How to Start a Business
So… you’re ready to start your own business? Here’s how to do just that. Expert advice in this contributed post boiled down to 6 Easy Steps. After all, why complicate it? First rule of business – keep it simple.
Six Steps To Starting A Business
Starting your own business can feel a little daunting. There appears to be so much to do that you can delay taking the plunge.
Here are six steps to help you on your way.
Preparation now, will make starting your own business progress much more smoothly. You will then have time to concentrate on growing your business and watch the money roll in!
1. Business plan
Your first step is to develop a business plan.
- Identify your product or service and envisage where you would like you business to be in one year, five years, ten years etc.
- How will you achieve your goals?
- Write clear steps identifying what you will put in place to enable your business to grow.
- Predict turnover and profits.
- It may be useful to hire the assistance of an expert in business planning to help.
Having a clear plan now, will help you gain funding as you expand. It will also ensure you stay on track and identify any changes that need to be made in your business to help the plan become more achievable.
2. Register your business
Depending in which part of the world you live it is essential that you register with the necessary governing bodies. In the UK this is HMRC.
You will be liable to pay tax on your business profits.
You may wish to hire the help of an accountant or or take advantage of Betterment which is the first robo-advisor relating to tax. In fact, betterment returns claim to save you more money in taxes than any other system.
3. Select equipment
You may already have equipment necessary for the running of your business on a small scale, however to grow your business to the next level you may need to invest or upgrade existing equipment.
Look at your technology and ensure it’s up to date and secure. You will use your computer in many ways, either to promote your business, run your business and to keep records. It needs to be reliable. Look at funding options if necessary.
4. Get Insured!
All businesses require insurance in some shape or form. Don’t scrimp on insurance as you don’t want a hefty financial penalty, if you are sued in the future.
As all businesses are different, get good advice from a financial advisor or insurance broker.
Even small businesses run from home need the correct insurance in place.
Develop a strong brand for your business and ensure the branding is communicated across all your correspondence.
Develop logos that clearly identify what you are offering. You want your business to be easily recognised, trusted and be the first business people turn to for your products and services.
Ensure your brand is clear on your website.
Probably the most important aspect of growing your business is to get your advertising right. Yes, it may feel expensive when you’re first starting out, but money invested now will provide better financial gains in the long run.
The internet, publications, radio and business cards are a great starting point.
Following these steps will help you on your way to be a successful entrepreneur in the future!
Are you ready? Are you psyched? Go for it! And soon I’ll be interviewing you as an Inspiring Mompreneur.