David Deicke explains the simple steps to starting your own small business
I’m David Deicke, and I know how hard it is to get a small business off the ground. But, it’s worth it in the end, taking control over your work life is a very good feeling.
First of all, look online for current day start up guides, most are just the bare-bones outline, combined with this blog post, you should be good to go.
Before you spend money make sure you do your due diligence (research). Research and development is so important. You must make sure you have a viable product or service, and that there is a hungry market for it.
Then you must visit your financial position and if it is strong enough. Then think about your technical and management skills for your business idea.
Nobody is the perfect entrepreneur but in order to be successful you must find ways to compensate yourself for your weaknesses.
Get a good accountant, make sure your legal paperwork is satisfactory.
Assuming you have done your evaluation and you still want to start a business, let’s get started.
1. Conduct a feasibility study of your business. Describe your typical customer (your avatar), your product or services and compare them to your competitors. Who will your suppliers be, what are your prices etc.
2. Write a complete business plan for your company, using the information you gathered from your feasibility study. Look at your goals, competitors, market, financial information, and of course, how you intend to meet your goals.
3. Get your financing in place. There are many ways to finance your business, from your own savings to personal credit cards to bank loans.
4. Decide what kind of structure your company will have. From a legal standpoint, there are three basic choices, sole proprietorship, partnership and incorporation, each with advantages and disadvantages. This is where you need a good accountant.
5. Choose a name for your company and check on name availability (on and offline). Naming your company is highly individual, but it’s the first thing associated with your business, so choose your name carefully.
6. Work out what special permits or licenses in you need to run your business and make sure they are in place.
7. Create a marketing plan to suit your business plan. This should include your logo, business cards and letterhead. A press kit can include letters of introduction, biography sheets, press releases, articles and a brochure. You’ll also need a website that looks professional, matches your printed material and has great copy.
8. Set up your business bank account and record-keeping system. You can get very simple home bookkeeping software for less than $30pm.
9. Do you need insurance? There are many different types of insurance, but most probably your company will need at least one, like professional indemnity insurance, or Worker’s Compensation for your workers if you have staff.
10. Purchase supplies and office equipment. Depending on you business you may need a PC, printer, phone system, to name a few. You’ll definitely need paper, pens, pencils and a calculator.
Congratulations! Now you can go out and buy yourself a bottle of champagne and celebrate.
And may I be the first to wish you good luck and prosperous times in your business venture.