Small businesses are the driving force for a nation’s economy. They have the tenacity to overcome the hurdles that come in their way. Small businesses can become a wealth-generating machine if they are operated with accurate strategies. Although becoming your own boss seems wonderfully exciting but it isn’t as easy as you think. First a person needs to consider if he/she can deal with challenges personally and professionally.
Building an empire of one’s self will never come to fruition unless you strike out on your own in the right direction. You will have to break down the process into smaller steps and set them as goals to be achieved for your business. By achieving every goal you will climb each step which will lead you to build a stronger business of your own.
Following are the simple six steps that can help you to start with your own business.
Write a one-page business plan:
The first and foremost thing while starting a small business is to keep it simple and low cost. A one-page plan requires you to create a plan that includes,
Write the vision for your business, which level you want to achieve.
Write your mission; explain the reasons of creating your business.
Define your goals that will lead you to your vision and mission.
Highlight what basic strategies you will adopt for achieving your goals.
Write a simple action plan by bulleting out the smaller task-oriented actions in order to achieve your objectives.
Decide on a budget:
Every successful business needs a budget but you have to make one that works best for you. Before diving in to the ocean to fetch pearls, you need to know how to swim first. In the same way, before making money you must figure out how to spend it. Keep your costs as low as possible, determine a budget to get started and keep a limit to how much you can spend. Always keep an additional 20% of the budget to keep your business afloat before you start making profits. You can expect profitability within first 30-90 days but you must keep a cash reserve for any unforeseen events.
Decide on a legal entity:
Choosing a legal structure is one of the most important decisions you make while starting a business. All business structures have legal and tax implications which can increase your costs so always decide on a legal entity that suits best for you. When you are starting a business, it is best to be the sole proprietor of your business. It will keep the costs to minimum level. But it will make you more responsible for all the actions and decisions that you will make on your own. So always get the advice of a good local attorney or a tax professional to know what kind of decisions can affect your business.
Take care of your money:
Always keep your business and personal accounts separate. Set up a business account with your local credit union or bank and you will be required just to fill up the paperwork, give sole proprietor licensing information and an initial deposit to get started.
Get a website on your own:
If you do not get a website for your business, you lose out a lot of great opportunities for your business. A website can help you achieve various marketing strategies to help your business to grown rapidly. You can choose a website domain address of your choice and can purchase it for as little as $9.99
At this stage you have spent hours creating, organizing, and pricing your products, now you must see whether it entices people’s eyes or not. Try to advertise your product the inexpensive way, get involved with your local chamber of commerce, and enquire opportunities that you can avail to share information regarding your business. Your business success depends on your sales ability to attract web traffic through the Facebook Ads or set up a simple Google Ad Words account.
Be passionate about what you do, learn and grow from your mistakes and set realistic business plans that will brighten up your path to success.