How to Start up a Business: A Help Guide
First and foremost, you have to take a lot of time and figure out exactly what type of business that you really want to start. Every business is different and has different regulations and rules of engagement. I cannot stress enough how important this is. A good way to figure out what you really want to do is by asking yourself “why do I want to do this or that?” This is so important because you are the person who is behind everything. You are the fuel that keeps the locomotive running, moving forward and constantly pushing the envelope. There is a great saying that I’ve always lived by and it has helped me when opening my first company or taking on any endeavour that was new to me or a first. “Nothing happens if you don’t show up”. This is so true. We have to take the first step and that first step is showing up. As hard as it can be sometimes and even just scary, we have to do it. We have to know if what we want to do is even possible, then and only then can we begin to fulfill our vision!
- Perfect Your Idea
Once you have settled on your idea and you know 100% that this is what you want to do, now it’s time to put the work in and perfect your business model/Idea. When we were young they would always tell us, “if you don’t know, just ask”. Well, that is true in life and in business. You have to ask yourself questions all the time to be successful. This is how you will refine your idea. Look at what the leading companies that are in the same market and see what they are doing that separates them from the competition. Ask yourself what you have in common with these successful businesses. Then ask yourself what I can do differently, or what can I offer that’s different, that will set me apart from my competition.
- Making a Business Plan
Your business plan is what will stop you from rushing into this unprepared. You need to know what the purpose of your business is, who is your market, what are your start-up costs and what are your business goals. Make sure you set goals that are reachable, you don’t want to get discouraged by failure midway through the process. You want to build a momentum that will constantly push you forward.
It is so important to overestimate how much capital you will need and how much time it will take before you start to turn a profit. The number one reason why large/small companies fail in the beginning stages is because they miscalculate these two areas. They run out of money before they start turning a profit. So, do your research, find accurate start-up figures so you can make the decision on whether you’ll need an investor, a loan, partner or can do it on your own.
- Determine your Business Entity
You have to register your company at some point with the state, but before you can, you have to figure out what type of Business Entity your business model falls under. Depending on which one you will be will have an important impact on your business and your life’s future. It can affect the way you file your taxes, and how much liability of the company falls directly on you. The different types of business structures that you can be found at www.irs.gov
- Registering your Company
Now it’s time to register your company. This is an exciting time. This is when your idea and business model get s a pulse and becomes real. This is when you can put a face on all of the hard work that you have done up to this point. When you register you will receive your “Articles of Incorporations”. This document holds all your business information like, your business name, corporate model, business purpose and possible stock options. Again, it might be in your best interest to consult a professional on the best way to go about doing this and what type of insurance policy is best for your own protection.
- Marketing & Advertising
This is very important. Marketing is how you get your name out there. Marketing will decide the size of your company because your company size is dependent on the size of your customer demand. Make sure to set aside time strictly for marketing your company. There are a lot of different ways you can do this. Few of them are, participating in or organizing Trade Show Games, Social Media platforms, canvassing, word of mouth, internet marketing and business 2 business marketing.
- Vendors & Manufacturers
Make sure to spend enough time reaching out to new vendors. Demand competitive price sheets from them. Make sure you are getting the best prices for the products that will be building your company. At the end of the day, the most important thing is your bottom line, and no one is going to fight for that but you!
- Branding your Company
This is very important. Donald Trump lived by this in everything he did when it came to business. You have to make sure in the midst of all the chaos and highly demanding environment that a new business can create, that you are branding your company. When people think of your company or hear your companies’ name they need to know right away what your company stands for and what they offer.
Remember, you’re always going to make mistakes, have setbacks and find yourself in situations where you’re not sure what to do. That’s okay, we all have that. Just don’t do anything and remember what you put into your business is what you will get out of it!