Know ahead of time where everything is going to be |
| website. You should be able to find information on how | | | | stored or set up. Before you go shopping you should |
| to start a small business somewhere. If you still have | | | | do extensive comparison shopping. If you're going to |
| questions, call your city hall they should be able to | | | | be a business owner you need to start thinking cost |
| either answer your questions or direct you to | | | | effective. |
| someone who can. Don't forget to look into insurance | | | | Set Up Work Area, Hire Staff, Opening Day Make |
| and bonding so you're protected in case something | | | | sure you set up your work space in an area that is |
| goes wrong. | | | | large enough to suit your needs, private enough for |
| Estimate Amount of Funds Needed Once you're | | | | you to concentrate, and well-lit. If you need to hire staff |
| pretty sure your idea is viable and you know what's | | | | you should wait until your office is set up before |
| involved legally, you should sit down and write up a list | | | | interviewing - you'll look more professional. |
| of equipment and materials you will need to start up | | | | Finally opening day! It may be exciting, nerve-wracking, |
| your business. This start-up budget will become part of | | | | and scary as heck but enjoy the ride...today is the first |
| you larger more complete business plan but more | | | | day of your success. |
| importantly will help you decide whether or not you will | | | | |