To get you ready to start your first
business. And you know what? You’re going to love every minute of it! Let’s dive
right in.
Step 1: Do Your Research
Here’s where you really get to have fun.
Why? Think of doing research like when you go to Costco -- you get to sample all
those tasty foods and see what you like best. So, get out there and start to
“sample” different businesses.
In other words, you should already have
an idea for a business, along with a product or service, and all you need to do
now is find out what other successful businesses are doing. Once you have
“sampled” all of them, it’s your time to come up with a better way to do what
they’re doing. Take good notes, and write down everything that comes to mind
because it will prove useful as you write your business plan
Step 2: The Business Plan
Think of Christopher Columbus. Do you
think he stocked up his ship, got funding from the monarch, and rounded up a
crew without some sort of plan? No. He certainly had a plan. And though he set
out to find a westward route to asia by sea and found the Americas, the
important thing is that he started with a plan.
Similarly, think of your business plan
as your map to a new world -- and if you end up in a different spot than you
anticipated, it’s okay, so long as it’s successful. Make sure your business plan
goes through scenarios of finance, HR, unexpected hurdles, federal compliance,
etc. Your business plan should be anywhere from 20 to 50 pages.
Tip: You can easily find business plan
templates online, in Microsoft Word, or take an inexpensive class to write a
top-notch plan.
Step 3: Choose a Location
You know what they say, “location,
location, location!” Right? Actually, nowadays, location isn’t everything. It’s
a combination of location and your ability to get found through social media and
the web. However, if you’re not so fond of social media and the internet in
general, location is your fighting chance. But remember, I don’t recommend this
as the world will expect to find you online, rather than driving down the
street.
Knowing this, choose a location that is
perfect for what you’re going to do. There’s no need to find a building or space
that is over the top. Simply find something to go with what you do -- something
you can grow into and not out of in the first few years.
Tip: Find more than one location in the
case one location option falls through.
Step 4: Fundraising and
Financing
You have a plan, location, and
determination, what’s next? The part you may not feel so comfortable with -- but
that’s what I’m here for. You’re going to have to step out of your comfort zone
and do a couple things. First, come up with a killer presentation of your
business, and second, ask for money.
So, get your excited, energetic,
outgoing personality on and set up a few appointment to present to potential
investors for your new small business. You may start with family and friends who
believe in your business.
Step 5: Register and Get
Licenses
I cannot stress how important this step
is. Your state and local city government will have various regulations you much
follow -- get to know them very well. Start by registering your business name
with the state and what type of business you’re going to be (i.e. LLC,Inc,
etc.), then go to your city office and find out what other regulations you must
adhere to in order to be compliant. Different types of businesses require
different licenses, so make sure you’ve done your research here because you
don’t want to be caught red-handed without an important license.
Also important is getting your EIN
(employee identification number) or tax identification number from the IRS and
your state revenue agency. You’ll need this number in order to do taxes and
can’t open without it. If you do open without it, you’ll get a nasty letter in
the mail -- you don’t want that. Also, don’t forget to register for workers’
compensation, unemployment, and disability insurance.
Step 6: Deciding Benefits
Before you hire your team, check out
health benefit options (i.e., a Health Reimbursement Plan or group health
insurance) and decide what you want to offer. Why? If you offer amazing health
benefits, you can recruit the best employees and keep them around a long time.
Offer affordable health benefits that save money for both you and your
employees.
Step 7: Hiring
You’ve gone through the thick of
starting your business and now it’s time for the exciting part, hiring your
first employee. But, don’t forget, while hiring is absolutely exciting and fun,
you do need to follow certain legal steps as you hire.
In order to hire, you’ll need to decide
now what kind of employees you want. Are you going to take anyone that applies,
or do you want to find the employees yourself? Whatever the case may be, just
remember these are going to be your team, your blood. Your small business’s
success will fall on the employees you hire: whether that’s one, two, or five
employees it doesn’t matter. Choose wisely, but have fun with it.
Step 8: Marketing
You know how we talked about location
and how it’s not everything? That’s where your marketing will come in.
So, if you really want to be successful,
remember this: marketing is your number one tool to find new customers and for
them to find you. Don’t forget this, okay?
Now that I’ve got that cleared up and we
see eye to eye on it, I want to mention a couple ways you can successfully
market your new small business. They are:
Blogging - Blogging is a huge tool
for you. If you’re writing even one to two posts a week which address your
customers’ concerns and provide them with solutions, along with showing them how
and why your business is that solution, you’ll see a lot of new customers will
find you. Never underestimate the power of blogging.
Social Media - You’ve got to admit,
social media has not just been on the rise in the past five years, it has
completely, single-handedly taken over the world as we know it. What does that
mean for your and your new small business? Jump on the bandwagon. Use social
media often to advertise, promote, and keep up with your beloved
customers.
Step 9: Fight ‘til the Bitter
End
Listen, I’ll be straightforward with
you. Eight out of ten businesses fail. But, I am here to tell you that if you
follow these steps religiously, as well as never take no for an answer, you’re
not going to be part of the 80 percent that fail.
Think of it this way, some of the
largest corporations out there started out exactly where you are right now. They
looked up how to start a business, and they did it. The difference between a
small business that fails and one that succeeds is the determination of the
owner. If you’re determined, humble, and care deeply about what you’re doing,
there’s no reason for you to fail.
You’ll have days you aren’t sure what to
do, but what matters is that you press on and never give up. That, my friend, is
the secret to your success.