Don't be shy about asking for help when starting your business.
The decision to start a business may be one of the most important steps you take in your life. Small business can be exciting, fulfilling and also terrifying. It often involves risking your savings and your time to create an operation that expresses your passion and your values. Adequate preparation for starting your business dramatically improves your odds of success.
Business Plan
Although a business plan is not absolutely necessary when starting a business, it does greatly improve your odds of success by forcing you to ask and answer important questions. Writing a business plan is an opportunity to clarify your concept and also assess the expenses you will incur by listing the purchases you will make and forecasting the revenue you will generate. Writing a marketing plan is another important aspect of preparing a business plan, mapping a strategy for spreading the word about your products and services, and keeping customers coming back for more.
Business Licenses
To adequately prepare for launching your company, contact the business license division of your state and municipality and apply for all necessary business licenses. Register your business name with your state's secretary of state and choose a structure for your company, such as sole proprietorship, partnership or limited liability company. Also obtain any required permits or licenses specific to your type of business, such as health department permits for food businesses or contracting licenses for contracting companies.
Financing
Most new businesses require some kind of financing, such as loans or investments. Refer to the financial statement section of your business plan, which calculates the amount you expect to spend starting your company as well as the cash you will need to keep it running until you break even. Assess the financing sources available to you on the basis of how much money they will provide and how much interest you will pay, as well as the rigorousness of their application process.
Preparation
Purchase the supplies and materials necessary to start your company. If you will be outfitting a business location such as a storefront or a production facility, negotiate a lease and make leasehold improvements such as upgrading the plumbing and electrical system. Research prices and accumulate inventory. Hire staff and train them. Make prototypes of your products and practice systems for preparing and selling them, such as developing manufacturing systems or protocols for distribution and customer service.
