In real life most successful businessmen did not attain business schools or received any form of business training. Business skills are developed just like leadership skills. Once the business grows, they employ trained personnel with professional skills to boost up their business ideas.
Whether trained or not, a business is planned. Most non professionals always have a business plan although they hardly write down their ideas.
Key steps in starting a successful business carrier
- Write down a business plan
Keep your business plan very short and precise not more than two pages. A business starts with an idea. The task lies in transforming the idea into actions. Break the business into smaller actions so you will be able to realize enough actions to kick off your business.
- Do what you are passionate about
In business, you need to do what you are interested in. When heading into the unknown it is advisable to do what you love. Your desire will make you more creative and more resourceful; hence, you will get further faster.
- Choose a business location
Choosing a location is based on many factors, you need to decide on your style whether elegant, formal or otherwise. Your location should be determined by whom your customers are. Depending on the type of business and services, proximity to customers is a factor to consider. You will need to consider accessibility and packing. If you are on a busy street then your clients will find it difficult to get in and out. Proximity to other business could be an advantage as you may benefit from the customer traffic they generate. The amount of money you have to start up is also an important determining factor.
Decide on a budget. Keep your budget as low as possible but it should be realistic of the amount needed to start. Be realistic if you are self funding with an anticipated 20 percent for unforeseen aspects. Estimate when the business will start yielding fruits. This could be anticipated between 30 to 90 days. Nevertheless, you must have sufficient funds in case this expectation is not met.
- Determine the legal structure of the business
You will also need to register your business as a legal entity. The legal structure of the business refers to the type of ownership; sole proprietorship, Limited Liability etc. As a beginner you may start up your business as a sole proprietorship because it is easiest to organize and involves less paper work and expenses. This will involve less tax. It can then grow to a Limited Liability or corporate. As the business grow, you can consult a legal adviser to assist on the best option of legal entity you will like for your business based on its visions.
In registering your business, you need to give it a name. Get information on compiling with other tax legislations. Also research on what will be needed for the filing process and its fees.
Obtain a business license
Let your business be legally recognized. In operating a business you will need to understand the requirements for your business. Business license procedures differ between states. Some licensing issues could be handled by yourself while others will require you get a lawyer.
- Understand employers responsibilities
At the start of the business you may be able to handle the little tasks associated with it. As the business grows you will need to employ a few personnel. Employers have a good number of responsibilities which you must understand before you employ any personnel. Make sure you employ qualified persons.
- Cultivate money discipline altitude
Open a savings account independent of your personal account to keep money from the business. Do not pay for any kind of accounts yet.
With the evolution of communication technology you can market your products or services online. This will expose you to a wider audience within a very short time and at a limited cost.