Starting A Business: 20 Tips To Get Started

Starting a small business and ensuring its survival is no easy task. Most new businesses close their doors before their fifth anniversary. But don’t despair. There are techniques to improve the odds of success for your business, and almost all of them involve using proven methods that are easy to learn. It all comes down to doing the right thing, when it is right. By applying solid fundamentals, you greatly increase your chances of success.

To start a business, you have to proceed step by step. This allows you to set up your project properly by following a logical approach. The main stages for the creation of a company are: validation of the idea, the business plan, the choice of creation, the local, the financing, the procedures of creation and the start of the activity.

What to do to start a business

When you decide to open a business, the scenario that lies ahead could be clear from the beginning or a little blurred. In both cases it is necessary to outline the context and the steps to be taken with a clinical eye, great enthusiasm and adequate support. Here are 20 steps required to start a business successfully. Take it one step at a time and you’ll be well on your way to setting up a successful small or medium-sized business.

Do your research

You have most likely already identified a business idea, so now is the time to balance it with a small reality. Does your idea have the potential to be successful? You will need to run your business idea through a validation process before continuing.

For a small business to be successful, it must solve a problem, satisfy a need, offer something the market wants or can create the need for. There are several ways to identify this need, including research, focus groups, and even trial and error (as calibrated as possible). As you explore the market, some of the questions you should answer include:

●Do you need your intended products / services?

●If so, who needs it?

●If not, can the need be created? For who?

●Are there other companies offering similar products / services now?

●How is the competition?

●How will your company fit into the market?

Create a plan

You need a plan to make your business idea a reality. A business plan is a dynamic project that will guide your company from the start-up phase to the creation and finally to the growth of the business, and is a must for all businesses, especially those that are born today. The good news is that there are different types of business plans for different types of businesses.

If you intend to apply for financial support from an investor or financial institution, a traditional business plan is required. This type of business plan is generally long and comprehensive and has a common set of sections that investors and banks look for when validating your idea. This type of plan must essentially say:

●what are you creating: what is your mission, why do you start this business and what is the purpose;

●what the business objectives are and how you will measure them

●what you will sell, to whom and how (product / service, target and market)

●what is your unique selling proposition that is, what makes your business different from the competition

●what is the amount needed to start your business (initial capital required)

●what monthly expenses do you expect to be needed for your business immediately after launch, three months, six months, one year

●what income do you expect to earn immediately after launch, after three months, six months and after one year

●what your company will be like in 1 year, 3 years, 5 years

Plan your finances

Starting a small business doesn’t require a lot of money, but it will involve some initial investment and the ability to cover current expenses before making a profit. Put together a spreadsheet that estimates one-time startup costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, brands, grand opening events, property rentals, courses training etc.), as well as what you anticipate will be needed to run your business for at least 12 months (rent, utilities, marketing and advertising, manufacturing, supplies, travel expenses, employee salaries, your salary, etc. ). These numbers combined represent the initial investment required.

You can also attempt to get your business off the ground with alternative finance tools but you may also find that a combination of the paths listed above works best. The goal here is to look at your options and create a plan for creating the capital needed to get your business off the ground and to know how to manage correctly your money. Here a subject matter expert can be of great help to make your idea understandable and attractive.

Choose a business structure

Your small business can be a sole proprietorship, a partnership, a limited liability company (SRL), or another type of company. The business entity you choose will impact many factors from your business name, your liability, to how you pay your taxes.

You can choose an initial business structure, then reevaluate and modify the structure as your business grows and needs change.

Depending on the complexity of your business, it may be worth investing in counseling from an attorney and a professional who specializes in corporate consulting to ensure you are making the right choice for your business.

Choose and register your business name

Your company name plays a role in almost every aspect of your business, so you want it to be a good choice. Be sure to consider all the potential implications as you explore your options and s cegli the name of your business.

Once you’ve chosen the name for your business, you’ll need to check if it’s registered or currently in use. Therefore, you will have to register it and to do it quickly and without making mistakes, you should contact a good accountant or a company like BFA SISTEMA able to support you in this very simple phase but also in other aspects and phases of your business.

After registering your company name and business with the chamber of commerce, you should register your domain name. If it is not free, you can search for an alternative domain, suitable for your company or, if it is for sale, you can try to buy it.

Obtain licenses and permits

Paperwork is part of the process when starting your own business. There are various licenses and permits that small businesses need to obtain, depending on the type of business and based on the location (geographic location). You will need to research which licenses and permissions apply to your company during the startup process. Also for this aspect it is advisable to contact an expert on the subject: a professional who deals with corporate consultancy.

Choose your accounting system

Paperwork is part of the process when starting your own business. There are various licenses and permits that small businesses need to obtain, depending on the type of business and based on the location (geographic location). You will need to research which licenses and permissions apply to your company during the startup process. Also for this aspect it is advisable to contact an expert on the subject: a professional who deals with corporate consultancy.

Set up your business location

Defining the location of your business is important to the functioning of your business, whether you have a home office, shared or private office space or a point of sale. You will need to think about the location, equipment and general setup and make sure your business location works for the type of business you will be running. You will also need to consider whether it makes more sense to buy or rent your commercial space.

Prepare your team

If you plan to hire employees, you must also consider dealing with the organizational aspect of the company and the management of human resources. Make sure you take the time to outline the positions you need to fill and the job responsibilities that are part of each position. Keep in mind that there may be some concessions on hiring based on the type of business, the start-up phase of a new business, etc. It is always advisable to ask for the assistance of the labor consultant.

If, on the other hand, you are not planning to hire employees, but are planning to outsource the work to independent contractors, you may want to work with an attorney to implement your independent contractor agreement.

Finally, if you are a “one man show” walking the small business path alone, you may not need employees or contractors, but a support team and collaborators. This team can be made up of a mentor, a small business coach, or even your family and serves as a go-to resource for advice, motivation, and reassurance when the road gets bumpy.

Promote your small business

Once you have started your business, you need to start attracting customers by promoting your business. We recommend that you start with the basics by writing a unique sales proposal (USP) and creating a marketing plan. Next, explore as many small business marketing goddesses as possible so you can decide how to promote your business most effectively.

Once you’ve completed these business startup steps, you’ll have covered all the most important basics. Keep in mind that success doesn’t happen overnight. Use the plan you have created to constantly work on your business and you will increase your chances of success.

Plan effectively

Every effort you put into planning exponentially multiplies your success at the execution stage. For a new business, everything hinges on a business plan. Successful entrepreneurs write down specific goals. They devote considerable effort to key tasks such as researching their target market, defining marketing strategies and compiling cash flow forecasts. They also make useful contacts within their industry.

Surround yourself with the right people

Even if they excel in a particular field, it is rare for an entrepreneur to be an expert in everything (sales, accounting, operations, law, etc.). Good entrepreneurs know how to surround themselves with effective teams to get the results they want.

Think long term

When starting a business, entrepreneurs naturally focus on the first few weeks or months. However, in many industries, supply cycles can be much longer. For example, an entrepreneur who develops new software in the first year will then have to devote considerable time to marketing it. By “thinking long term”, entrepreneurs can ensure that they have sufficient resources to put their business on a solid footing.

Ask yourself what are your strengths and weaknesses

“When you start a business, you have to proceed in stages. The very first thing is to do a personal assessment. What are my real motivations? What are my strengths and weaknesses? Do I have the necessary diplomas and know-how? Am I a good salesperson? Will I be able to convince? Am I a good manager? A good technician?

Do a market study 

When you want to set up a professional project, it is recommended not to go blind. For this, you need to set a course to follow. The purpose of market research is to verify the feasibility and viability of your business creation project. This study will allow you to know your competitors, but above all to understand the expectations of your potential customers. You will thus collect and analyze a certain amount of information on a given market.

Test your idea with proper market research

Once you’ve developed what looks like a strong business idea, you’ll want to do some market research and see what real customers think. Much of the market research phase involves obtaining information about who your customers are, what they want, or what they need. You can use a combination of focus groups, online surveys, and telephone campaigns to rate your buyers. You can also post ads or content online and see what level of engagement they get.

Joint stock company

A public limited company is a more complex business structure, usually reserved for large companies. If you expect your business to hire a large number of staff, it may be worth setting up a joint stock company. A joint stock company is also the best facility to raise funds from investors.

Ultimately, choosing a property for your business is one area the smartest advice is to consult with an accountant or lawyer for individual advice. It’s an important decision that will have a long-term impact on how you do business, so we recommend that you do your research and make sure you fully understand the implications of whichever property you choose.

Get a commercial license

Many new businesses need to obtain a license or business authorization before they can start operating. Some highly regulated businesses, such as childcare centers and restaurant businesses, need to require special types of licenses or permits. Therefore, we recommend that you check the regulations in your industry and municipality to ensure that you obtain all the necessary licenses or permissions to start your business in compliance with all regulations.

Set up basic accounting documents

One of the essential parts of managing your finances will be your business accounting, which means a lot of paperwork. You will need accounting documents for tax calculations, apply for corporate financing and internal tracking of income, expenses and profitability.

Start managing and promoting your business

As we reach our final step, we’ve covered all the essentials you need to know about starting a business. After completing all these tasks and processes, you are ready to start your business.

At this point, the tasks you still need to complete will be largely specific to your operation, but you will have already completed the legal requirements, financial planning, team building, and much of the planning required to officially start your business.

Therefore, as you are finalizing the work to “officially open”, you will need to be sure to follow your business plan, keep an eye on your financials, use your team and, of course, keep a positive attitude in case of challenges come to. your way.

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