6 Steps to Starting a Small Business

People are always asking for a checklist they can use to kick start their own small business. However, it’s not easy to come up with a list that will work for everyone. You must be flexible! With that in mind, starting a business takes patience, determination and the ability to plan. It’s easy to become overwhelmed in the early stages. To help ease the stress, let these following steps be a guide.

  1. Brainstorm

There are few things more satisfying and rewarding than starting and owning your own business, but before diving in, be sure to do your homework. Your job as a future business owner is to think about every aspect of your business. Come up with answers to every question a stranger or potential investor might ask you. By preparing answers to these questions ahead of time, you’ll come across as a more confident and responsible.

  1. Create a Business Plan

A business plan is an essential roadmap for business success. A business plan is a document that tells what you plan to do and how you plan to do it. The main parts of a business plan include: the executive summary, a company description, a market analysis, the company’s structure, a description of the service or product line, the marketing and sales strategy and financial projections.

  1. Gather Resources

Create a list of everything you’ll need and its approximate cost, whether it’s an office space, new computer or a warehouse. Also, think about how many employees it will take to properly run the business. Every business needs resources to help it succeed.

  1. Market the Business

Start planning the ideas for marketing and sales. In today’s world, having an online presence is key. Depending on the appropriate social media channel for your company, utilize Facebook, Twitter, Google+, LinkedIn, etc. It is important to engage customers, build relationships and ultimately keep your brand top-of-mind.

  1. Straighten Out Finances

We cannot stress enough how important setting up proper accounting, bookkeeping and tax records up front is. The consequence to this can be dangerous and costly. Hire an accountant for your business who can ensure that taxes are done correctly.  In addition, maintaining necessary employee information for payroll and taxes is another key responsibility for business owners.

  1. Create a Maintenance List

We suggest creating a list of regular tasks and scheduling them on a project management dashboard. This ensures you will continue the regular housekeeping tasks of the business so it runs smoothly.

Of course, this list is not comprehensive of everything you need to know to have financial success, it is a small step in the right direction to starting your own business. Need a helpful hand to plan out your first steps? Schedule an appointment with William Wolske today!